Kew Lodge sold for $66.8 mil to Aurum Land in first collective sale since April cooling measures
Michelle Yong, Chief Executive Officer of Aurum Land, says the acquisition will certainly broaden the business’s extent right into the landed real estate sector. “On a private degree, I prepare to create my own family home within this bespoke variety of deluxe residences along with am delighted to expand the exact same opportunity to deliver bespoke style programs to satisfy the lifestyle requirements of our discerning purchasers,” she includes. Aurum Land is the developer behind projects involving The Hyde on Balmoral Road in District 10 as well as Nyon on Amber Road in District 15.
Kew Lodge, a freehold landed non commercial place at Kheam Hock Road in District 11, has recently been sold en bloc to Aurum Land, a subsidiary of Woh Hup, for $66.8 million. The cumulative sale tender for the residential property finalized on May 23. Aurum Land’s proposal stands for a 5% premium over the site’s overview rate of $63.8 million and also figures out to a land rate of about $1,940 psf.
Kew Lodge comprises 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 combined landed” location within the URA 2019 Master Plan, the plot can potentially be redeveloped into a brand-new job comprising bungalows, semi-detached homes and/or balcony Homes
“In land-scarce Singapore we face a somewhat limiting fresh supply of fresh landed real estates instead of non-landed residences. We view possession of prime landed homes as a substantial store of wealth that offers significant resources upside over time. A landed residence purchase today can be a vital investment for coming future generations,” claims Steven Ming, managing partner at Sakal Real Estate Partners, that also co-founded the business in 2018.
The revenue of Kew Lodge was agented by Sakal Real Estate Partners, with the offer marking the realty investment advisory and brokerage business’s first cumulative sale purchase. Rajah and Tann are the appointed lawful rep for the proprietors.
The proceeding marks the initial cumulative sale from fresh cooling measures came into effect on April 27, including enhanced Additional Buyer’s Stamp Duty fees.
The sale of Kew Lodge is hanging approval of the Strata Titles Board.
