Kew Lodge sold for $66.8 mil to Aurum Land in first collective sale since April cooling measures
Kew Lodge consists of 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 blended landed” location under the URA 2019 Master Plan, the plot can possibly be redeveloped right into a brand-new job making up bungalows, semi-detached houses and/or balcony Residences
Michelle Yong, Chief Executive Officer of Aurum Land, states the acquisition will expand the firm’s range into the landed estate field. “On an own degree, I plan to create my very own household residence within this unique collection of deluxe homes and am delighted to expand the very same opportunity to deliver bespoke design options to meet the lifestyle demands of our worrying purchasers,” she includes. Aurum Land is the builder behind ventures including The Hyde on Balmoral Road in District 10 and also Nyon on Amber Roadway in District 15.
“In land-scarce Singapore we face a relatively selective fresh source of new landed residential properties as opposed to non-landed residences. We see ownership of prime landed residences as a considerable store of riches that provides significant resources upside in time. A landed home acquisition these days can be a vital financial investment for coming future generations,” claims Steven Ming, managing associate at Sakal Real Estate Partners, who also co-founded the company in 2018.
The sale of Kew Lodge was brokered by Sakal Real Estate Partners, with the deal noting the real estate investment advisory as well as brokerage firm’s very first cumulative sale transaction. Rajah and even Tann are the selected legal representative for the proprietors.
The sale of Kew Lodge is hanging authorization of the Strata Titles Board.
The transactions marks the very first collective sale from fresh cooling steps came into conclusion on April 27, including enhanced Additional Buyer’s Stamp Duty prices.
Kew Lodge, a freehold landed property site 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 cumulative sale tender for the real estate closed on May 23. Aurum Land’s bid stands for a 5% premium over the site’s overview rate of $63.8 million and works out to a land cost of around $1,940 psf.