Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
The grand son of property mogul and also hotelier Wee Thiam Siew has recently purchased a GCB at Olive Road for S$ 50.2 million earlier in April. This purchase 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 website) acquisition by Secretlab chief executive officer Ian Ang last June.
As a matter of fact, according to Business Times, the GCB gotten by Wee Hian Nam is simply contrary Ang’s GCB. With a freehold land area of 27,909 sq ft, this converts to around S$ 1,800 psf. The record priced estimate Newsman Realty handling supervisor KH Tan that the plot is on an “higher, upward-sloping land over the ground level”. The two-storey house is likewise stated to be ready for redevelopment.
According to our Research worker data, there were just 11 deals in the Olive Road GCB location for the past 5 years, with a cost appraisal of 0.56%.
There are also plans to redevelop the previous Caldecott Broadcast Centre at the close-by Andrew Road into 15 99-year leasehold GCBs. Perennial had actually acquired the 752,015 sq ft location for S$ 280.9 million in December 2020. This would also be the first significant 99-year GCB spot to be launched.
Nonetheless, GCBs are highly searched for by ultra HNWIs, given their scarcity. The BT write-up additionally shared, built upon study from List Sotheby’s International Realty’s analysis of Realis records, that 19 GCBs amounting to S$ 511 million have actually been sold up until now this year (since April 26).
Purchase comes after selling freehold plots in the biggest land sale ever since 2018 cooling precautions
A joint business among Hoi Hup Realty and 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 develop 2 deluxe skyscraper condominiums making up greater than 800 units.
Exceptionally, Wee’s acquisition comes after his family members sold 2 freehold land parcels at Thiam Siew Avenue for S$ 815 million in November last year.
Measuring 263,794 sq ft, the sale also marked the biggest land sale since the 2018 cooling down procedures.