Freehold landed residential property Kew Lodge in district 11 is being offered for S$63.8 million in a collective sale by tender.
The site’s current development, which lies along Kheam Hock Road, consists of 11 maisonettes with sizes ranging from 2,013 square feet to 2,852 square feet.
The redevelopment site has a total land area of 34,333 square feet. It has a 50-meter average depth and a 62-meter frontage along Kheam Hock Road.
According to the marketing firm Sakal Real Estate Partners, the reserve price corresponds to $1,853 per square foot based on the current site area.
The land parcel, which according to the URA 2019 Master Plan is designated for “residential/two-storey mixed land” use, has the potential to be converted into a new project that includes bungalows, semi-detached homes, and/or terraced homes.
The director at Sakal Lennon Koh thinks that in addition to attracting developers’ attention, the location will appeal to families wishing to create a new house for multi-generational or extended family life. “It would also be an excellent land banking opportunity,” he continues, “while collecting rental income from the existing properties in the interim.”
“Landed home prices have risen significantly over the last five years.” Due to strong demand, their performance outperforms that of the larger non-landed residential market. “Landed residential remains the pinnacle of residential living as desired by many Singaporeans,” says Steven Ming, managing partner at Sakal.
The Kew Lodge is situated in a prime area close to a variety of facilities, including a MRT station, shopping malls, schools, and a medical facility.
Raffles Girls’ Primary, Singapore Chinese Girls’ Primary, and Nanyang Primary School are some of the popular educational institutions that are close to the Kew Lodge en bloc site.
Malls like Serene Centre and Coronation Shopping Plaza are located in the area. It is also just a 15-minute drive to the CBD and the Orchard Road retail district.
Kew Lodge’s tender will conclude on May 23 at 3 p.m.