Bagnall Court Upper East Coast Road Collective Sale 2022

Bagnall Court, a freehold residential site located at 811 Upper East Coast Road, is up for collective sale via public tender with a reserve price set at S$125 million.

This was announced by JLL Singapore, which is their only marketing agent. They said that more than 80% of the owners have agreed to the collective sale.

Bagnall Court was built in the 1990s. It is made up of two 4-storey buildings with 43 walk-up apartments.

The property is situated in a low-density residential estate across from the Bedok Camp and Laguna Golf & Country Club.

It is located on a 69,563-square-feet residential-zoned plot under the Urban Redevelopment Authority’s Master Plan 2019. It has a gross plot ratio of 1.4 and a maximum height of 5 storeys.

According to JLL, only a “very modest portion” of the bonus gross floor space is subject to land betterment charges, and there is also the possibility of 4,600 square feet of leftover state property to be incorporated into the site for redevelopment, providing for further new apartments.

They also said that the redevelopment site, which includes state land, could fit up to 113 new units if the average size was at least 85 square meters.

The land price is about S$1,260 psf ppr when an anticipated land premium for state land is included. The land cost is about S$1,180 psf ppr after taking into account an extra 7% in bonus gross floor area.

JLL said that these unit land rates were estimated based on the development charge rates that were in place as of March 1.

Because the industry is in the process of switching from the old development charge system to the new land betterment charge system, the new rates that will go into effect on September 1 have not yet been announced.

Tan Hong Boon, the executive director of capital markets for JLL, said, “We expect fierce competition from medium-sized developers because the price is fair and the amount is manageable compared to the much larger government land sale sites, which may be too big for their appetites.”

Bagnall Court en bloc site is located close to the Bedok Road junction and Bedok Food Centre. East Village, Eastwood Centre, and Changi City Point are among the other amenities that can be found in the surrounding area.

A world-class medical facility such as Changi General Hospital is only a short drive away. Other attractions like Bedok Reservoir, East Coast Park and Jewel @ Changi can be reached in a short time.

It is also close to the Sungei Bedok MRT Interchange, which will be finished in 2025.

The public tender for Bagnall Court collective sale site will close on Oct 26 at 3pm.