Bagnall Court and Meyer Blue: Transformative Sales on the East Coast

Bagnall Court, a freehold condominium on Upper East Coast Road, has recently been sold for S$115.3 million to a consortium led by Roxy-Pacific Holdings, just below the guide price of S$125 million. This marks a significant transaction, with over 80% of the unit owners agreeing to the collective sale. The deal was facilitated by JLL, the exclusive marketing agent, during a 10-week private treaty period following the tender’s closure on October 26.

This sale price indicates that the owners of the 43 units at Bagnall Court will receive gross proceeds ranging between S$2.03 million and S$3.78 million. According to JLL, this reflects a land rate of around S$1,106 per square foot per plot ratio, inclusive of an 8% bonus for the additional gross floor area. With the development baseline established, no additional land betterment charge is required.

Nestled in a serene low-density residential area opposite the Laguna Golf and Country Club and Bedok Camp, Bagnall Court consists of 43 walk-up apartments within two four-storey blocks. The property spans 69,563 square feet, designated for residential use under the Urban Redevelopment Authority’s Master Plan 2019, with a gross plot ratio of 1.4 and permission for up to five storeys. The location is notably close to Changi City Point, East Village, and Bedok Food Centre, and stands within a short walk from the future Sungei Bedok MRT interchange station, slated for completion in 2025.

Roxy-Pacific’s vision for this site is to develop Bagnall Haus, a new five-storey condominium comprising 113 units, poised for a 2024 launch alongside Meyer Blue, another anticipated project in Singapore District 15/16. This strategy reflects a broader effort to rejuvenate the local property market, which has not seen a new freehold project since Eastwood Regency in 2010. Both Bagnall Haus and Meyer Blue aim to leverage the location’s residential appeal, offering modern living solutions within reach of the upcoming Bedok South Integrated Transport Hub and under the area’s comprehensive rejuvenation plan by the Urban Redevelopment Authority.

This collective sale and forthcoming development not only underscore the value of the East Coast residential market but also highlight the strategic moves by developers to capitalize on the demand for new, high-quality living spaces. With the addition of Meyer Blue condo to the mix, the East Coast promises an exciting future for residents and investors alike, buoyed by enhanced connectivity and urban renewal.