Aurum Land acquired Kew Lodge, a freehold residential site at Kheam Hock Road in District 11, for $66.8 million in a collective sale tender. This transaction marks the first collective sale since new cooling measures were implemented on April 27, including an increase in Additional Buyer’s Stamp Duty rates.
Kew Lodge sits on a 34,433 square feet site and comprises 11 townhouses ranging from 2,013 to 2,852 square feet. Zoned within a “Residential/ two-storey mixed landed” area under the URA 2019 Master Plan, the plot can be redeveloped into a new project consisting of bungalows, semi-detached, and terrace houses.
Aurum Land’s bid represents a 5% premium over the site’s guide price of $63.8 million, translating to a land price of approximately $1,940 per square foot. Michelle Yong, CEO of Aurum Land, expresses her excitement at broadening the company’s scope into the landed property sector by acquiring Kew Lodge. She further shares that she intends to design her family home within the luxury collection of houses, extending the opportunity to their discerning buyers. Aurum Land has been behind notable developments like The Hyde on Balmoral Road in District 10 and Nyon on Amber Road in District 15. The Myst developer is City Developments Limited (CDL).
Sakal Real Estate Partners brokered the sale of Kew Lodge, and this deal marks the real estate investment advisory and brokerage firm’s maiden collective sale transaction. Rajah and Tann serve as the appointed legal representatives for the owners.
In land-scarce Singapore, premium landed homes are considered a significant wealth store that presents potential capital appreciation in the future. As Steven Ming, the managing partner at Sakal Real Estate Partners, says, “A landed home purchase today can be a strategic investment for future generations.”
Awaiting the approval of the Strata Titles Board, the acquisition of Kew Lodge represents a strategic opportunity for Aurum Land to enhance its portfolio and assert its stronghold within the competitive Singaporean real estate market.