Kew Lodge sold for $66.8 mil to Aurum Land in first collective sale since April cooling measures
Michelle Yong, CEO of Aurum Land, states the procurement will expand the company’s range into the landed property field. “On a private degree, I prepare to make my very own family residence within this bespoke variety of luxury residences and am excited to expand the very same chance to provide bespoke style options to fulfill the lifestyle demands of our discerning purchasers,” she includes. Aurum Land is the property developer behind projects including The Hyde on Balmoral Road in District 10 and also Nyon on Amber Roadway in District 15.
The transactions marks the very first cumulative sale since fresh cooling measures came into effect on April 27, including enhanced Additional Buyer’s Stamp Duty prices.
“In land-scarce Singapore we encounter a somewhat selective new supply of brand new landed real estates instead of non-landed real estates. We look at possession of prime landed homes as a substantial outlet of wealth that provides substantial resources upside gradually. A landed home acquisition nowadays can certainly be a calculated investment for coming future generations,” states Steven Ming, supervising partner at Sakal Real Estate Partners, that in addition co-founded the firm in 2018.
The sale of Kew Lodge was brokered by Sakal Real Estate Partners, with the offer marking the property investment advisory and also brokerage company’s very first cumulative sale transaction. Rajah and Tann are the selected lawful representative for the owners.
Kew Lodge, a freehold landed residential place at Kheam Hock Roadway in District 11, has recently been marketed en bloc to Aurum Land, a subsidiary of Woh Hup, for $66.8 million. The cumulative sale tender for the property finalized on May 23. Aurum Land’s bid represents a 5% premium over the site’s overview rate of $63.8 million and also works out to a land price of around $1,940 psf.
Kew Lodge consists of 11 townhouses varying between from 2,013 sq ft to 2,852 sq ft on a 34,433 sq ft site. Zoned throughout a “Residential/ two-storey mixed landed” area following the URA 2019 Master Plan, the plot can possibly be redeveloped into a new project consisting of bungalows, semi-detached residences and/or balcony Homes
The sale of Kew Lodge is pending approval of the Strata Titles Board.
