Kew Lodge sold for $66.8 mil to Aurum Land in first collective sale since April cooling measures
Kew Lodge, a freehold landed residential area at Kheam Hock Roadway in District 11, has been sold en bloc to Aurum Land, a branch of Woh Hup, for $66.8 million. The collective sale tender for the real estate closed on May 23. Aurum Land’s quote stands for a 5% premium over the site’s overview price of $63.8 million and also works out to a land price of approximately $1,940 psf.
Kew Lodge comprises 11 townhouses varying from 2,013 sq ft to 2,852 sq ft on a 34,433 sq ft location. Zoned within a “Residential/ two-storey combined landed” location within the URA 2019 Master Plan, the plot can most likely be redeveloped into a brand-new job consisting of bungalows, semi-detached homes and/or balcony Residences
The transaction of Kew Lodge was brokered by Sakal Real Estate Partners, with the deal marking the real estate financial investment advisory and also brokerage company’s very first cumulative sale purchase. Rajah and even Tann are the designated legal rep for the proprietors.
Michelle Yong, Chief Executive Officer of Aurum Land, claims the purchase will certainly widen the company’s range right into the landed property industry. “On a private degree, I intend to design my very own household house within this custom collection of high-end homes and am excited to stretch the same possibility to provide bespoke layout options to satisfy the way of living requirements of our worrying buyers,” she adds. Aurum Land is the property developer behind projects involving The Hyde on Balmoral Road in District 10 as well as Nyon on Amber Road in District 15.
The purchasing of Kew Lodge is pending approval of the Strata Titles Board.
The transactions notes the first collective sale ever since fresh cooling measures entered into effect on April 27, consisting of increased Additional Buyer’s Stamp Duty rates.
“In land-scarce Singapore we deal with a comparatively limiting new source of new landed residential properties in contrast to non-landed residences. We view possession of prime landed houses as a significant outlet of wealth that presents substantial resources upside gradually. A landed home purchase today can certainly be a strategic investment for future generations,” states Steven Ming, supervising associate at Sakal Real Estate Partners, who in addition co-founded the firm in 2018.