Kew Lodge sold for $66.8 mil to Aurum Land in first collective sale since April cooling measures
Kew Lodge comprises 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 homes and/or balcony Residences
The transaction marks the very first collective sale from fresh air conditioning measures came into conclusion on April 27, consisting of enhanced Additional Buyer’s Stamp Duty fees.
The purchasing of Kew Lodge is pending approval of the Strata Titles Board.
The sale of Kew Lodge was agented by Sakal Real Estate Partners, with the offer noting the realty financial investment advisory and also brokerage business’s initial cumulative sale deal. Rajah and Tann are the selected lawful rep for the owners.
“In land-scarce Singapore we deal with a fairly selective fresh source of new landed residential properties in contrast to non-landed buildings. We view ownership of prime landed houses as a considerable store of wealth that offers considerable resources upside in time. A landed house purchase nowadays can be a calculated investment for coming future generations,” says Steven Ming, managing associate at Sakal Real Estate Partners, that in addition co-founded the company in 2018.
Michelle Yong, Chief Executive Officer of Aurum Land, says the purchase will certainly broaden the business’s range right into the landed estate industry. “On a personal level, I prepare to develop my very own family residence within this unique variety of high-end residences and am thrilled to expand the same chance to provide bespoke layout services to fulfill the way of life needs of our worrying buyers,” she adds. Aurum Land is the builder behind projects involving The Hyde on Balmoral Roadway in District 10 and Nyon on Amber Roadway in District 15.
Kew Lodge, a freehold landed non commercial site at Kheam Hock Road in District 11, has been sold en bloc to Aurum Land, a branch of Woh Hup, for $66.8 million. The collective sale tender for the real estate sealed on May 23. Aurum Land’s proposal represents a 5% costs over the location’s guide price of $63.8 million and works out to a land price of roughly $1,940 psf.