In the first collective sale after the April cooling measures, Kew Lodge sold for $66.8 million to Aurum Land
Kew Lodge, an undeveloped freehold residential site situated at Kheam Hock Road in District 11 It was transferred in blocs in a group sale to Aurum Land, a subsidiary of Woh Hup, for $66.8 million. The collective auction for the property was closed on the 23rd of May. Aurum Land’s bid is five% more than the property’s estimated cost of $63.8 million, which equates to an estimated land value that is approximately $1,940 per sq ft.
The sale is the first time a collective sale has been conducted since new cooling measures came in force on April 27 which included the increase of A Buyer’s Stamp duty rates.
Kew Lodge comprises 11 townhouses with sizes ranging from 2,013 sq feet to 2,852 sq feet on 34,433 square feet of site. The property is situated within a “Residential two-storey mixed land” zone under the URA 2019 Master Plan The plot could possibly be developed into a new building comprised of bungalows, semi-detached buildings and terrace houses
Michelle Yong, CEO of Aurum Land, says the acquisition will expand its scope to the land-based property sector. “On an individual scale, I’m hoping to create my own family home in this exclusive collection of luxury homes. I am looking forward to extending the same opportunity to offer customized design services that satisfy the needs of our customers who are sophisticated,” she adds. Aurum Land is the developer behind several projects, including the Hyde situated on Balmoral Road in District 10 and Nyon on Amber Road in District 15.
This sale Kew Lodge was brokered by Sakal Real Estate
Partners The deal that marks the real estate brokerage and investment advisory firm’s first joint sale deal. Rajah Tann and Rajah Tann are appointed as the legal representatives of the owners.
“In the land-scarce Singapore we have a restricted fresh supply of property that is landed properties in comparison those with non-landed properties. We see the ownership of prime land-locked homes as an important accumulation of wealth, which can provide substantial capital gains over the course of time. An investment in a home is a good option for future generations.” Says Steven Ming, managing partner at Sakal Real Estate Partners, who was also the co-founder of the company in the year 2018.
Selling Kew Lodge is pending approval by the Strata Titles Board.