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