Bagnall Court is a freehold walk-up apartment complex with 43 units.
Bagnall Court, a freehold residential complex on Upper East Coast Road, is for sale by collective auction with a reference price of $125 million, according to EDGEPROP SINGAPORE. According to JLL, more than 80% of the owners have agreed to the purchase.
The building was built in the 1990s and has 43 walk-up flats spread across two four-story buildings. It has a residential authorized land area of 69,563 square feet, a gross plot ratio of 1.4, and a maximum height of five storeys.
According to JLL, the site has a development baseline that corresponds to a gross plot ratio of approximately 1.4904. As a result, a land improvement charge applies to only a small fraction of the bonus gross floor area GFA. There is another 4,600 square feet of residual state land that could be integrated with the site to provide for more residential units.
The property, including the state land, can accommodate up to 113 units, with a minimum average unit size of 85 sqm (914 sq ft).
Tan Hong Boon, JLL’s managing director of capital markets, expects heated competition from medium-sized developers due to the site’s “manageable quantum” in comparison to much larger Government Land Sale (GLS) holdings.
Based on a base gross plot ratio of 1.4 and an expected land premium for state land, the reference price translates to a land rate of around $1,260 psf per plot ratio (psf ppr). The unit land rate will be at $1,180 psf ppr, adding an additional 8% bonus GFA. JLL emphasizes that the unit land rates are estimated using the previous development charge rates as of March 1, because the revised rates to be effective September 1 have yet to be announced by the relevant authority, which is transitioning from the development charge system to the new land betterment charge.
Bagnall Court is situated across from the Laguna Gold and Country Club and Bedok Camp, near the intersection of Upper East Coast Road and Bedok Road. It is close to the proposed Sungei Bedok MRT Station, which when completed in 2025 would serve as a hub for the Downtown and Thomson-East Coast Lines.
Other nearby amenities include the Eastwood Centre and the Bedok Food Centre, all of which are accessible by foot. Changi City Point, East Village, and the Simpang Bedok food cluster are all nearby.
The tender will be closed at 3 p.m. on October 26.
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