Kew Lodge sold for $66.8 mil to Aurum Land in first collective sale since April cooling measures
/ EdgeProp Singapore |
Kew Lodge comprises 11 townhouses on a 34,433 sq ft freehold residential site (Picture: Sakal Real Estate Partners)
SINGAPORE (EDGEPROP) - Kew Lodge, a freehold landed residential site at Kheam Hock Road in District 11, has been sold en bloc to Aurum Land, a subsidiary of Woh Hup, for $66.8 million. The collective sale tender for the property closed on May 23. Aurum Land's bid represents a 5% premium over the site's guide price of $63.8 million and works out to a land price of approximately $1,940 psf. (See potential condos with en bloc calculator)
The transaction marks the first collective sale since fresh cooling measures came into effect on April 27, including increased Additional Buyer’s Stamp Duty rates.
Kew Lodge comprises 11 townhouses ranging from 2,013 sq ft to 2,852 sq ft on a 34,433 sq ft site. Zoned within a “Residential/ two-storey mixed landed” area under the URA 2019 Master Plan, the plot can potentially be redeveloped into a new project comprising bungalows, semi-detached houses and/or terrace Houses
Map and overview of Kew Lodge (Source: EdgeProp LandLens)
Michelle Yong, CEO of Aurum Land, says the acquisition will broaden the company’s scope into the landed property sector. “On a personal level, I plan to design my own family home within this bespoke collection of luxury houses and am excited to extend the same opportunity to deliver bespoke design services to meet the lifestyle needs of our discerning buyers,” she adds. Aurum Land is the developer behind projects including The Hyde on Balmoral Road in District 10 and Nyon on Amber Road in District 15.
The sale of Kew Lodge was brokered by Sakal Real Estate
Partners, with the deal marking the real estate investment advisory and brokerage firm’s first collective sale transaction. Rajah and Tann are the appointed legal representative for the owners.
"In land-scarce Singapore we face a comparatively restrictive fresh supply of new landed properties as opposed to non-landed properties. We view ownership of prime landed homes as a significant store of wealth that presents significant capital upside over time. A landed home purchase today can be a strategic investment for future generations,” says Steven Ming, managing partner at Sakal Real Estate Partners, who also co-founded the firm in 2018.
The sale of Kew Lodge is pending approval of the Strata Titles Board.
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