Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
The grand son of home magnate as well as hotelier Wee Thiam Siew has recently bought a GCB at Olive Road for S$ 50.2 million earlier in April. This transaction broke the record for the Olive Road GCB area previously established by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft site) purchase by Secretlab chief executive officer Ian Ang last June.
There are likewise prepares to redevelop the former Caldecott Broadcast Centre at the nearby Andrew Road into 15 99-year leasehold GCBs. Perennial had actually purchased the 752,015 sq ft place for S$ 280.9 million in December 2020. This would certainly definitely be the first major 99-year GCB area to be introduced.
In fact, according to Business Times, the GCB bought by Wee Hian Nam is just opposite Ang’s GCB. With a freehold land area of 27,909 sq ft, this converts to around S$ 1,800 psf. The report quoted Newsman Realty managing director KH Tan that the plot is on an “higher, upward-sloping land over the street level”. The two-storey residence is furthermore stated to be ripe for redevelopment.
According to our Researcher information, there were only 11 transactions in the Olive Road GCB location for the past five years, with a price appraisal of 0.56%.
Nonetheless, GCBs are highly searched for by ultra HNWIs, provided their scarcity. The BT short article additionally talked about, based on study from List Sotheby’s International Realty’s analysis of Realis records, that 19 GCBs totaling up to S$ 511 million have been sold already this year (since April 26).
Purchase happens after selling freehold plots in the largest land sale since 2018 cooling measures
Exceptionally, Wee’s acquisition follows his household sold 2 freehold land parcels at Thiam Siew Avenue for S$ 815 million in November 2021.
A joint venture among Hoi Hup Realty as well as Sunway Developments had bought the land plots. According to Wong Swee Chun, Chairman and also Managing Director of Hoi Hup Realty, the strategy was to establish two deluxe high-rise apartments making up greater than 800 units.
Measuring 263,794 sq ft, the sale additionally noted the largest land sale since the 2018 cooling measures.