Bagnall Court up for collective sale at $125 mil
JLL notes that the residential property has a property standard comparable to a gross plot ratio of about 1.4904. Because of this, just a fairly small section of the bonus gross floor section GFA draws in a land enhancement charge. There is also 4,600 sq ft of remnant state land that could most likely be amalgamated right into the spot for redevelopment, permitting additional brand-new units.
Various other services close-by feature Eastwood Centre and Bedok Food Centre, which are within strolling range. Changi City Point, East Village, as well as the Simpang Bedok collection of restaurants are inside brief driving range.
The overview price translates to a land rate of relating to $1,260 psf per plot ratio (psf ppr) at the base gross plot ratio of 1.4 and thinking about a projected land premium for the state land. Inclusive of an added 8% extra GFA, the unit land rate will be around $1,180 psf ppr. JLL highlights hat the unit land rates are approximated based on the previous project charge rates since March 1, as the revised rates to be efficient from Sept 1 have yet to be publicized by the appropriate authority between shift from the development fee system to the new land betterment fee.
Bagnall Court, a property residential property development located on Upper East Coast Roadway, is up for combined sale by tender at an overview rate of $125 million. Beyond 80% of owners have actually consented to the sale, according to advertising broker JLL.
Consisting of the state area as well as based upon the smallest typical unit measurements of 85 sqm (914 sq ft), the location might suit up to 113 apartments.
Bagnall Court lies at the end of Upper East Shore Route near the Bedok Road crossroads, opposite the Laguna Gold and Country Club and also Bedok Camp. It borders the upcoming Sungei Bedok MRT Terminal, which is an interchange for the Downtown as well as Thomson-East Coastline Lines register to open up in 2025.
Tan Hong Boon, executive director of capital markets at JLL, anticipates the place to attract eager competitors from medium-sized developers, given its “workable quantum” opposing much larger Government Land Sale (GLS) areas. “The guide price of $125 million is a quite reasonable rates for a freehold property location of such dimension as it matches up truly favourably with a number of current sales of rural 99-year leasehold sites, which are currently at these price levels,” he adds.
The residential property was built in the 1990s and also makes up 43 walk-up homes, spread around 2 neighborhoods that are 4 storeys each. It has an acreage of 69,563 sq ft zoned for non commercial use with a gross plot ratio of 1.4 and an allowed elevation of as much as five floors.
The tender will close on Oct 26 at 3pm.
