Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
According to our Researcher data, there were only 11 transactions in the Olive Road GCB area for the past 5 years, with a price appreciation of 0.56%.
As a matter of fact, according to Business Times, the GCB bought by Wee Hian Nam is simply opposite Ang’s GCB. With a freehold land area of 27,909 sq ft, this equates to around S$ 1,800 psf. The report quoted Newsman Realty handling supervisor KH Tan that the plot is on an “higher, upward-sloping land above the ground level”. The two-storey home is furthermore stated to be ripe for redevelopment.
There are likewise plans to redevelop the former Caldecott Broadcast Centre at the close-by Andrew Road into 15 99-year leasehold GCBs. Perennial had actually bought the 752,015 sq ft location for S$ 280.9 million in December 2020. This would also be the first major 99-year GCB website to be introduced.
Nonetheless, GCBs are very searched for by ultra HNWIs, offered their scarcity. The BT short article additionally talked about, 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).
The grandson of property tycoon and also hotelier Wee Thiam Siew has gotten a GCB at Olive Road for S$ 50.2 million earlier in April. This purchase broke the record for the Olive Road GCB spot previously set 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 after 2018 cooling solutions
Notably, Wee’s acquisition comes after his family offered two freehold land parcels at Thiam Siew Avenue for S$ 815 million in November last year.
A joint opportunity between Hoi Hup Realty as well as Sunway Developments had purchased the land plots. According to Wong Swee Chun, Chairman and Managing Director of Hoi Hup Realty, the plan was to establish two deluxe skyscraper condos consisting of more than 800 units.
Measuring 263,794 sq ft, the sale also noted the biggest land sale from the 2018 cooling actions.