Bagnall Court up for collective sale at $125 mil
JLL notes that the building has a property standard comparable to a gross plot ratio of about 1.4904. As such, only a fairly small area of the bonus gross flooring area GFA attracts a land improvement fee. There is additionally 4,600 sq ft of remnant state land that could possibly be integrated within the site for redevelopment, allowing for additional brand-new units.
Other services neighboring feature Eastwood Centre and Bedok Food Centre, which are within strolling distance. Changi City Point, East Village, and also the Simpang Bedok collection of dining establishments are inside short driving distance.
Bagnall Court is located at the end of Upper East Shore Road near the Bedok Street crossroads, opposite the Laguna Gold and Country Club as well as 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.
Tan Hong Boon, executive supervisor of capital markets at JLL, expects the site to bring in eager competition from medium-sized firms, offered its “manageable quantum” opposing a lot bigger Government Land Sale (GLS) sites. “The guide cost of $125 million is an incredibly practical rates for a property domestic area of such size as it compares very positively with several recent sales of rural 99-year leasehold places, which are presently at these price levels,” he adds.
Consisting of the state property and also based upon the smallest typical unit measurements of 85 sqm (914 sq ft), the area might suit as much as 113 apartments.
Bagnall Court, a property non commercial project found on Upper East Coast Roadway, is up for combined sale by tender at a guide rate of $125 million. Beyond 80% of owners have actually granted the sale, according to advertising broker JLL.
The building was integrated in the 1990s and also comprises 43 walk-up houses, proliferated around two stops that are four storeys each. It has an acreage of 69,563 sq ft zoned for residence use with a gross plot ratio of 1.4 and even an allowable level of up to five storeys.
The overview cost translates to a land cost of around $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% bonus GFA, the unit land price will certainly be close to $1,180 psf ppr. JLL highlights hat the unit property rates are estimated based upon the previous development fee prices as of March 1, as the changed fees to be efficient from Sept 1 have yet to get revealed by the related authority between shift from the development cost system to the new land betterment fee.
The tender will finalize on Oct 26 at 3pm.