First collective sale of 2023, Bagnall Court, sold for $115.28 mil
By EdgeProp Singapore
/ EdgeProp Singapore |
Bagnall Court, a freehold 43-unit condominium on Upper East Coast Road (Photo: JLL)
SINGAPORE (EDGEPROP) - Bagnall Court, a freehold 43-unit condominium on Upper East Coast Road, has been sold to a consortium for $115.28 million. The price reflects a land rate of $1,106 psf per plot ratio (ppr), including an 8% bonus gross floor area (GFA). The deal was brokered by JLL, with Dentons Rodyk as an advisor for the vendors.
“The site was sold during the 10-week private treaty period following the close of the tender in October 2022,” says Tan Hong Boon, JLL executive director. It has a development baseline area with an equivalent gross plot ratio (GPR) of 1.4904, with no land betterment charge.
Under the 2019 Master Plan, the 69,563 sq ft site is zoned ‘Residential’ with a GPR of 1.4 and an allowable height of up to five storeys. The site can be redeveloped into a new 106-unit residential development with a minimum average size of 85 sqm.
Bagnall Court is located along Upper East Coast Road and near Sungei Bedok MRT interchange station (Source: EdgeProp Landlens)
Bagnall Court is located within a five-minute walk of the upcoming Sungei Bedok MRT interchange station for the Thomson-East Coast and Downtown Lines. The MRT station is expected to be completed in 2024. The surroundings of Bagnall Court up to the Bayshore Road precinct is being transformed under URA’s rejuvenation plan with new roads and direct access to the East Coast Park.
The surroundings of Bagnall Court up to the Bayshore Road precinct is undergoing a comprehensive transformation under URA’s rejuvenation plan with new roads with direct access to the East Coast Parkway, a new transportation hub, new public and private housing units and various amenities and services planned.
“Given the strong turn up for Sceneca Residences preview on Jan 1, low supply of new freehold units within Bedok planning area and excellent connectivity, we envisage strong take-up of the residential units for this new development [at Bagnall Court],” adds Tan.
This is the first collective sale site sold in 2023. The upcoming tenders for collective sale sites by JLL include Manhattan House, Shenton House, Lakeside Towers and Horizon Towers, which will be rolled out this month and the next.
Check out the latest listings near Bagnall Court, Upper East Coast Road, Bedok Road, Sungei Bedok MRT station
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