Roxy-Pacific Holdings, a property developer, together with a consortium, purchased Bagnall Court in an en bloc deal worth $115.28 million in January this year. This site along Upper East Coast Road in District 16 is a freehold land with a gross plot ratio of 1.4 and a maximum height of five storeys under the 2019 Master Plan.

The current site comprises of 43 units, and the consortium intends to develop it into a new five-storey condominium with 113 units. According to its executive chairman Teo Hong Lim, the area has been deprived of freehold condominium projects for a while, with Eastwood Regency back in 2010 being the last one to be launched.

Teo further mentions the advantages of the upcoming Sungei Bedok MRT interchange station for the Downtown and Thomson-East Coast Lines. This station is just five minutes away from the Bagnall Court, and when the transport hub of Bedok South is ready by 2024, the neighbourhood will benefit from the improved connectivity.

In addition, the URA has also formulated rejuvenation plans for the vicinity of the Laguna Golf and Country Club, Bedok Camp, and Bayshore Road neighbourhood.

The price of $115.28 million featured an 8% bonus gross floor area (GFA) for JCube Residence balconies, which translates to a land rate of $1,106 psf per plot ratio (psf ppr). After closing of the tender in October 2022, the sale was sealed during the 10-week private treaty period. Initially the site was put up for sale at a reserve price of $125 million.

The unit owners of Bagnall Court are expected to receive gross proceeds between $2.03 million and $3.78 million as a result of the deal. This is the first collective sale of 2023, and further signifies the modest pickup in Singapore’s investment deals this year.