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

The first collective sale site sold in 2023 was Bagnall Court, a 43-unit condominium located on Upper East Coast Road. The 69,563 sq ft site was sold to a consortium for $115.28 million, reflecting a land rate of $1,106 psf per plot ratio (ppr) with an 8% bonus gross floor area (GFA). Brokered by JLL with Dentons Rodyk as an advisor for the vendors, the site is zoned ‘Residential’ with a GPR of 1.4 and an allowable height of up to five storeys.

Under the 2019 Master Plan, the site can be redeveloped into a new 106-unit residential development with an average size of 85 sqm, with no land betterment charge. Bagnall Court is situated within a five-minute walk of the upcoming Sungei Bedok MRT interchange station for the Thomson-East Coast and Downtown Lines, which is expected to be completed in 2024.

The surroundings of Bagnall Court up to the Bayshore Road precinct are transforming in line with URA’s rejuvenation plan, featuring new roads, a transportation hub, public and private housing, 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 and excellent connectivity, we envisage strong take-up of the residential units for this new development [at Bagnall Court],” said JLL executive director Tan Hong Boon.

The upcoming tenders for collective sale sites by JLL include Manhattan Tengah Plantation EC House, Shenton House, Lakeside Towers and Horizon Towers, which will be rolled out this month and the next.