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