Bagnall Court up for collective sale at $125 mil
JLL marks that the residential property has a property standard equivalent to a gross plot ratio of regarding 1.4904. As such, just a relatively small part of the extra gross flooring section GFA attracts a land betterment fee. There is even 4,600 sq ft of remnant state land that can likely be joined together right into the site for redevelopment, permitting added new units.
Tan Hong Boon, executive supervisor of capital markets at JLL, expects the location to bring in eager competitors from medium-sized developers, given its “convenient quantum” opposing much larger Government Land Sale (GLS) areas. “The guide cost of $125 million is a quite practical prices for a property residential area of such dimension as it contrasts really positively with several recent sales of suburban 99-year leasehold places, which are already at these price index,” he includes.
Consisting of the state property and based on the minimal average unit dimension of 85 sqm (914 sq ft), the site may accommodate approximately 113 condos.
Bagnall Court, an estate residential property development situated on Upper East Coast Roadway, is up for collective sale by tender at an overview cost of $125 million. More than 80% of proprietors have actually consented to the sale, according to marketing agent JLL.
Various other facilities nearby consist of Eastwood Centre and Bedok Food Centre, which are within walking proximity. Changi City Point, East Village, and the Simpang Bedok collection of restaurants are within short driving distance.
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 as well as taking into account an approximated land costs for the state land. Inclusive of an additional 8% extra GFA, the unit land rate will certainly be close to $1,180 psf ppr. JLL highlights hat the unit area charges are assessed based on the past development cost rates since March 1, as the revised rates to be reliable from Sept 1 have yet to get revealed by the relevant authority between shift from the development cost system to the new land betterment cost.
Bagnall Court lies at the end of Upper East Coastline Road near the Bedok Street crossroads, opposite the Laguna Gold and Country Club and also Bedok Camp. It adjoins the upcoming Sungei Bedok MRT Terminal, which is an interchange for the Downtown as well as Thomson-East Coast Lines schedule to open up in 2025.
The real estate was integrated in the 1990s as well as comprises 43 walk-up houses, proliferated throughout 2 neighborhoods that are four storeys each. It has an acreage of 69,563 sq ft zoned for non commercial usage with a gross plot ratio of 1.4 and also an allowed level of approximately five storeys.
The tender will close on Oct 26 at 3pm.