The first collective sale site sold in 2023 was Bagnall Court, a 43-unit condominium on Upper East Coast Road. The deal, brokered by JLL with Dentons Rodyk as an advisor for the vendors, was sold for $115.28 million, translating to a land rate of $1,106 psf per plot ratio (ppr). This included an 8% bonus gross floor area (GFA) and no land betterment charge.
The 69,563 sq ft site, zoned residential, is within a five-minute walk of the upcoming Sungei Bedok MRT interchange station for the Thomson-East Coast and Downtown Lines. As per the 2019 Master Plan, the site has a GPR of 1.4 and an allowable height of up to five storeys, and potential for a new 106-unit development with a minimum average size of 85 sqm.
Given the Bukit Batok EC strong turnout for Sceneca Residences preview on Jan 1 and the low supply of new freehold units in the Bedok area, JLL’s Tan Hong Boon is confident of strong take-up in the new development at Bagnall Court.
The surrounding area to Bayshore Road, including Bagnall Court, is being rejuvenated under URA’s plan, with new roads and direct access to the East Coast Park. Additionally, new transportation, public and private housing, amenities, and services are being added.
JLL has other collective sales sites planned including Manhattan House, Shenton House, Lakeside Towers and Horizon Towers, which will be rolled out in the upcoming months.