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 site at Kheam Hock Roadway in District 11, has recently been sold en bloc to Aurum Land, a subsidiary of Woh Hup, for $66.8 million. The cumulative sale tender for the real estate sealed on May 23. Aurum Land’s proposal stands for a 5% premium over the location’s guide rate of $63.8 million and also works out to a land rate of around $1,940 psf.
The revenue of Kew Lodge was brokered by Sakal Real Estate Partners, with the offer marking the real estate financial investment advisory and also brokerage company’s initial cumulative sale purchase. Rajah along with Tann are the designated lawful agent for the owners.
The proceeding notes the very first collective sale ever since fresh air conditioning measures came into effect on April 27, including increased Additional Buyer’s Stamp Duty prices.
Kew Lodge makes up 11 townhouses ranging from 2,013 sq ft to 2,852 sq ft on a 34,433 sq ft area. Zoned inside a “Residential/ two-storey mixed landed” location following the URA 2019 Master Plan, the plot can most likely be redeveloped right into a new project making up bungalows, semi-detached houses and/or terrace Homes
“In land-scarce Singapore we face a relatively limiting new supply of brand new landed real estates as opposed to non-landed real estates. We see ownership of prime landed houses as a substantial store of wealth that offers substantial funding upside with time. A landed home acquisition these days can be a calculated financial investment for future generations,” says Steven Ming, supervising associate at Sakal Real Estate Partners, that in addition co-founded the business in 2018.
The sale of Kew Lodge is pending approval of the Strata Titles Board.
Michelle Yong, Chief Executive Officer of Aurum Land, says the acquisition will certainly broaden the firm’s range right into the landed estate industry. “On a personal level, I intend to develop my own family house within this custom variety of high-end houses along with am excited to stretch the same possibility to provide bespoke layout services to fulfill the lifestyle requirements of our worrying customers,” she puts in. Aurum Land is the developer behind ventures featuring The Hyde on Balmoral Road in District 10 and Nyon on Amber Roadway in District 15.