Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
As a matter of fact, according to Business Times, the GCB purchased by Wee Hian Nam is just opposite Ang’s GCB. With a freehold land area of 27,909 sq ft, this converts to around S$ 1,800 psf. The record estimated Newsman Realty handling director KH Tan that the plot is on an “higher, upward-sloping land over the road level”. The two-storey residence is furthermore said to be ready for redevelopment.
According to our Researcher data, there were only 11 transactions in the Olive Road GCB location for the past five years, with a price appreciation of 0.56%.
Nevertheless, GCBs are extremely sought after by ultra HNWIs, provided their deficiency. The BT short article likewise published, based upon study from List Sotheby’s International Realty’s evaluation of Realis files, that 19 GCBs totaling up to S$ 511 million have actually been offered up until now this year (since April 26).
The grand son of property tycoon and also hotelier Wee Thiam Siew has recently gotten a GCB at Olive Road for S$ 50.2 million earlier in April. This transaction broke the history for the Olive Road GCB spot formerly set by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft spot) acquisition by Secretlab CEO Ian Ang last June.
There are likewise prepares to redevelop the former Caldecott Broadcast Centre at the close-by Andrew Road right into 15 99-year leasehold GCBs. Perennial had actually bought the 752,015 sq ft spot for S$ 280.9 million in December 2020. This would certainly definitely be the initial major 99-year GCB site to be introduced.
Purchasing follows after selling freehold plots in the biggest land sale since 2018 cooling precautions
Exceptionally, Wee’s acquisition follows his family members offered two freehold land parcels at Thiam Siew Avenue for S$ 815 million in November 2021.
Measuring 263,794 sq ft, the sale likewise marked the largest land sale since the 2018 cooling actions.
A joint venture amongst Hoi Hup Realty and Sunway Developments had purchased the land plots. According to Wong Swee Chun, Chairman and Managing Director of Hoi Hup Realty, the strategy was to create two deluxe skyscraper condominiums consisting of more than 800 units.