Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
The grand son of residential property magnate and hotelier Wee Thiam Siew has purchased a GCB at Olive Road for S$ 50.2 million earlier in April. This purchase broke the history for the Olive Road GCB spot previously set by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft spot) purchase by Secretlab CEO Ian Ang last June.
Nevertheless, GCBs are very searched for by ultra HNWIs, provided their deficiency. The BT article likewise talked about, based upon study from List Sotheby’s International Realty’s evaluation of Realis records, that 19 GCBs totaling up to S$ 511 million have actually been sold up until now this year (as of April 26).
There are likewise prepares to redevelop the former Caldecott Broadcast Centre at the nearby Andrew Road into 15 99-year leasehold GCBs. Perennial had gotten the 752,015 sq ft site for S$ 280.9 million in December 2020. This would definitely be the very first significant 99-year GCB area to be released.
In fact, according to Business Times, the GCB acquired by Wee Hian Nam is just opposite Ang’s GCB. With a freehold land area of 27,909 sq ft, this equates to around S$ 1,800 psf. The report priced quote Newsman Realty taking care of supervisor KH Tan that the plot is on an “higher, upward-sloping land over the ground level”. The two-storey house is furthermore stated to be ripe for redevelopment.
According to our Research worker data, there were only 11 transactions in the Olive Road GCB area for the last 5 years, with a cost appreciation of 0.56%.
A joint project involving Hoi Hup Realty as well as Sunway Developments had actually purchased the land plots
According to Wong Swee Chun, Chairman as well as Managing Director of Hoi Hup Realty, the plan was to establish 2 high-end high-rise apartments comprising more than 800 units.
Acquisition happens after selling freehold plots in the largest land sale since 2018 cooling solutions. Notably, Wee’s acquisition follows his family reselled two freehold land parcels at Thiam Siew Avenue for S$ 815 million in November 2021.
Measuring 263,794 sq ft, the sale also noted the biggest land sale since the 2018 cooling measures.