Kew Lodge sold for $66.8 mil to Aurum Land in first collective sale since April cooling measures
The sale of Kew Lodge was brokered by Sakal Real Estate Partners, with the deal noting the property financial investment advisory and also brokerage business’s first cumulative sale transaction. Rajah along with Tann are the designated lawful rep for the owners.
Kew Lodge comprises 11 townhouses varying between from 2,013 sq ft to 2,852 sq ft on a 34,433 sq ft area. Zoned throughout a “Residential/ two-storey blended landed” location following the URA 2019 Master Plan, the plot can potentially be redeveloped into a brand-new job making up bungalows, semi-detached homes and/or terrace Homes
Michelle Yong, CEO of Aurum Land, says the acquisition will expand the company’s extent right into the landed real estate industry. “On an own degree, I plan to design my own household house within this bespoke collection of deluxe homes and am delighted to expand the exact same possibility to provide bespoke layout programs to meet the way of life requirements of our worrying customers,” she adds. Aurum Land is the developer behind projects including The Hyde on Balmoral Roadway in District 10 and also Nyon on Amber Road in District 15.
“In land-scarce Singapore we encounter a somewhat limiting fresh supply of new landed residential properties as opposed to non-landed residential properties. We view ownership of prime landed houses as a considerable retailer of wealth that provides substantial capital upside with time. A landed house acquisition today can be a strategic investment for future generations,” says Steven Ming, supervising associate at Sakal Real Estate Partners, who in addition co-founded the business in 2018.
The purchasing of Kew Lodge is pending authorization of the Strata Titles Board.
Kew Lodge, a freehold landed residential area 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 cumulative sale tender for the residential property closed on May 23. Aurum Land’s bid represents a 5% costs over the site’s overview cost of $63.8 million as well as figures out to a land price of around $1,940 psf.
The transaction notes the first cumulative sale since fresh air conditioning steps came into conclusion on April 27, consisting of increased Additional Buyer’s Stamp Duty prices.