Kew Lodge sold for $66.8 mil to Aurum Land in first collective sale since April cooling measures
Kew Lodge, a freehold landed residential place at Kheam Hock Roadway in District 11, has recently been sold en bloc to Aurum Land, a branch of Woh Hup, for $66.8 million. The cumulative sale tender for the real estate sealed on May 23. Aurum Land’s bid represents a 5% premium over the location’s overview rate of $63.8 million and figures out to a land cost of about $1,940 psf.
The sale of Kew Lodge is pending approval of the Strata Titles Board.
The transaction notes the very first collective sale ever since fresh cooling measures entered into effect on April 27, consisting of increased Additional Buyer’s Stamp Duty prices.
“In land-scarce Singapore we deal with a relatively limiting new source of fresh landed real estates rather than non-landed residential properties. We view possession of prime landed homes as a substantial retailer of wealth that provides substantial funding upside gradually. A landed house acquisition nowadays can certainly be a strategic investment for coming future generations,” says Steven Ming, managing associate at Sakal Real Estate Partners, that in addition co-founded the firm in 2018.
Kew Lodge consists of 11 townhouses varying between from 2,013 sq ft to 2,852 sq ft on a 34,433 sq ft location. Zoned throughout a “Residential/ two-storey combined landed” location following the URA 2019 Master Plan, the plot can most likely be redeveloped into a brand-new job comprising bungalows, semi-detached houses and/or balcony Houses
Michelle Yong, CEO of Aurum Land, claims the acquisition will certainly widen the firm’s range into the landed property industry. “On an own degree, I prepare to design my very own household home within this bespoke collection of high-end houses and am delighted to extend the very same opportunity to deliver bespoke design options to fulfill the way of life requirements of our discerning buyers,” she adds. Aurum Land is the property developer behind ventures featuring The Hyde on Balmoral Road in District 10 and Nyon on Amber Roadway in District 15.
The transaction of Kew Lodge was brokered by Sakal Real Estate Partners, with the deal noting the realty financial investment advisory and brokerage company’s initial cumulative sale purchase. Rajah and even Tann are the selected lawful representative for the owners.
