A condo complex on Singapore’s Upper East Coast Road has sold for S$115.3 million ($86.6 million) in the city-state’s first collective sale of 2023, with a consortium of unidentified buyers braving a slowing housing market to pick up the 43-unit complex.
The sale price for Bagnall Court represents a 7.8 markdown to the S$125 million guide price for the 1991-vintage freehold property, which can be redeveloped into 106 residential units with a minimum average size of 915 square feet (85 square metres).
The 69,563 square foot site has a gross plot ratio of 1.4 and an allowable height of up to five storeys. Dentons Rodyk & Davidson advised the vendors in the collective sale of the site, which was marketed by JLL.
“The site was sold during the 10-week private treaty period following the close of the tender in October 2022,” JLL executive director Tan Hong Boon said in a release. “The successful sale price of S$115.28 million reflects a land rate of approximately $1,106 per square foot per plot ratio including 8 percent bonus GFA.”
Future Transit Hubs
Situated at the junction of Upper East Coast and Bedok roads in Singapore’s eastern end, the Bagnall Court site will enjoy direct access to the Sungei Bedok MRT interchange when the station is completed in 2024, JLL said.
The site will be three stops from Changi Airport and Jewel via the Downtown Line and a five-minute walk to the future Bedok South Integrated Transport Hub.
At the sale price, owners of each of the 43 units would expect to receive gross sales proceeds of between S$2.03 million and S$3.78 million, according to Tan. More than 80 percent of owners have consented to the sale, which remains subject to an order of sale by the Strata Titles Board and other closing conditions.
“Given the strong turn up for Sceneca Residences preview on 1 January 2023, 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,” Tan said.
More Tenders Ahead
Further collective sales on JLL’s schedule for the next few months include Shenton House, Lakeside Towers, Horizon Towers and Manhattan House, the last of which launched for tender on Tuesday with a $280 million reserve price.
Completed in 1976, the 99-year leasehold Manhattan House comprises 269 units in a 16-storey commercial block along Chin Swee Road next to Pearl’s Hill City Park. The site can be developed to 30 storeys with a maximum gross floor area of 21,000 square metres (226,042 square feet).
A tender for the S$650 million collective sale of Golden Mile Tower on Beach Road closed Monday with a few expressions of interest, local media reported. ERA Realty shopped the ageing 22-story building, which went on the market after the S$700 million ($505 million) sale of the next-door Golden Mile Complex to Perennial Holdings, Far East Organization and Sino Land last May.