Kew Lodge sold for $66.8 mil to Aurum Land in first collective sale since April cooling measures
Kew Lodge, a freehold landed non commercial place at Kheam Hock Road in District 11, has been sold en bloc to Aurum Land, a subsidiary of Woh Hup, for $66.8 million. The collective sale tender for the residential property finalized on May 23. Aurum Land’s quote represents a 5% costs over the site’s guide cost of $63.8 million and works out to a land price of around $1,940 psf.
The purchasing of Kew Lodge is pending authorization of the Strata Titles Board.
The transactions notes the first collective sale ever since fresh air conditioning steps came into effect on April 27, consisting of enhanced Additional Buyer’s Stamp Duty prices.
Kew Lodge comprises 11 townhouses varying from 2,013 sq ft to 2,852 sq ft on a 34,433 sq ft location. Zoned throughout a “Residential/ two-storey blended landed” location following the URA 2019 Master Plan, the plot can possibly be redeveloped into a brand-new job making up bungalows, semi-detached houses and/or balcony Houses
“In land-scarce Singapore we deal with a somewhat limiting fresh supply of brand new landed real estates in contrast to non-landed buildings. We view possession of prime landed houses as a considerable store of wealth that provides substantial funding upside gradually. A landed residence purchase today can certainly be a vital financial investment for future generations,” says Steven Ming, supervising partner at Sakal Real Estate Partners, that in addition co-founded the firm in 2018.
The sale of Kew Lodge was agented by Sakal Real Estate Partners, with the deal marking the property investment advisory and also brokerage firm’s initial collective sale transaction. Rajah and Tann are the designated official agent for the proprietors.
Michelle Yong, Chief Executive Officer of Aurum Land, states the purchase will expand the business’s scope into the landed real estate industry. “On a private level, I plan to make my very own family home within this custom variety of deluxe homes along with am delighted to expand the same possibility to supply bespoke style services to satisfy the lifestyle requirements of our worrying buyers,” she puts in. Aurum Land is the property developer behind ventures featuring The Hyde on Balmoral Roadway in District 10 and also Nyon on Amber Road in District 15.