Woh Hup’s subsidiary Aurum Land paid S$66.8 million in an enbloc sale for a freehold landed residential property on Kheam Hock Road called KEW Lodge, which is a 5% premium above the guiding price of S$63.8 million.
Aurum Land and exclusive marketing agency Sakal Real Estate Partners said in a joint statement, this amounts to a land price of approximately S$1,940 per square foot (sq ft) for the 34,433 sq ft plot.
The deadline to submit bids for the land was May 23. According to The Business Times’ sources, owners might obtain at least S$5.3 million by selling their condos. The transaction is also pending Strata Titles Board clearance.
According to the Urban Redevelopment Authority’s 2019 Master Plan, Kew Lodge property may be used for either single-family homes or a mixed-use building of up to two stories in height.
In a news release, CEO Michelle Yong said that the purchase will expand Aurum Land’s reach into the landed property industry.
The small-scale builder’s vision for the land includes a mix of detached, semi-detached, and terraced mansions, all with between five and eight bedrooms. A representative said that prices have not been set at this time.