Kew Lodge sold for $66.8 mil to Aurum Land in first collective sale since April cooling measures
Kew Lodge makes up 11 townhouses varying from 2,013 sq ft to 2,852 sq ft on a 34,433 sq ft area. Zoned within a “Residential/ two-storey blended landed” location following the URA 2019 Master Plan, the plot can potentially be redeveloped right into a brand-new project comprising bungalows, semi-detached homes and/or balcony Homes
“In land-scarce Singapore we encounter a comparatively limiting fresh source of fresh landed properties instead of non-landed real estates. We look at possession of prime landed houses as a significant outlet of wealth that offers considerable resources upside gradually. A landed residence purchase these days can be a strategic financial investment for future generations,” states Steven Ming, managing associate at Sakal Real Estate Partners, who in addition co-founded the company in 2018.
Michelle Yong, CEO of Aurum Land, says the procurement will certainly widen the business’s extent into the landed real estate industry. “On an own degree, I plan to develop my own family home within this bespoke variety of luxury homes and even am delighted to expand the exact same opportunity to deliver bespoke design programs to meet the lifestyle requirements of our worrying customers,” she adds. Aurum Land is the developer behind ventures involving The Hyde on Balmoral Road in District 10 as well as Nyon on Amber Road in District 15.
The transaction of Kew Lodge was brokered by Sakal Real Estate Partners, with the offer marking the realty investment advisory as well as brokerage company’s first collective sale purchase. Rajah and even Tann are the appointed lawful representative for the proprietors.
Kew Lodge, a freehold landed non commercial place at Kheam Hock Road in District 11, has been marketed en bloc to Aurum Land, a branch of Woh Hup, for $66.8 million. The collective sale tender for the real estate finalized on May 23. Aurum Land’s quote represents a 5% costs over the site’s guide price of $63.8 million and figures out to a land cost of approximately $1,940 psf.
The transaction marks the first cumulative sale ever since fresh cooling steps entered conclusion on April 27, including raised Additional Buyer’s Stamp Duty rates.
The purchasing of Kew Lodge is pending authorization of the Strata Titles Board.
