Kew Lodge sold for $66.8 mil to Aurum Land in first collective sale since April cooling measures
The transaction marks the very first cumulative sale from fresh air conditioning steps entered into effect on April 27, including raised Additional Buyer’s Stamp Duty rates.
“In land-scarce Singapore we encounter a fairly restrictive fresh source of new landed residential properties rather than non-landed buildings. We view ownership of prime landed residences as a substantial outlet of riches that presents considerable resources upside gradually. A landed residence acquisition today can be a calculated investment for coming future generations,” claims Steven Ming, managing partner at Sakal Real Estate Partners, that in addition co-founded the business in 2018.
Michelle Yong, Chief Executive Officer of Aurum Land, states the acquisition will expand the firm’s scope into the landed estate sector. “On a personal degree, I intend to design my very own household house within this custom selection of luxury houses along with am thrilled to expand the same opportunity to supply bespoke layout options to meet the lifestyle requirements of our discerning buyers,” she puts in. Aurum Land is the builder behind properties including The Hyde on Balmoral Roadway in District 10 and Nyon on Amber Road in District 15.
The purchasing of Kew Lodge is hanging approval of the Strata Titles Board.
Kew Lodge, a freehold landed non commercial area at Kheam Hock Roadway in District 11, has recently been offered en bloc to Aurum Land, a branch of Woh Hup, for $66.8 million. The collective sale tender for the residential property sealed on May 23. Aurum Land’s proposal stands for a 5% costs over the site’s overview rate of $63.8 million and also figures out to a land cost of approximately $1,940 psf.
The sale of Kew Lodge was brokered by Sakal Real Estate Partners, with the package noting the real estate financial investment advisory and also brokerage firm’s very first cumulative sale purchase. Rajah along with Tann are the selected legal rep for the proprietors.
Kew Lodge makes up 11 townhouses varying from 2,013 sq ft to 2,852 sq ft on a 34,433 sq ft location. Zoned within a “Residential/ two-storey blended landed” area within the URA 2019 Master Plan, the plot can possibly be redeveloped into a new job comprising bungalows, semi-detached homes and/or balcony Houses