Bagnall Court up for collective sale at $125 mil
JLL notes that the property has a property primary comparable to a gross plot ratio of regarding 1.4904. Therefore, only a reasonably small area of the additional gross flooring area GFA attracts a land enhancement charge. There is additionally 4,600 sq ft of remnant state land that might possibly be integrated into the location for redevelopment, allowing for extra new units.
Featuring the state area and also based upon the minimal average unit measurements of 85 sqm (914 sq ft), the place might accommodate as much as 113 homes.
The overview cost equates to a land price of about $1,260 psf per plot ratio (psf ppr) at the base gross plot ratio of 1.4 and considering an estimated land premium for the state property. Inclusive of an added 8% extra GFA, the unit land charge will be close to $1,180 psf ppr. JLL highlights hat the unit land rates are approximated based on the past development charge rates since March 1, as the revised rates to be effective from Sept 1 have yet to be revealed by the relevant authority in the midst of shift from the development charge system to the new land betterment charge.
Bagnall Court lies at the end of Upper East Coast Road near the Bedok Street crossroads, opposite the Laguna Gold and Country Club and Bedok Camp. It is adjacent to the upcoming Sungei Bedok MRT Station, which is an interchange for the Downtown and Thomson-East Shore Lines slated to open in 2025.
The residential property was built in the 1990s and also makes up 43 walk-up condos, proliferated around 2 blocks that are 4 storeys each. It has an acreage of 69,563 sq ft zoned for property usage with a gross plot ratio of 1.4 and a permitted elevation of up to five floors.
Various other features nearby consist of Eastwood Centre as well as Bedok Food Centre, which are within walking distance. Changi City Point, East Town, and the Simpang Bedok collection of restaurants are within short driving distance.
Tan Hong Boon, executive supervisor of capital markets at JLL, assumes the place to draw in interested competitors from medium-sized firms, given its “workable quantum” versus a lot bigger Government Land Sale (GLS) spots. “The overview rate of $125 million is a really sensible rates for an estate household site of such dimension as it matches up very positively with numerous current sales of suburban 99-year leasehold places, which are currently at these price levels,” he includes.
Bagnall Court, a freehold household development situated on Upper East Coast Roadway, is up for collective sale by tender at a guide price of $125 million. Greater than 80% of proprietors have consented to the sale, according to marketing agent JLL.
The tender will finalize on Oct 26 at 3pm.