Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
The grand son of residential property tycoon as well as hotelier Wee Thiam Siew has recently bought a GCB at Olive Road for S$ 50.2 million earlier in April. This transaction broke the record for the Olive Road GCB area formerly set by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft website) acquisition by Secretlab CEO Ian Ang last June.
Nevertheless, GCBs are very searched for by ultra HNWIs, given their scarcity. The BT write-up also shared, based upon research study from List Sotheby’s International Realty’s analysis of Realis files, that 19 GCBs totaling up to S$ 511 million have been sold so far this year (since April 26).
There are likewise plans to redevelop the former Caldecott Broadcast Centre at the neighboring Andrew Road into 15 99-year leasehold GCBs. Perennial had bought the 752,015 sq ft website for S$ 280.9 million in December 2020. This would likewise be the first significant 99-year GCB site to be launched.
In fact, according to Business Times, the GCB gotten 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 estimated Newsman Realty handling supervisor KH Tan that the plot is on an “higher, upward-sloping land over the street level”. The two-storey house is equally stated to be ripe for redevelopment.
According to our Researcher data, there were only 11 purchases in the Olive Road GCB area for the past 5 years, with a rate appraisal of 0.56%.
Purchase ensues selling freehold plots in the biggest land sale after 2018 cooling precautions
Measuring 263,794 sq ft, the sale additionally noted the largest land sale since the 2018 cooling measures.
A joint project involving Hoi Hup Realty and also Sunway Developments had actually bought the land plots. According to Wong Swee Chun, Chairman as well as Managing Director of Hoi Hup Realty, the plan was to develop two high-end skyscraper apartments consisting of more than 800 units.
More importantly, Wee’s acquisition follows his family marketed 2 freehold land parcels at Thiam Siew Avenue for S$ 815 million in November 2021.