Results 1 to 2 of 2

Thread: Woh Hup unit buys freehold Kew Lodge at Kheam Hock Road for S$66.8 million

  1. #1
    Join Date
    Aug 2020
    Posts
    1,852

    Default Woh Hup unit buys freehold Kew Lodge at Kheam Hock Road for S$66.8 million

    Kew Lodge sold for $66.8 mil to Aurum Land in first collective sale since April cooling measures

    May 24, 2023



    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.

    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.

    https://www.edgeprop.sg/property-new...oling-measures

  2. #2
    Join Date
    Aug 2020
    Posts
    1,852

    Default Re: Kew Lodge sold for $66.8 mil to Aurum Land in first collective sale since April c

    Woh Hup unit buys freehold Kew Lodge at Kheam Hock Road for S$66.8 million

    May 25, 2023


    Kew Lodge consists of 11 townhouses; the site will be redeveloped into eight to 10 luxury homes.
    PHOTO: AURUM LAND & SAKAL REAL ESTATE PARTNERS


    KEW Lodge, a freehold landed residential site at Kheam Hock Road, has been sold to Woh Hup subsidiary Aurum Land in a collective sale for S$66.8 million – a 5 per cent premium over the development’s S$63.8 million guide price.

    This reflects a land price of about S$1,940 per square foot (sq ft) for the 34,433 sq ft site, said sole marketing agent Sakal Real Estate Partners and Aurum Land in a joint statement on Wednesday (May 24).

    The tender for the plot closed on May 23. Owners could get at least S$5.3 million for their units, depending on the size, The Business Times understands. The sale is also awaiting approval from the Strata Titles Board.

    The land plot is zoned for residential or two-storey mixed landed use under the Urban Redevelopment Authority’s 2019 Master Plan.

    The acquisition will broaden Aurum Land’s scope into the landed property sector, said chief executive Michelle Yong said in a press statement.

    The boutique developer plans to construct eight to 10 luxury homes at the site comprising detached, semi-detached and terraced houses, with each home having around five to eight bedrooms. Pricing has yet to be fixed, a spokesperson told BT.

    Kew Lodge consists of 11 townhouses ranging in size from 2,013 sq ft to 2,852 sq ft. The district 11 site is within a 15 minute drive of both the Orchard Road shopping belt and the Central Business District.

    The Kew Lodge transaction comes after months of quiet in the collective sale market, where deals have stalled over pricing and cooling sentiment. In April, Knight Frank noted that only a third of collective sales have succeeded in the current 2021/2023 sales cycle, compared to the 63 per cent success rate in the 2017/2018 boom cycle.

    https://www.businesstimes.com.sg/pro...d-s668-million

Similar Threads

  1. HDB loft unit at Punggol Sapphire fetches record $1.22 million
    By New Reporter in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 25-01-23, 09:10
  2. Multiple unit buys should be tracked
    By mr funny in forum Singapore Private Condominium Property Discussion and News
    Replies: 3
    -: 18-07-07, 21:35
  3. UOL buys Spottiswoode Apartment for $79.5 million
    By joe in forum En Bloc Achieved
    Replies: 2
    -: 05-04-07, 05:21
  4. BBR buys Holland Crest for S$70.6 million
    By ryan in forum En Bloc Achieved
    Replies: 0
    -: 15-03-07, 17:52
  5. F&N CEO buys ClementiWoods condo unit
    By mr funny in forum Singapore Private Condominium Property Discussion and News
    Replies: 0
    -: 20-01-07, 12:40

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •