Kew Lodge sold for $66.8 mil to Aurum Land in first collective sale since April cooling measures
Kew Lodge, a freehold landed property 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 cumulative sale tender for the property closed on May 23. Aurum Land’s quote stands for a 5% premium over the location’s guide cost of $63.8 million and also works out to a land rate of about $1,940 psf.
The sale of Kew Lodge is pending approval of the Strata Titles Board.
The transaction notes the initial collective sale from fresh air conditioning steps entered conclusion on April 27, consisting of enhanced Additional Buyer’s Stamp Duty fees.
Michelle Yong, Chief Executive Officer of Aurum Land, says the procurement will certainly broaden the firm’s scope right into the landed property sector. “On a personal level, I prepare to create my very own household residence within this unique collection of deluxe homes and am thrilled to stretch the very same chance to provide bespoke layout programs to satisfy the lifestyle demands of our discerning buyers,” she puts in. Aurum Land is the developer behind properties involving The Hyde on Balmoral Roadway in District 10 and Nyon on Amber Roadway in District 15.
“In land-scarce Singapore we face a relatively restrictive fresh supply of brand new landed real estates in contrast to non-landed residences. We see possession of prime landed residences as a significant store of wealth that provides considerable resources upside gradually. A landed residence purchase these days can be a vital investment for future generations,” claims Steven Ming, managing associate at Sakal Real Estate Partners, that in addition co-founded the company in 2018.
The sale of Kew Lodge was agented by Sakal Real Estate Partners, with the package marking the property financial investment advisory as well as brokerage firm’s initial collective sale deal. Rajah and Tann are the appointed lawful rep for the proprietors.
Kew Lodge comprises 11 townhouses varying from 2,013 sq ft to 2,852 sq ft on a 34,433 sq ft location. Zoned inside a “Residential/ two-storey blended landed” location following the URA 2019 Master Plan, the plot can potentially be redeveloped into a brand-new job consisting of bungalows, semi-detached homes and/or balcony Houses
