The 43-unit Bagnall Court was sold en bloc in January to a consortium led by Roxy-Pacific Holdings (Photo: JLL)
SINGAPORE (EDGEPROP) - A consortium led by property developer Roxy-Pacific Holdings was the buyer of Bagnall Court in an en bloc deal worth $115.28 million in January. According to Teo Hong Lim, executive chairman of Roxy-Pacific, the consortium intends to develop the freehold site along Upper East Coast Road into a new five-storey condominium with 113 units. (See potential condos with en bloc calculator)
“There hasn’t been a new freehold project launch in the area lately,” says Teo. Indeed, the last freehold condominium project that debuted on that stretch of Upper East Coast Road and Bedok was the 75-unit Eastwood Regency in 2010.
The existing 43-unit Bagnall Court sits on a 69,563 sq ft freehold site along Upper East Coast Road in District 16. The site is zoned for residential use with a gross plot ratio of 1.4 and a maximum height of five storeys under the 2019 Master Plan.
Bagnall Court is also within a five-minute walk of the upcoming Sungei Bedok MRT interchange station for the Downtown and Thomson-East Coast Lines. It is just one stop from the Sungei Bedok MRT station to the upcoming Bedok South Integrated Transport Hub, scheduled to open in 2024. According to Roxy-Pacific’s Teo, the neighbourhood will benefit from the connectivity when the Bedok South Integrated Transport Hub is completed.
Besides the upcoming integrated transport hub, 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 price of $115.28 million for Bagnall Court 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. The site was sold during the 10-week private treaty period after the close of the tender in October 2022, says Tan Hong Boon, JLL executive director, who brokered the sale. JLL launched Bagnall Court for sale by tender last September at $125 million.
The unit owners of Bagnall Court are expected to receive gross proceeds of between $2.03 million and $3.78 million from the sale.
Check out the latest listings near Bagnall Court, Eastwood Regency, Upper East Coast Road, Sungei Bedok