Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
Regardless, GCBs are extremely demanded by ultra HNWIs, given their scarcity. The BT post also talked about, based upon study from List Sotheby’s International Realty’s analysis of Realis records, that 19 GCBs totaling up to S$ 511 million have been marketed so far this year (since April 26).
In fact, according to Business Times, the GCB bought by Wee Hian Nam is simply contrary Ang’s GCB. With a freehold land area of 27,909 sq ft, this converts to around S$ 1,800 psf. The report estimated Newsman Realty handling director KH Tan that the plot is on an “elevated, upward-sloping land over the street level”. The two-storey house is furthermore stated to be mature for redevelopment.
According to our Researcher data, there were only 11 deals in the Olive Road GCB area for the last five years, with a price appraisal of 0.56%.
The grand son of home magnate and also hotelier Wee Thiam Siew has purchased a GCB at Olive Road for S$ 50.2 million earlier in April. This purchase broke the record 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 CEO Ian Ang last June.
There are likewise plans to redevelop the previous Caldecott Broadcast Centre at the close-by Andrew Road right into 15 99-year leasehold GCBs. Perennial had actually acquired the 752,015 sq ft site for S$ 280.9 million in December 2020. This would certainly also be the first significant 99-year GCB area to be launched.
Purchase follows selling freehold plots in the largest land sale since 2018 cooling measures
More importantly, 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 involving Hoi Hup Realty as well as Sunway Developments had actually bought the land plots. According to Wong Swee Chun, Chairman and Managing Supervisor of Hoi Hup Realty, the plan was to develop two high-end skyscraper condominiums making up more than 800 units.
Measuring 263,794 sq ft, the deals additionally noted the biggest land sale from the 2018 cooling down actions.