Kew Lodge sold for $66.8 mil to Aurum Land in first collective sale since April cooling measures
The transactions marks the first cumulative sale from fresh air conditioning solutions came into conclusion on April 27, consisting of enhanced Additional Buyer’s Stamp Duty prices.
Kew Lodge makes up 11 townhouses varying between 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” area under the URA 2019 Master Plan, the plot can most likely be redeveloped right into a brand-new job making up bungalows, semi-detached residences and/or terrace Houses
The sale of Kew Lodge is hanging authorization of the Strata Titles Board.
The transaction of Kew Lodge was brokered by Sakal Real Estate Partners, with the package marking the real estate financial investment advisory and also brokerage business’s first cumulative sale transaction. Rajah along with Tann are the appointed lawful agent for the owners.
Kew Lodge, a freehold landed property site at Kheam Hock Roadway in District 11, has been marketed 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 bid represents a 5% costs over the site’s guide cost of $63.8 million as well as works out to a land price of approximately $1,940 psf.
“In land-scarce Singapore we face a comparatively restrictive fresh supply of brand new landed real estates as opposed to non-landed residential properties. We view possession of prime landed houses as a considerable retailer of riches that offers substantial capital upside gradually. A landed house purchase today can certainly be a vital financial investment for future generations,” claims Steven Ming, supervising partner at Sakal Real Estate Partners, that in addition co-founded the company in 2018.
Michelle Yong, Chief Executive Officer of Aurum Land, claims the procurement will certainly expand the company’s range right into the landed property field. “On an own degree, I prepare to create my very own family house within this unique collection of luxury houses and even am excited to expand the same possibility to supply bespoke design services to fulfill the lifestyle demands of our discerning customers,” she puts in. Aurum Land is the developer behind properties featuring The Hyde on Balmoral Roadway in District 10 and also Nyon on Amber Road in District 15.