Roxy-Pacific-led consortium behind the en bloc purchase of Bagnall Court

The 43-unit Bagnall Court along Upper East Coast Road in District 16 fetched $115.28 million when it sold en bloc in January. A consortium led by property developer Roxy-Pacific Holdings was the buyer, and Executive Chairman Teo Hong Lim says the team intends to develop the freehold site into a five-storey residential condominium with 113 units.

Lack of new freehold projects in the area made the sale particularly attractive. In fact, the last debut of a freehold condominium project on this stretch of Upper East Coast Road and Bedok was the 75-unit Eastwood Regency back in 2010.

The freehold site, measuring 69,563 sq ft, 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. What makes the development even more attractive is its proximity to 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 that’s scheduled to open in 2024. According to Teo, the neighbourhood will benefit from the improved connectivity once it’s completed.

The sale of Bagnall Court comes amidst 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.

At $115.28 million, Bagnall Court had a land rate of $1,106 psf ppr, including an 8% bonus GFA for balconies. The Myst It was on the market for 10 weeks after the close of the tender in October 2022. Tan Hong Boon, JLL executive director, brokered the sale. The condominium was launched for sale by tender last September for $125 million.

Unit owners of Bagnall Court now stand to receive gross proceeds between $2.03 million and $3.78 million. The sale marks the first collective sale of 2023 in Singapore – a sign of investments picking up as bite-sized deals remain popular.