The newest development to emerge from the Upper East Coast Road area in District 16 is a five-storey condo, set to be built on the Bagnall Court site. A consortium led by property developer Roxy-Pacific Holdings bought the freehold site for $115.28 million in January.
This marks the first freehold development to arrive in this area since Eastwood Regency in 2010, with a total of 75 units. The new Bagnall Court condo will have 113 units, on a Champions Way Condo 69,563 sq ft plot of land.
The development is zoned for residential use with a gross plot ratio of 1.4 and a maximum height of five storeys in accordance with the 2019 Master Plan.
The land rate was calculated at $1,106 psf per plot ratio (psf ppr) with an 8% bonus GFA for balconies, as the site was sold during the 10-week private treaty period after the close of the tender in October 2022.
Speaking of the area, executive chairman of Roxy-Pacific, Teo Hong Lim, said: “There hasn’t been a new freehold project launch in the area lately.”
The Bagnall Court site will benefit from the upcoming Sungei Bedok MRT interchange station for the Downtown and Thomson-East Coast Lines, being within a five-minute walking distance from the site.
In addition, its proximity to the Bedok South Integrated Transport Hub, due to open in 2024, also adds a benefit to the neighbourhood.
URA has also regeneration plans for the development, stretching from the Laguna Golf and Country Club and the Bedok Camp to the Bayshore Road neighbourhood.
Tan Hong Boon, executive director at JLL, who brokered the sale, stated that Bagnall Court had gone up for sale by tender last September at $125 million.
The unit owners of Bagnall Court can expect to receive gross proceeds of between $2.03 million and $3.78 million from the sale.