Roxy-Pacific-led consortium behind the en bloc purchase of Bagnall Court

In January this year, a consortium led by property developer Roxy-Pacific Holdings made waves when it purchased Bagnall Court for $115.28 million in an en bloc deal. Teo Hong Lim, executive chairman of the consortium, revealed that their plans for the freehold site along Upper East Coast Road were to develop a five-storey condominium with 113 units.

“There hasn’t been a new freehold project launch in the area lately,” Teo explains. Indeed, the last freehold condominium project to debut along Upper East Coast Road and Bedok was Senja Close EC Eastwood Regency in 2010, with 75 units.

Situated in District 16, Bagnall Court itself is made up of 43 units on a 69,563 sq ft freehold site. According to the 2019 Master Plan, the site is zoned for residential use with a gross plot ratio of 1.4 and a maximum height of five storeys.

Location-wise, Bagnall Court is less than a five-minute walk from the upcoming Sungei Bedok MRT interchange station for the Downtown and Thomson-East Coast Lines. The Sungei Bedok MRT station is just one stop away from the upcoming Bedok South Integrated Transport Hub slated to open in 2024. Teo of Roxy-Pacific extolled the convenience and connectivity of this neighbourhood once the transport hub is completed.

Additionally, Bagnall Court will benefit from URA’s broader rejuvenation plan for the area stretching from the Laguna Golf and Country Club, to the Bedok Camp, and eventually to the Bayshore Road neighbourhood.

The sale of Bagnall Court was brokered by Tan Hong Boon from the JLL executive director team. The unit owners are said to receive gross proceeds between $2.03 million and $3.78 million from the sale. JLL initially launched the site for sale by tender last September for a price of $125 million. The final price of $115.28 million works out to a land rate of $1,106 psf per plot ratio (psf ppr), inclusive of an 8% bonus gross floor area (GFA) for balconies.

In any case, Bagnall Court is the first collective sale of 2023 to close with successful en bloc deal. As Teo noted, freehold projects are relatively rare in this area — thus, the completion of this project will surely inject new life into the neighbourhood.