Kew Lodge sold for $66.8 mil to Aurum Land in first collective sale since April cooling measures
The transaction marks the first collective sale since fresh cooling solutions came into conclusion on April 27, including enhanced Additional Buyer’s Stamp Duty prices.
The revenue of Kew Lodge was agented by Sakal Real Estate Partners, with the offer noting the real estate investment advisory and brokerage company’s very first cumulative sale transaction. Rajah and even Tann are the designated legal agent for the owners.
“In land-scarce Singapore we deal with a relatively limiting fresh supply of new landed residential properties instead of non-landed real estates. We look at possession of prime landed homes as a considerable retailer of riches that presents considerable capital upside gradually. A landed home acquisition nowadays can be a calculated financial investment for future generations,” claims Steven Ming, managing associate at Sakal Real Estate Partners, that in addition co-founded the company in 2018.
Kew Lodge, a freehold landed residential site at Kheam Hock Roadway in District 11, has recently been sold en bloc to Aurum Land, a branch of Woh Hup, for $66.8 million. The collective sale tender for the property finalized on May 23. Aurum Land’s proposal stands for a 5% premium over the site’s overview cost of $63.8 million as well as figures out to a land rate of approximately $1,940 psf.
The purchasing of Kew Lodge is hanging authorization of the Strata Titles Board.
Kew Lodge consists of 11 townhouses varying between from 2,013 sq ft to 2,852 sq ft on a 34,433 sq ft site. Zoned inside a “Residential/ two-storey combined landed” area within the URA 2019 Master Plan, the plot can possibly be redeveloped right into a new job making up bungalows, semi-detached houses and/or balcony Homes
Michelle Yong, CEO of Aurum Land, says the procurement will certainly broaden the company’s scope into the landed real estate market. “On an own level, I prepare to make my own household house within this unique selection of high-end houses and even am thrilled to expand the exact same opportunity to supply bespoke style services to satisfy the way of living demands of our discerning customers,” she includes. Aurum Land is the builder behind projects including The Hyde on Balmoral Roadway in District 10 and also Nyon on Amber Road in District 15.