Kew Lodge sold for $66.8 mil to Aurum Land in first collective sale since April cooling measures
The revenue of Kew Lodge was agented by Sakal Real Estate Partners, with the package noting the real estate investment advisory as well as brokerage firm’s first collective sale deal. Rajah along with Tann are the appointed official agent for the owners.
Kew Lodge, a freehold landed property area at Kheam Hock Road in District 11, has recently been offered en bloc to Aurum Land, a subsidiary of Woh Hup, for $66.8 million. The collective sale tender for the residential property closed on May 23. Aurum Land’s bid stands for a 5% premium over the location’s overview price of $63.8 million as well as figures out to a land cost of approximately $1,940 psf.
“In land-scarce Singapore we face a somewhat restrictive fresh source of brand new landed properties as opposed to non-landed real estates. We see possession of prime landed homes as a considerable store of wealth that provides considerable funding upside gradually. A landed house purchase today can be a calculated investment for coming future generations,” states Steven Ming, managing associate at Sakal Real Estate Partners, who also co-founded the business in 2018.
The transaction marks the very first collective sale ever since fresh air conditioning solutions came into effect on April 27, consisting of increased Additional Buyer’s Stamp Duty fees.
Michelle Yong, Chief Executive Officer of Aurum Land, states the purchase will expand the firm’s scope right into the landed estate field. “On a private level, I plan to create my very own household home within this unique collection of luxury homes and am thrilled to expand the very same chance to supply bespoke design options to meet the lifestyle needs of our discerning purchasers,” she adds. Aurum Land is the builder behind properties including The Hyde on Balmoral Road in District 10 and Nyon on Amber Roadway in District 15.
Kew Lodge comprises 11 townhouses varying between from 2,013 sq ft to 2,852 sq ft on a 34,433 sq ft area. Zoned throughout a “Residential/ two-storey blended landed” area within the URA 2019 Master Plan, the plot can potentially be redeveloped into a new job making up bungalows, semi-detached homes and/or terrace Homes
The purchasing of Kew Lodge is pending approval of the Strata Titles Board.