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 between from 2,013 sq ft to 2,852 sq ft on a 34,433 sq ft area. Zoned inside a “Residential/ two-storey combined landed” location within the URA 2019 Master Plan, the plot can potentially be redeveloped right into a brand-new job making up bungalows, semi-detached houses and/or terrace Houses
Michelle Yong, CEO of Aurum Land, claims the procurement will certainly expand the business’s extent right into the landed estate field. “On an own degree, I intend to design my own household residence within this bespoke collection of deluxe homes along with am excited to expand the exact same opportunity to provide bespoke style programs to satisfy the lifestyle needs of our worrying customers,” she includes. Aurum Land is the property developer behind projects including The Hyde on Balmoral Roadway in District 10 and Nyon on Amber Road in District 15.
The sale of Kew Lodge is hanging authorization of the Strata Titles Board.
The proceeding notes the first collective sale from fresh air conditioning measures came into conclusion on April 27, including enhanced Additional Buyer’s Stamp Duty fees.
Kew Lodge, a freehold landed residential area at Kheam Hock Road in District 11, has recently been marketed en bloc to Aurum Land, a branch of Woh Hup, for $66.8 million. The cumulative sale tender for the property finalized on May 23. Aurum Land’s proposal stands for a 5% costs over the location’s overview price of $63.8 million as well as works out to a land price of around $1,940 psf.
The sale of Kew Lodge was brokered by Sakal Real Estate Partners, with the deal marking the property financial investment advisory and also brokerage firm’s very first collective sale deal. Rajah and Tann are the selected official agent for the owners.
“In land-scarce Singapore we face a relatively selective new source of brand new landed properties as opposed to non-landed buildings. We look at possession of prime landed homes as a substantial outlet of riches that provides significant resources upside gradually. A landed residence purchase today can certainly be a strategic investment for future generations,” states Steven Ming, managing partner at Sakal Real Estate Partners, who also co-founded the business in 2018.