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, claims the purchase will broaden the business’s extent right into the landed real estate sector. “On an own degree, I prepare to develop my own household residence within this bespoke variety of high-end homes and am delighted to expand the exact same possibility to provide bespoke design options to meet the way of living requirements of our worrying buyers,” she includes. Aurum Land is the builder behind ventures featuring The Hyde on Balmoral Roadway in District 10 as well as Nyon on Amber Road in District 15.
“In land-scarce Singapore we encounter a relatively restrictive new supply of new landed residential properties in contrast to non-landed residences. We see possession of prime landed houses as a significant store of wealth that offers considerable capital upside in time. A landed house acquisition today can certainly be a calculated financial investment for coming future generations,” says Steven Ming, managing partner at Sakal Real Estate Partners, that in addition co-founded the firm in 2018.
Kew Lodge comprises 11 townhouses varying from 2,013 sq ft to 2,852 sq ft on a 34,433 sq ft site. Zoned throughout a “Residential/ two-storey combined landed” location under the URA 2019 Master Plan, the plot can potentially be redeveloped right into a new project making up bungalows, semi-detached homes and/or balcony Residences
The sale of Kew Lodge was brokered by Sakal Real Estate Partners, with the deal marking the real estate financial investment advisory and also brokerage firm’s very first collective sale deal. Rajah and even Tann are the selected legal rep for the owners.
Kew Lodge, a freehold landed residential place at Kheam Hock Road in District 11, has been marketed en bloc to Aurum Land, a branch of Woh Hup, for $66.8 million. The collective sale tender for the real estate sealed on May 23. Aurum Land’s proposal represents a 5% costs over the location’s overview cost of $63.8 million as well as works out to a land cost of about $1,940 psf.
The proceeding notes the initial cumulative sale since fresh air conditioning solutions entered into effect on April 27, consisting of increased Additional Buyer’s Stamp Duty prices.
The purchasing of Kew Lodge is hanging authorization of the Strata Titles Board.
