Bagnall Court sold for S$115.28 million
Exclusive freehold residential redevelopment site next to Sungei Bedok MRT Interchange sold
SINGAPORE, 11 January 2023 – Bagnall Court, a 43-unit development at Upper East Coast Road (the “Property”), has been sold to a consortium by sole marketing agent, JLL. Dentons Rodyk & Davidson LLP advised the vendors in the collective sale.
Under the 2019 Master Plan, the 69,563 sqft site is zoned ‘Residential’ with a gross plot ratio (“GPR”) of 1.4 and an allowable height of up to 5 storeys. The site can potentially be redeveloped into 106 residential units based on the minimum average size rule of 85 sqm.
The surroundings of Bagnall Court up to the Bayshore Road precinct is undergoing a comprehensive transformation under URA’s rejuvenation plan with new roads with direct access to the East Coast Parkway, new transportation hub, new public and private housing units and various amenities and services planned.
With the completion of Sungei Bedok MRT Interchange in 2024 and the station exit just right next to the property’s main gate, accessibility of the site will be enhanced. Changi Airport and Jewel will only be three stops away via the Downtown Line (“DTL”). The site is also going to be just one stop away via the Thomson-East Coast Line (“TEL”, 2025) or a five-minute walk to the future Bedok South Integrated Transport Hub (“ITH”), which will incorporate a sizeable commercial and residential development in the future. The ITH will provide multiple rail and land public transport options to the residents and more amenities within the vicinity.
The proposed roads linking this part of the Upper East Coast Road and Bedok Road directly to the East Coast Parkway (“ECP”) will shorten the drive time for the residents of the property to five minutes to Changi Airport and Jewel and about 20 minutes to the CBD.
Mr. Tan Hong Boon, Executive Director at JLL, says: “The site was sold during the 10-week private treaty period following the close of the tender in October 2022. The successful sale price of $115.28 million reflects a land rate of approximately $1,106 psf per plot ratio including 8% bonus GFA. It has a development baseline area with an equivalent GPR of 1.4904, thus no land betterment charge is payable up to this GPR. Given the strong turn up for Sceneca Residences preview on 1 January 2023, low supply of new freehold units within Bedok planning area and excellent connectivity, we envisage strong take up of the residential units for this new development.”
“At this sale price, the owners of each of the units would expect to receive gross sales proceeds of between $2.03 million and $3.78 million”, adds Mr. Tan.
Over 80 per cent of the owners have consented to the sale, which is subject to several conditions being met, including an order of sale by the Strata Titles Board or the court, where applicable.
This is the first collective sale site sold in 2023. The upcoming tenders for collective sale sites by JLL include Manhattan House, Shenton House, Lakeside Towers and Horizon Towers which will be rolled out this month and the next.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.