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 Roadway in District 11, has been offered en bloc to Aurum Land, a branch of Woh Hup, for $66.8 million. The cumulative sale tender for the residential property closed on May 23. Aurum Land’s bid represents a 5% premium over the site’s guide rate of $63.8 million and figures out to a land rate of approximately $1,940 psf.
“In land-scarce Singapore we encounter a relatively restrictive fresh supply of brand new landed residential properties rather than non-landed residential properties. We see possession of prime landed residences as a considerable retailer of wealth that offers considerable capital upside gradually. A landed house purchase these days can certainly be a calculated investment for coming future generations,” states Steven Ming, managing partner at Sakal Real Estate Partners, that also co-founded the company in 2018.
Michelle Yong, Chief Executive Officer of Aurum Land, says the procurement will widen the company’s range right into the landed property market. “On a private level, I plan to design my own household home within this unique selection of high-end residences and even am excited to extend the exact same opportunity to provide bespoke layout programs to satisfy the lifestyle requirements of our worrying buyers,” she adds. Aurum Land is the property developer behind ventures featuring The Hyde on Balmoral Road in District 10 and also Nyon on Amber Roadway in District 15.
The sale of Kew Lodge is pending approval of the Strata Titles Board.
Kew Lodge makes up 11 townhouses varying between from 2,013 sq ft to 2,852 sq ft on a 34,433 sq ft area. Zoned inside a “Residential/ two-storey combined landed” area following the URA 2019 Master Plan, the plot can most likely be redeveloped into a new job consisting of bungalows, semi-detached houses and/or balcony Houses
The sale of Kew Lodge was brokered by Sakal Real Estate Partners, with the deal marking the property financial investment advisory and also brokerage company’s first collective sale transaction. Rajah and even Tann are the selected official representative for the owners.
The transaction notes the first cumulative sale from fresh air conditioning solutions entered into effect on April 27, consisting of increased Additional Buyer’s Stamp Duty prices.