Bagnall Court on Upper East Coast Road is being offered for sale as a whole for S$125 million

Sep 20, 2022

Bagnall Court is a freehold condominium located along Upper East Coast Road. On Tuesday, the sole marketing agent JLL announced that the condominium will be placed up for collective sale by tender with a recommended price of S$125 million (Sep 20).

Over eighty percent of the owners of the property have given their approval for it to be sold in a group setting. The property is situated in a low-density residential community that is directly across from Laguna Golf & Country Club and Bedok Camp. Bagnall Court was constructed in the 1990s and is made up of a pair of four-story buildings with a total of 43 walk-up flats.

It is situated on a lot that is 69,563 square feet in size and has been designated for residential use in accordance with the Master Plan 2019 of the Urban Redevelopment Authority. It has a gross plot ratio of 1.4 and a maximum height of 5 storeys that may legally be built there.

According to JLL, only a "relatively small part" of the bonus gross floor area is subject to land betterment charges. The company also mentioned that there is the possibility that 4,600 square feet of remnant state land could be merged into the site for redevelopment, which would make room for additional new units.

According to JLL, based on a minimum average size limit of 85 square metres, the site may be able to accommodate up to 113 flats, and this number does not include the property owned by the state.

After taking into account an expected land premium for state property, the land rate is about S$1,260 per square foot per plot ratio (psf ppr). The land rate is about S$1,180 per square foot per plot ratio after taking into account an additional 8% in bonus gross floor space.

JLL stated that these unit land rates were estimated using the previous development charge rates as of March 1. The revised rates that will become effective on September 1 have not yet been announced because the industry is in the process of transitioning from the development charge system to the new land betterment charge system.

The property is located close to the intersection of Bedok Road. East Village, Eastwood Centre, and Changi City Point are among of the amenities that are located in the surrounding area. Bagnall Court is located in close proximity to Bedok Food Centre as well. It is also located adjacent to the Sungei Bedok MRT Interchange, which is scheduled to be finished in the year 2025.

"We expect fierce competition from medium-sized developers, given its reasonable pricing and the manageable quantity," said Tan Hong Boon, executive director of capital markets for JLL. "This is in contrast to the much bigger government land auction sites, which may be too enormous for their appetites,"