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

, takes co-working ethos to residential setting

Aurum Land, a subsidiary of Woh Hup, has successfully acquired Kew Lodge, a freehold landed residential site in District 11. The collective sale tender for the property closed on May 23 at a total sale price of $66.8 million, representing a 5% premium over its guide price of $63.8 million – equivalent to a land price of roughly $1,940 psf.

This marks the first collective sale since the implementation of fresh cooling measures by the government back on April 27 – including increased Additional Buyer’s Stamp Duty rates.

Kew Lodge comprises 11 townhouses of varying sizes, ranging from 2,013 sq ft to 2,852 sq ft, on a 34,433 sq ft site. As per the URA’s 2019 Master Plan, it has been zoned within a “Residential/ two-storey mixed landed” area and can theoretically be developed into a new project consisting of bungalows, semi-detached houses and/or terrace Houses.

The Myst CDL Aries will feature a total of 656 residential units with 716 carpark lots. The development will also feature an extensive range of amenities including a gym, swimming pool, landscaped gardens, multi-purpose hall, childcare centre, and more.

The sale of Kew Lodge was organised by Sakal Real Estate Partners and marked their first collective sale transaction, with Rajah and Tann appointed as legal representative for the owners.

Michelle Yong, CEO of Aurum Land, has stated that the acquisition will serve to broaden the company’s scope and allow them to enter the landed property sector. She has also expressed her intention to take on the opportunity to design her own family home with the luxury collection of houses. Aurum Land prides themselves on design services tailored to meet the lifestyle requirements of customers – evident in their recent projects at The Hyde in District 10 and Nyon in District 15.

Steven Ming, managing partner at Sakal Real Estate Partners (who also co-founded the firm in 2018), believes in the potential of landed properties as a store of wealth. He commented, “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.”

The sale of Kew Lodge is still pending approval from the Strata Titles Board.