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

Under the 2019 Master Plan, the 69,563 sq ft site is zoned ‘Residential’ with a GPR of 1.4 and an allowable height of up to five storeys. The site can be redeveloped into a new 106-unit residential development with a minimum average size of 85 sqm.

The surroundings of Bagnall Court up to the Tengah EC Bayshore Road precinct is undergoing a comprehensive transformation under URA’s rejuvenation plan with new roads, a new transportation hub, public and private housing units, and various amenities and services.

Given the strong turn up for Sceneca Residences preview on Jan 1, low supply of new freehold units within Bedok planning area, excellent connectivity and no land betterment charge, JLL Executive Director Tan Hong Boon envisages strong take-up of the residential units for the new development at Bagnall Court.

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

The site is located within a five-minute walk of the upcoming Sungei Bedok MRT interchange station for the Thomson-East Coast and Downtown Lines, due for completion in 2024.

“The site was sold during the 10-week private treaty period following the close of the tender in October 2022,” says Tan.

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.