Kew Lodge Sold En Bloc to Aurum Land For S$66.8 Million
The Collective Sale Market Was Dampened by the New Cooling Measures Introduced in April. Out of the Blue, a Collective Sale Site in District 11 Was Sold.
Kew Lodge, a collective sale site at 34 and 36 Kheam Hock Road, has been sold en bloc for $66.8 million to Aurum Land, a subsidiary of Woh Hup.
The freehold property launched its first tender in April last month; the tender was closed on May 23 with great results.
According to Sakal Real Estate Partners, the marketing agent of the prime site, Aurum Land is the buyer, whose offer is 5% more than the site’s reserve price of $63.8 million, equating to a land price of almost $1,940 psf.
This means that the happy owners of Kew Lodge are exchanging their apartments for more than S$5 million apiece.
The successful deal is the first collective sale since new cooling measures, including higher Additional Buyer’s Stamp Duty rates, went into effect on April 27.
Kew Lodge has 11 townhouses ranging in size from 2,013 to 2,852 square feet and sits on a land area of 34,433 square feet.
The property, which is zoned “residential/two-storey mixed landed” under the URA 2019 Master Plan, has the potential to be turned into a new project consisting of bungalows, semi-detached houses, and/or terrace houses.
Aurum Land CEO Michelle Yong said the purchase would widen the company’s reach into the landed property business. “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 continues.
Aurum Land is also the developer behind new developments such as Nyon on Amber Road in District 15 and The Hyde on Balmoral Road in District 10.
Steven Ming, managing partner of Sakal Real Estate Partners and co-founder of the business in 2018, said that “in land-scarce Singapore, we face a relatively limited supply of new landed properties compared to non-landed properties.”
We see premium-landed property ownership as a major store of wealth with potential capital upside over time. “Purchasing a landed home today can be a strategic investment for future generations.”
Sakal Real Estate Partners handled the collective sale of Kew Lodge, which was the company’s first collective sale transaction. Rajah and Tann have been designated as the owners’ legal representatives.