Kew Lodge sold for $66.8 mil to Aurum Land in first collective sale since April cooling measures
Kew Lodge makes up 11 townhouses ranging from 2,013 sq ft to 2,852 sq ft on a 34,433 sq ft location. Zoned within a “Residential/ two-storey blended landed” area within the URA 2019 Master Plan, the plot can most likely be redeveloped into a brand-new job making up bungalows, semi-detached homes and/or balcony Homes
“In land-scarce Singapore we encounter a somewhat limiting fresh source of brand new landed properties in contrast to non-landed residences. We view ownership of prime landed houses as a substantial retailer of wealth that provides considerable capital upside over time. A landed home purchase today can certainly be a vital financial investment for future generations,” claims Steven Ming, managing partner at Sakal Real Estate Partners, who also co-founded the company in 2018.
The sale of Kew Lodge is pending authorization of the Strata Titles Board.
Kew Lodge, a freehold landed non commercial site at Kheam Hock Road in District 11, has been offered 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 bid stands for a 5% costs over the location’s guide cost of $63.8 million as well as figures out to a land cost of about $1,940 psf.
The revenue of Kew Lodge was brokered by Sakal Real Estate Partners, with the package noting the real estate investment advisory as well as brokerage business’s very first cumulative sale purchase. Rajah and even Tann are the designated legal rep for the proprietors.
Michelle Yong, Chief Executive Officer of Aurum Land, claims the procurement will expand the business’s extent right into the landed real estate sector. “On a personal level, I prepare to develop my very own family house within this bespoke collection of deluxe residences along with am delighted to stretch the same chance to deliver bespoke style services to satisfy the way of living demands of our discerning purchasers,” she adds. Aurum Land is the developer behind ventures featuring The Hyde on Balmoral Road in District 10 and Nyon on Amber Roadway in District 15.
The transactions notes the first collective sale from fresh cooling steps came into effect on April 27, including enhanced Additional Buyer’s Stamp Duty fees.