Bagnall Court, an undeveloped condominium with freehold rights located on Upper East Coast Road, was purchased by a group of investors for $115.28 million. The sale price is based on an average land value of $1,106 per plot ratio (ppr) and includes an 8% extra net floor area (GFA). The deal was negotiated by JLL and Dentons Rodyk as an advisor. Dentons Rodyk acting as advisor to the sellers.
Tembusu Grand floor plan pdf is expected to house 640 exquisite residential units, a midsized project for the giant property company CDL.
“The site was sold during the private treaty period of 10 weeks after the end of tenders in October 2022.” states Tan Hong Boon, JLL executive director. It is a development base area, with an equal gross plot rate (GPR) in the range of 1.4904 and no land improvement charge.
According to the 2018 Master Plan, the 69,563 square feet site is zoned as a ‘Residential and has an average GPR of 1.4 and a height limit of up to five stories. The site could be developed into a 106-unit new residential development that has a minimum area of 85 square metres.
Bagnall Court is situated within five minutes of the Sungei Bedok MRT interchange station, which will be used by passengers on the Thomson-East Coast and Downtown Lines. Its MRT station is scheduled to be finished by 2024. The surrounding area of Bagnall Court up to the Bayshore Road precinct is being transformed by URA’s rejuvenation program with new roads as well as directly access to East Coast Park.
The surrounding area of Bagnall Court up to the Bayshore Road precinct is undergoing an extensive transformation under URA’s revitalization plan, which includes new roads, which have straight access to East Coast Parkway, a new transportation hub, brand new residential units, both private and public, along with various other services and amenities planned.
“Given the huge turnout for the preview of Sceneca Residences on January 1st, the low supply of freehold units in the Bedok planning area and great connectivity, we expect a significant demand for the residential units that will be part of this brand new development [at Bagnall Court],” Tan adds Tan.
This is the first group sale site to be sold in 2023. The tenders coming to collective sales sites by JLL comprise Manhattan House, Shenton House, Lakeside Towers and Horizon Towers and will be released in the month of April and then the following.