Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
As a matter of fact, according to Business Times, the GCB acquired by Wee Hian Nam is simply contrary Ang’s GCB. With a freehold land area of 27,909 sq ft, this translates to around S$ 1,800 psf. The record priced estimate Newsman Realty handling director KH Tan that the plot is on an “higher, upward-sloping land above the road level”. The two-storey home is also said to be mature for redevelopment.
According to our Research worker data, there were just 11 transactions in the Olive Road GCB area for the last five years, with a price appreciation of 0.56%.
Regardless, GCBs are very searched for by ultra HNWIs, given their scarcity. The BT short article likewise distributed, built upon research from List Sotheby’s International Realty’s analysis of Realis data, that 19 GCBs totaling up to S$ 511 million have been marketed so far this year (as of April 26).
There are also intends to redevelop the former Caldecott Broadcast Centre at the neighboring Andrew Road right into 15 99-year leasehold GCBs. Perennial had bought the 752,015 sq ft place for S$ 280.9 million in December 2020. This would definitely be the very first major 99-year GCB place to be released.
The grandson of residential property mogul and also hotelier Wee Thiam Siew has recently gotten a GCB at Olive Road for S$ 50.2 million earlier in April. This deal broke the record for the Olive Road GCB area formerly established by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft location) acquisition by Secretlab chief executive officer Ian Ang last June.
Transaction comes after selling freehold plots in the biggest land sale since 2018 cooling down solutions
More importantly, Wee’s purchase follows his family members offered two freehold land parcels at Thiam Siew Avenue for S$ 815 million in November 2021.
A joint opportunity amongst Hoi Hup Realty as well as Sunway Developments had gotten the land plots. According to Wong Swee Chun, Chairman and Managing Director of Hoi Hup Realty, the plan was to create two deluxe skyscraper apartments consisting of greater than 800 units.
Measuring 263,794 sq ft, the sale also noted the biggest land sale from the 2018 cooling measures.