Bagnall Court at Upper East Coast Road sold to consortium for S$115.3m

Bagnall Court at Upper East Coast Road sold to consortium for S$115.3m

Jan 11, 2023

BAGNALL Court, a freehold condominium located at Upper East Coast Road, has been sold for S$115.3 million, lower than its guide price of S$125 million.

Over 80 per cent of owners had consented to the collective sale tender, which launched in September last year and closed on Oct 26. It was later sold during the 10-week private treaty period.

On Wednesday (Jan 11), sole marketing agent JLL said the development was sold to a consortium. It did not disclose who the members of the consortium were.

At the S$115.3 million sale price, owners of each of the 43 units should expect between S$2.03 million and S$3.78 million in gross sale proceeds.

JLL executive director Tan Hong Boon noted that the S$115.3 million represents a land rate of around S$1,106 per square foot (sq ft) per plot ratio, including the 8 per cent bonus gross floor area. As the property has a development baseline area with an equivalent gross plot ratio of 1.4904, no land betterment charge is payable.

Built in the 1990s, Bagnall Court comprises 43 walk-up apartments in a pair of four-storey blocks located in a low-density residential estate across Laguna Golf and Country Club, and Bedok Camp.

It sits on a land plot spanning 69,563 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 five storeys.

Amenities nearby include Changi City Point, East Village and Bedok Food Centre. Bagnall Court is also near the future Sungei Bedok MRT interchange, expected to complete in 2025.

https://www.businesstimes.com.sg/pro...sortium-s1153m

Roxy-Pacific-led consortium behind the en bloc purchase of Bagnall Court

February 12, 2023

A consortium led by property developer Roxy-Pacific Holdings was the buyer of Bagnall Court in an en bloc deal worth $115.28 million in January. According to Teo Hong Lim, executive chairman of Roxy-Pacific, the consortium intends to develop the freehold site along Upper East Coast Road into a new five-storey condominium with 113 units.

“There hasn’t been a new freehold project launch in the area lately,” says Teo. Indeed, the last freehold condominium project that debuted on that stretch of Upper East Coast Road and Bedok was the 75-unit Eastwood Regency in 2010.

The existing 43-unit Bagnall Court sits on a 69,563 sq ft freehold site along Upper East Coast Road in District 16. The site is zoned for residential use with a gross plot ratio of 1.4 and a maximum height of five storeys under the 2019 Master Plan.

Bagnall Court is also within a five-minute walk of the upcoming Sungei Bedok MRT interchange station for the Downtown and Thomson-East Coast Lines. It is just one stop from the Sungei Bedok MRT station to the upcoming Bedok South Integrated Transport Hub, scheduled to open in 2024. According to Roxy-Pacific’s Teo, the neighbourhood will benefit from the connectivity when the Bedok South Integrated Transport Hub is completed.

Besides the upcoming integrated transport hub, the Bagnall Court site will benefit from URA’s rejuvenation plan for the area that stretches from the Laguna Golf and Country Club and the Bedok Camp, to the Bayshore Road neighbourhood.

The price of $115.28 million for Bagnall Court works out to a land rate of $1,106 psf per plot ratio (psf ppr), including an 8% bonus gross floor area (GFA) for balconies. The site was sold during the 10-week private treaty period after the close of the tender in October 2022, says Tan Hong Boon, JLL executive director, who brokered the sale. JLL launched Bagnall Court for sale by tender last September at $125 million.

The unit owners of Bagnall Court are expected to receive gross proceeds of between $2.03 million and $3.78 million from the sale.

https://www.edgeprop.sg/property-new...-bagnall-court