Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson

In fact, according to Business Times, the GCB gotten by Wee Hian Nam is just contrary 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 handling supervisor KH Tan that the plot is on an “elevated, upward-sloping land above the ground level”. The two-storey residence is also said to be ready for redevelopment.

According to our Researcher data, there were just 11 transactions in the Olive Road GCB location for the last 5 years, with a price appraisal of 0.56%.

There are also plans to redevelop the previous Caldecott Broadcast Centre at the close-by Andrew Road into 15 99-year leasehold GCBs. Perennial had actually acquired the 752,015 sq ft location for S$ 280.9 million in December 2020. This would also be the first major 99-year GCB spot to be launched.

The grandson of home magnate and also hotelier Wee Thiam Siew has recently acquired a GCB at Olive Road for S$ 50.2 million earlier in April. This deal broke the history for the Olive Road GCB location previously set by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft site) acquisition by Secretlab CEO Ian Ang last June.

Piccadilly Grand Northumberland Road

Regardless, GCBs are highly searched for by ultra HNWIs, provided their shortage. The BT post additionally talked about, based upon research from List Sotheby’s International Realty’s evaluation of Realis records, that 19 GCBs totaling up to S$ 511 million have been offered until now this year (as of April 26).

Purchase comes after selling freehold plots in the biggest land sale since 2018 cooling precautions

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 Director of Hoi Hup Realty, the plan was to establish two luxury high-rise apartments comprising greater than 800 units.

Measuring 263,794 sq ft, the sale likewise marked the biggest land sale from the 2018 cooling actions.

Notably, Wee’s acquisition comes after his family offered 2 freehold land parcels at Thiam Siew Avenue for S$ 815 million in November last year.