FOR IMMEDIATE RELEASE

Kew Lodge sold for S$66.8m to Aurum Land in first collective sale since ABSD hike

24th May, 2023

SINGAPORE, 24 May 2023 – The collective sale of Kew Lodge, located at 34, 36 Kheam Hock Road in District 11, has concluded successfully, following a strong display of interest over the past month. Aurum Land (Private) Limited, a subsidiary of Woh Hup—one of Singapore's largest privately owned companies—has secured the property for a competitive bid of $66.8 million. This figure represents a 5% premium over the guide price of $63.8 million, reflecting a land price of approximately $1940 per square foot.

This transaction stands as the inaugural collective sale since the announcement of increased Additional Buyer Stamp Duty (ABSD) rates on April 26, 2023.

"With this acquisition, we're excited to broaden our scope into the landed property sector, a move that will allow us to apply our distinctive combination of design excellence and quality construction to a segment and locale rich with potential for even more highly curated living. 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,” stated Michelle Yong, CEO of Aurum Land and winner of Real Estate Personality of the Year 2022. Voted Best Boutique Developer Singapore for four years in a row, Aurum Land has garnered a reputation for their innovative design concepts, which masterfully blend form with functionality.

As Singapore's landed property market remains mostly insulated from ABSD hikes aimed at foreign buyers, it continues to cater predominantly to Singaporean consumers. Landed homes are generally seen by Singaporeans and naturalised citizens as the pinnacle of residential living, with demand expected to stay robust among affluent buyers in search of exclusive and well-appointed residences.

"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, the sole marketing agent for Kew Lodge.

This sale represents Sakal Real Estate Partners Pte Ltd's first collective sale. Sakal, a real estate investment advisory and brokerage firm co-founded by Steven Ming in 2018, works alongside Rajah and Tann, the appointed legal representative for the owners. The sale awaits the approval of the Strata Titles Board.

Though Sakal's first collective sale, Steven Ming and Investment Sales Director Lennon Koh have managed nearly $4 billion in collective sales, land, and residential portfolio sales throughout their professional tenures. The key negotiators at Sakal have overseen more than $12 billion in multi-sector real estate investment sales. Sakal successfully handles a wide range of on and off-market transactions, such as the $213 million sale of 21 Anderson, $340 million sale of Robinson Centre, $54 million sale of a row of Peck Seah Street shophouses, and $160 million Suntec strata office portfolio, among others. The team is currently advising on other potential sales across development land, retail, commercial properties, and shophouses.

About Kew Lodge
Kew Lodge is a freehold landed residential redevelopment site located at 34, 36 Kheam Hock Road. Nestled within private landed residential enclave, the existing development comprises of 11 townhouses ranging from 2,013 sq ft to 2,852 sq ft. on a 34,433 sq ft site. Zoned within a “Residential/ 2-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. Kew Lodge is within 1km from Singapore Chinese Girls Primary School and is less than 15-minute drive to both the Central Business District and Orchard Road shopping belt.