Kew Lodge sold for $66.8 mil to Aurum Land in first collective sale since April cooling measures
The sale of Kew Lodge was agented by Sakal Real Estate Partners, with the offer noting the property financial investment advisory and also brokerage firm’s initial collective sale purchase. Rajah and even Tann are the selected lawful rep for the owners.
The transactions notes the first cumulative sale from fresh air conditioning solutions entered conclusion on April 27, consisting of enhanced Additional Buyer’s Stamp Duty rates.
Kew Lodge, a freehold landed property area at Kheam Hock Roadway in District 11, has been offered en bloc to Aurum Land, a subsidiary of Woh Hup, for $66.8 million. The cumulative sale tender for the real estate finalized on May 23. Aurum Land’s quote represents a 5% costs over the location’s overview cost of $63.8 million and figures out to a land price of approximately $1,940 psf.
Michelle Yong, Chief Executive Officer of Aurum Land, says the procurement will certainly broaden the firm’s extent right into the landed real estate industry. “On an own degree, I prepare to create my very own household house within this unique collection of deluxe residences and even am excited to stretch the very same opportunity to provide bespoke style options to meet the lifestyle requirements of our worrying purchasers,” she adds. Aurum Land is the developer behind properties including The Hyde on Balmoral Roadway in District 10 and also Nyon on Amber Road in District 15.
The sale of Kew Lodge is pending authorization of the Strata Titles Board.
Kew Lodge comprises 11 townhouses ranging from 2,013 sq ft to 2,852 sq ft on a 34,433 sq ft location. Zoned inside a “Residential/ two-storey mixed landed” location following the URA 2019 Master Plan, the plot can possibly be redeveloped right into a new project making up bungalows, semi-detached residences and/or terrace Houses
“In land-scarce Singapore we face a comparatively restrictive new supply of brand new landed real estates instead of non-landed properties. We look at possession of prime landed homes as a substantial store of wealth that provides considerable resources upside gradually. A landed residence purchase these days can certainly be a calculated investment for coming future generations,” says Steven Ming, managing associate at Sakal Real Estate Partners, who in addition co-founded the firm in 2018.