Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
In fact, according to Business Times, the GCB purchased by Wee Hian Nam is simply opposite Ang’s GCB. With a freehold land area of 27,909 sq ft, this translates to around S$ 1,800 psf. The report priced quote Newsman Realty handling supervisor KH Tan that the plot is on an “higher, upward-sloping land above the road level”. The two-storey residence is also claimed to be mature for redevelopment.
According to our Research worker data, there were only 11 deals in the Olive Road GCB location for the last five years, with a cost appraisal of 0.56%.
Still, GCBs are extremely demanded by ultra HNWIs, offered their scarcity. The BT write-up also shared, based on research study from List Sotheby’s International Realty’s evaluation of Realis files, that 19 GCBs amounting to S$ 511 million have actually been marketed already this year (as of April 26).
The grandson of residential property tycoon and also hotelier Wee Thiam Siew has bought a GCB at Olive Road for S$ 50.2 million earlier in April. This purchase broke the record for the Olive Road GCB location previously set by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft location) purchase by Secretlab CEO Ian Ang last June.
There are also prepares to redevelop the previous Caldecott Broadcast Centre at the nearby Andrew Road into 15 99-year leasehold GCBs. Perennial had actually gotten the 752,015 sq ft location for S$ 280.9 million in December 2020. This would certainly likewise be the first significant 99-year GCB spot to be introduced.
Purchasing ensues selling freehold plots in the largest land sale ever since 2018 cooling down precautions
More importantly, Wee’s purchase follows his family reselled two freehold land parcels at Thiam Siew Avenue for S$ 815 million in November last year.
A joint opportunity involving Hoi Hup Realty and also Sunway Developments had actually purchased the land plots. According to Wong Swee Chun, Chairman and Managing Director of Hoi Hup Realty, the plan was to create 2 deluxe skyscraper condos comprising more than 800 units.
Measuring 263,794 sq ft, the purchase likewise marked the largest land sale from the 2018 cooling down measures.