Roxy-Pacific-led consortium behind the en bloc purchase of Bagnall Court
The sale of the 43-unit Bagnall Court condominium in District 16 has been concluded with a consortium led by property developer Roxy-Pacific Holdings as the buyer. The site on Upper East Coast Road, sold for $115.28 million in January, is to be redeveloped into a new five-storey building with 113 units.
According to Teo Hong Lim, Executive Chairman of Roxy-Pacific, the neighborhood is due for rejuvenation. The freehold site, with a gross plot ratio of 1.4 and a maximum height of five storeys as stipulated by the 2019 Master Plan, is also close to the upcoming Sungei Bedok MRT interchange station for the Downtown and Thomson-East Coast Lines.
Besides the convenience of the transport links, the Bagnall Court site will benefit from URA’s rejuvenation plan for the area that stretches from the Laguna Golf and Country Club and the Bedok Camp, to the Bayshore Road neighbourhood.
The purchase works out to a land rate of $1,106 psf per plot ratio (psf ppr), including an 8% bonus gross floor area (GFA) for balconies. This was after a ten-week private treaty period following the close of the tender in October 2022, which was launched at $125 million by JLL, the brokerage that brokered the sale.
“There hasn’t Tengah Plantation EC been a new freehold project launch in the area lately,” says Teo. Indeed, the last similar project on that stretch of Upper East Coast Road and Bedok was Eastwood Regency in 2010, which featured 75 units.
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The unit owners of Bagnall Court are expected to receive gross proceeds of between $2.03 million and $3.78 million from the sale. This marks the first collective sale transaction in early 2023 and points to the trend for bite-sized deals.
Singapore investment deals have picked up in the early part of 2023, with Bagnall Court being the first collective sale of the year. The prices offered are reflective of the collective sales market in SG and also of the neighborhood rejuvenation plan. With the completion of the Bedok South Integrated Transport Hub in 2024, the neighborhood will experience further connectivity, a boost that was taken into consideration by the consortium behind the purchase.