Kew Lodge sold for $66.8 mil to Aurum Land in first collective sale since April cooling measures
Kew Lodge, a freehold landed property 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 collective sale tender for the property finalized on May 23. Aurum Land’s proposal stands for a 5% premium over the location’s guide rate of $63.8 million and also figures out to a land rate of approximately $1,940 psf.
The revenue of Kew Lodge was brokered by Sakal Real Estate Partners, with the deal marking the property financial investment advisory and also brokerage company’s initial cumulative sale deal. Rajah and even Tann are the designated lawful representative for the owners.
Michelle Yong, CEO of Aurum Land, claims the acquisition will certainly broaden the firm’s scope right into the landed estate sector. “On a personal degree, I prepare to create my own family residence within this unique variety of luxury residences along with am thrilled to stretch the same opportunity to supply bespoke layout options to meet the lifestyle demands of our discerning customers,” she adds. Aurum Land is the developer behind ventures featuring The Hyde on Balmoral Roadway in District 10 and also Nyon on Amber Roadway in District 15.
“In land-scarce Singapore we encounter a somewhat limiting new source of brand new landed residential properties instead of non-landed buildings. We see ownership of prime landed residences as a considerable retailer of wealth that presents substantial resources upside gradually. A landed house acquisition today can be a vital investment for coming future generations,” claims Steven Ming, supervising partner at Sakal Real Estate Partners, who also co-founded the company in 2018.
Kew Lodge makes up 11 townhouses varying from 2,013 sq ft to 2,852 sq ft on a 34,433 sq ft site. Zoned inside a “Residential/ two-storey combined landed” area within the URA 2019 Master Plan, the plot can most likely be redeveloped into a new job comprising bungalows, semi-detached residences and/or balcony Residences
The purchasing of Kew Lodge is hanging approval of the Strata Titles Board.
The transaction marks the initial collective sale ever since fresh cooling steps entered into conclusion on April 27, consisting of raised Additional Buyer’s Stamp Duty fees.