BAGNALL Court, a freehold condominium along Upper East Coast Road, has been put up for collective sale via tender with a guide price of S$125 million, sole marketing agent JLL said on Tuesday (Sep 20).
More than 80 per cent of the owners have consented to the collective sale of the property, which is located in a low-density residential estate across Laguna Golf and Country Club, and Bedok Camp. Built during the 1990s, Bagnall Court comprises 43 walk-up apartments in a pair of 4-storey blocks.
It sits on a site spanning 69,563 square feet (sq ft) zoned for residential use under the Urban Redevelopment Authority’s Master Plan 2019. It has a gross plot ratio of 1.4 and an allowable height of up to 5 storeys.
Only a “relatively small part” of the bonus gross floor area attracts land betterment charges, JLL noted, adding there is also potential 4,600 sq ft in remnant state land to be merged into the site for redevelopment, allowing for additional new units.
Based on a minimum average size control of 85 square metres, the site may accommodate up to 113 apartments, including the state land, JLL said.
The land rate is around S$$1,260 per square foot per plot ratio (psf ppr) after taking into account an estimated land premium for the state land. After including an additional 8 per cent bonus gross floor area, the land rate is around S$1,180 psf ppr.
JLL said these unit land rates were estimated based on the previous development charge rates as at Mar 1, as the revised rates effective from Sep 1 have yet to be announced as the industry transitions from the development charge system to the new land betterment charge system.
The property is near the Bedok Road junction. Amenities nearby include Eastwood Centre, Changi City Point and East Village. Bagnall Court is also near Bedok Food Centre. It is also next to the future Sungei Bedok MRT Interchange, expected to complete in 2025.
“We expect keen competition from medium-sized developers, given its fair price and the manageable quantum against the much larger government land sale sites, which may be too sizeable for their appetites,” said JLL executive director of capital markets Tan Hong Boon.
This version of article written by VIVIENNE TAY and first appeared at The Business Times.