Bagnall Court up for collective sale at $125 mil
JLL marks that the apartment has a development baseline comparable to a gross plot ratio of regarding 1.4904. Therefore, just a reasonably small area of the bonus gross floor section GFA brings in a land improvement cost. There is also 4,600 sq ft of remnant state land that might potentially be amalgamated right into the location for redevelopment, enabling additional new units.
The overview rate converts to a land rate of around $1,260 psf per plot ratio (psf ppr) at the base gross plot ratio of 1.4 and also thinking about an estimated land premium for the state property. Inclusive of an additional 8% extra GFA, the unit land charge will be around $1,180 psf ppr. JLL highlights hat the unit land charges are approximated based on the past project cost prices since March 1, as the changed fees to be effective from Sept 1 have yet to get revealed by the relevant authority in the midst of shift from the development cost system to the new land betterment fee.
Tan Hong Boon, executive supervisor of capital markets at JLL, anticipates the place to bring in interested competition from medium-sized firms, provided its “convenient quantum” versus considerably wider Government Land Sale (GLS) spots. “The guide cost of $125 million is a quite practical pricing for a property household site of such size as it matches up truly favourably with a number of current sales of suburban 99-year leasehold places, which are presently at these price levels,” he adds.
Bagnall Court, a property non commercial property development situated on Upper East Coast Road, is up for combined sale by tender at an overview rate of $125 million. More than 80% of owners have granted the sale, according to advertising and marketing representative JLL.
Various other services nearby include Eastwood Centre and Bedok Food Centre, which are within strolling proximity. Changi City Point, East Town, and also the Simpang Bedok collection of restaurants are within short driving range.
Including the state land as well as based upon the smallest typical unit size of 85 sqm (914 sq ft), the location may accommodate as much as 113 apartments.
The building was integrated in the 1990s and also consists of 43 walk-up apartments, proliferated around 2 neighborhoods that are four storeys each. It has a land area of 69,563 sq ft zoned for property usage with a gross plot ratio of 1.4 and also an allowable height of approximately 5 floors.
Bagnall Court lies at the end of Upper East Coast Route near the Bedok Street crossroads, opposite the Laguna Gold and Country Club as well as Bedok Camp. It adjoins the upcoming Sungei Bedok MRT Station, which is an interchange for the Downtown and Thomson-East Shore Lines register to open up in 2025.
The tender will finalize on Oct 26 at 3pm.
