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 area. Zoned within a “Residential/ two-storey blended landed” location under the URA 2019 Master Plan, the plot can potentially be redeveloped into a brand-new job making up bungalows, semi-detached homes and/or terrace Houses
“In land-scarce Singapore we face a relatively restrictive new source of brand new landed real estates instead of non-landed residential properties. We view possession of prime landed homes as a substantial outlet of wealth that offers significant capital upside with time. A landed residence acquisition nowadays can certainly be a strategic investment for future generations,” claims Steven Ming, supervising partner at Sakal Real Estate Partners, who also co-founded the firm in 2018.
The sale of Kew Lodge is hanging approval of the Strata Titles Board.
The transaction of Kew Lodge was agented by Sakal Real Estate Partners, with the package marking the realty investment advisory and brokerage firm’s first collective sale transaction. Rajah and even Tann are the designated official rep for the proprietors.
The transactions marks the first cumulative sale ever since fresh cooling measures entered effect on April 27, consisting of increased Additional Buyer’s Stamp Duty rates.
Kew Lodge, a freehold landed non commercial area at Kheam Hock Road in District 11, has recently been sold en bloc to Aurum Land, a branch of Woh Hup, for $66.8 million. The cumulative sale tender for the residential property sealed on May 23. Aurum Land’s quote stands for a 5% costs over the location’s overview price of $63.8 million and also works out to a land price of about $1,940 psf.
Michelle Yong, Chief Executive Officer of Aurum Land, claims the acquisition will certainly widen the company’s extent right into the landed property field. “On a personal level, I plan to create my own household home within this bespoke selection of luxury houses along with am thrilled to extend the exact same chance to provide bespoke layout services to fulfill the way of living needs of our worrying buyers,” she puts in. Aurum Land is the developer behind projects including The Hyde on Balmoral Roadway in District 10 and also Nyon on Amber Road in District 15.