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 widen the business’s scope into the landed estate field. “On a personal level, I intend to design my very own household home within this bespoke collection of high-end houses and even am excited to expand the exact same chance to supply bespoke layout services to satisfy the way of life demands of our discerning buyers,” she puts in. Aurum Land is the builder behind projects involving The Hyde on Balmoral Roadway in District 10 and also Nyon on Amber Roadway in District 15.
“In land-scarce Singapore we encounter a fairly limiting fresh supply of brand new landed residential properties instead of non-landed residential properties. We view ownership of prime landed homes as a substantial retailer of wealth that presents substantial resources upside in time. A landed home acquisition nowadays can be a strategic investment for future generations,” states Steven Ming, supervising partner at Sakal Real Estate Partners, who also co-founded the business in 2018.
The proceeding notes the very first collective sale from fresh cooling solutions came into conclusion on April 27, including enhanced Additional Buyer’s Stamp Duty prices.
Kew Lodge consists of 11 townhouses varying between from 2,013 sq ft to 2,852 sq ft on a 34,433 sq ft location. Zoned throughout a “Residential/ two-storey combined landed” area within the URA 2019 Master Plan, the plot can most likely be redeveloped right into a brand-new project making up bungalows, semi-detached homes and/or terrace Houses
The revenue of Kew Lodge was agented by Sakal Real Estate Partners, with the deal marking the realty financial investment advisory and brokerage firm’s first cumulative sale transaction. Rajah along with Tann are the selected lawful representative for the proprietors.
The sale of Kew Lodge is hanging authorization of the Strata Titles Board.
Kew Lodge, a freehold landed non commercial site at Kheam Hock Roadway in District 11, has been offered en bloc to Aurum Land, a branch of Woh Hup, for $66.8 million. The cumulative sale tender for the real estate closed on May 23. Aurum Land’s bid stands for a 5% premium over the site’s overview price of $63.8 million as well as works out to a land price of roughly $1,940 psf.