First collective sale of 2023, Bagnall Court, sold for $115.28 mil

The deal for the sale of Bagnall Court, a freehold 43-unit condominium on Upper East Coast Road, was brokered by JLL, with Dentons Rodyk as an advisor for the vendors. The price for the collective sale reflects a land rate of $1,106 psf per plot ratio (ppr), including an 8% bonus gross floor area (GFA), and was sold to a consortium for $115.28 million.

The 69,563 sq ft site is zoned ‘Residential’ with a GPR of 1.4 and an allowable height Senja Close EC of up to five storeys. It has a development baseline area with an equivalent gross plot ratio (GPR) of 1.4904 and no land betterment charge. The site can be redeveloped into a new 106-unit residential development with a minimum average size of 85 sqm.

Bagnall Court is located within a five-minute walk of the upcoming Sungei Bedok MRT interchange station for the Thomson-East Coast and Downtown Lines. The MRT station is expected to be completed in 2024 and 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, a new transportation hub, new public and private housing units and various amenities and services planned.

“Given the strong turn up for Sceneca Residences preview on Jan 1, 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 Bagnall Court],” says Tan Hong Boon, JLL executive director.

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.