Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
As a matter of fact, according to Business Times, the GCB gotten by Wee Hian Nam is simply opposite Ang’s GCB. With a freehold land area of 27,909 sq ft, this converts to around S$ 1,800 psf. The record estimated Newsman Realty taking care of supervisor KH Tan that the plot is on an “raised, upward-sloping land above the road level”. The two-storey house is furthermore stated to be ripe for redevelopment.
According to our Researcher data, there were only 11 purchases in the Olive Road GCB location for the last five years, with a rate appreciation of 0.56%.
The grand son of residential property tycoon as well as hotelier Wee Thiam Siew has bought a GCB at Olive Road for S$ 50.2 million earlier in April. This purchase broke the history for the Olive Road GCB spot formerly set by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft site) purchase by Secretlab chief executive officer Ian Ang last June.
Nevertheless, GCBs are very demanded by ultra HNWIs, offered their scarcity. The BT write-up likewise shared, built upon research from List Sotheby’s International Realty’s evaluation of Realis data, that 19 GCBs amounting to S$ 511 million have actually been offered already this year (as of April 26).
There are likewise prepares to redevelop the previous Caldecott Broadcast Centre at the close-by Andrew Road right into 15 99-year leasehold GCBs. Perennial had actually gotten the 752,015 sq ft site for S$ 280.9 million in December 2020. This would certainly also be the very first significant 99-year GCB place to be launched.
Acquisition follows selling freehold plots in the biggest land sale after 2018 cooling precautions
More importantly, Wee’s acquisition follows his family marketed 2 freehold land parcels at Thiam Siew Avenue for S$ 815 million in November 2021.
A joint business among 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 strategy was to establish 2 luxury high-rise condos consisting of more than 800 units.
Measuring 263,794 sq ft, the purchase additionally noted the largest land sale from the 2018 cooling down solutions.