Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
In fact, according to Business Times, the GCB bought by Wee Hian Nam is simply opposite Ang’s GCB. With a freehold land area of 27,909 sq ft, this translates to around S$ 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 street level”. The two-storey house is likewise stated to be ready for redevelopment.
According to our Research worker data, there were only 11 purchases in the Olive Road GCB area for the previous 5 years, with a rate appraisal of 0.56%.
There are also plans to redevelop the previous Caldecott Broadcast Centre at the close-by Andrew Road right into 15 99-year leasehold GCBs. Perennial had gotten the 752,015 sq ft spot for S$ 280.9 million in December 2020. This would definitely be the first major 99-year GCB spot to be released.
The grandson of residential property magnate and also hotelier Wee Thiam Siew has purchased a GCB at Olive Road for S$ 50.2 million earlier in April. This transaction broke the record for the Olive Road GCB spot formerly established by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft site) acquisition by Secretlab chief executive officer Ian Ang last June.
Still, GCBs are extremely sought after by ultra HNWIs, offered their deficiency. The BT article likewise published, based on research study from List Sotheby’s International Realty’s analysis of Realis files, that 19 GCBs amounting to S$ 511 million have actually been offered already this year (as of April 26).
Acquisition ensues selling freehold plots in the largest land sale since 2018 cooling measures
Exceptionally, Wee’s purchase comes after his family members offered two freehold land parcels at Thiam Siew Avenue for S$ 815 million in November 2021.
A joint venture among Hoi Hup Realty and also Sunway Developments had actually gotten the land plots. According to Wong Swee Chun, Chairman and Managing Director of Hoi Hup Realty, the strategy was to create two high-end high-rise apartments making up greater than 800 units.
Measuring 263,794 sq ft, the purchase additionally marked the biggest land sale since the 2018 cooling steps.
