Kew Lodge sold for $66.8 mil to Aurum Land in first collective sale since April cooling measures
The proceeding notes the very first cumulative sale from fresh air conditioning measures came into conclusion on April 27, including increased Additional Buyer’s Stamp Duty rates.
Kew Lodge makes up 11 townhouses varying from 2,013 sq ft to 2,852 sq ft on a 34,433 sq ft location. Zoned within a “Residential/ two-storey mixed landed” location under the URA 2019 Master Plan, the plot can most likely be redeveloped into a new job comprising bungalows, semi-detached residences and/or balcony Houses
The sale of Kew Lodge is pending approval of the Strata Titles Board.
Kew Lodge, a freehold landed property site 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 bid represents a 5% costs over the location’s overview cost of $63.8 million and works out to a land cost of about $1,940 psf.
The revenue of Kew Lodge was agented by Sakal Real Estate Partners, with the deal noting the real estate investment advisory and also brokerage company’s first collective sale deal. Rajah along with Tann are the selected lawful agent for the proprietors.
“In land-scarce Singapore we face a somewhat selective fresh supply of brand new landed properties rather than non-landed residences. We view possession of prime landed houses as a significant outlet of wealth that offers substantial resources upside with time. A landed residence purchase these days can be a vital investment for coming future generations,” claims Steven Ming, supervising associate at Sakal Real Estate Partners, who also co-founded the firm in 2018.
Michelle Yong, Chief Executive Officer of Aurum Land, claims the acquisition will certainly widen the company’s extent into the landed property industry. “On an own level, I plan to develop my own family home within this custom selection of luxury homes and am thrilled to stretch the exact same opportunity to provide bespoke layout programs to satisfy the way of life requirements of our worrying buyers,” she puts in. Aurum Land is the builder behind projects featuring The Hyde on Balmoral Roadway in District 10 and Nyon on Amber Road in District 15.
