Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
According to our Researcher data, there were just 11 purchases in the Olive Road GCB area for the past five years, with a rate appreciation of 0.56%.
In fact, according to Business Times, the GCB gotten by Wee Hian Nam is just opposite Ang’s GCB. With a freehold land area of 27,909 sq ft, this translates to around S$ 1,800 psf. The record priced estimate Newsman Realty taking care of supervisor KH Tan that the plot is on an “elevated, upward-sloping land above the street level”. The two-storey home is likewise claimed to be ready for redevelopment.
The grandson of residential property mogul as well as hotelier Wee Thiam Siew has recently bought a GCB at Olive Road for S$ 50.2 million earlier in April. This deal broke the history for the Olive Road GCB spot previously established 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.
There are likewise intends to redevelop the previous Caldecott Broadcast Centre at the neighboring Andrew Road right into 15 99-year leasehold GCBs. Perennial had bought the 752,015 sq ft spot for S$ 280.9 million in December 2020. This would certainly definitely be the first significant 99-year GCB spot to be released.
Nevertheless, GCBs are very searched for by ultra HNWIs, given their shortage. The BT post likewise distributed, based upon study from List Sotheby’s International Realty’s evaluation of Realis files, that 19 GCBs totaling up to S$ 511 million have actually been sold already this year (as of April 26).
Acquisition happens after selling freehold plots in the largest land sale ever since 2018 cooling down solutions
Exceptionally, Wee’s purchase comes after his family reselled two freehold land parcels at Thiam Siew Avenue for S$ 815 million in November 2021.
A joint venture involving Hoi Hup Realty and Sunway Developments had gotten the land plots. According to Wong Swee Chun, Chairman and also Managing Director of Hoi Hup Realty, the strategy was to create two deluxe skyscraper condominiums consisting of greater than 800 units.
Measuring 263,794 sq ft, the deals also marked the biggest land sale from the 2018 cooling down solutions.