Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
The grand son of property magnate and hotelier Wee Thiam Siew has acquired a GCB at Olive Road for S$ 50.2 million earlier in April. This transaction broke the history for the Olive Road GCB area formerly established by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft spot) purchase by Secretlab CEO Ian Ang last June.
There are likewise intends to redevelop the former Caldecott Broadcast Centre at the neighboring Andrew Road into 15 99-year leasehold GCBs. Perennial had purchased the 752,015 sq ft place for S$ 280.9 million in December 2020. This would certainly definitely be the initial significant 99-year GCB location to be released.
Still, GCBs are very sought after by ultra HNWIs, offered their shortage. The BT article also published, built upon research study from List Sotheby’s International Realty’s evaluation of Realis files, that 19 GCBs amounting to S$ 511 million have been marketed so far this year (since April 26).
As a matter of fact, according to Business Times, the GCB bought by Wee Hian Nam is just contrary 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 taking care of director KH Tan that the plot is on an “higher, upward-sloping land over the ground level”. The two-storey home is likewise said to be ready for redevelopment.
According to our Research worker information, there were only 11 transactions in the Olive Road GCB location for the previous 5 years, with a price appreciation of 0.56%.
Transaction happens after selling freehold plots in the largest land sale ever since 2018 cooling down measures
Exceptionally, Wee’s purchase comes after his family members marketed two freehold land parcels at Thiam Siew Avenue for S$ 815 million in November 2021.
A joint venture involving Hoi Hup Realty as well as Sunway Developments had bought the land plots. According to Wong Swee Chun, Chairman as well as Managing Director of Hoi Hup Realty, the plan was to establish 2 high-end high-rise condominiums comprising greater than 800 units.
Measuring 263,794 sq ft, the sale additionally marked the biggest land sale from the 2018 cooling steps.