Bagnall Court, a freehold residential development situated on Upper East Coast Road, was sold en bloc for S$115.3 million.
It was sold to a consortium, according to JLL Singapore, the sole marketing agency announced on Wednesday (January 11).
They declined to reveal who the consortium’s members were.
The sale price is less than its original asking price of S$125 million. It was during the 10-week private treaty period of negotiation that the deal was struck.
The collective sale tender, which was announced in September last year and concluded on October 26th, 2022, was approved by more than eighty percent of the owners.
At the sale price of S$115.3 million, the gross sale proceeds for each of the 43 units will range between S$2.03 million and S$3.78 million.
Based on the purchase price, the land rate works out to around S$1,106 psf ppr, including the 7% bonus gross floor area, according to JLL executive director Tan Hong Boon.
As the property has a development baseline area with a gross plot ratio of 1.4904, there is no land betterment fee due.
Bagnall Court was completed in the 1990s and consists of 43 walk-up flats in two four-storey buildings situated in a low-density residential neighborhood across from Laguna Golf & Country Club and Bedok Camp.
Under the 2019 Master Plan of the Urban Redevelopment Authority, the 69,563-square-foot property is designated for residential development.
It has a gross plot ratio of 1.40 and a maximum permitted height of five storeys.
Changi City Point, East Village, and Bedok Food Centre are located nearby.
Bagnall Court en bloc site is very close to the Sungei Bedok MRT junction, which is anticipated to be finished in 2025.