Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
The grandson of building mogul as well as hotelier Wee Thiam Siew has recently bought a GCB at Olive Road for S$ 50.2 million earlier in April. This transaction broke the history for the Olive Road GCB area previously established by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft site) acquisition by Secretlab CEO Ian Ang last June.
There are likewise intends to redevelop the previous Caldecott Broadcast Centre at the nearby Andrew Road right into 15 99-year leasehold GCBs. Perennial had actually gotten the 752,015 sq ft location for S$ 280.9 million in December 2020. This would certainly definitely be the initial major 99-year GCB spot to be launched.
Nonetheless, GCBs are highly demanded by ultra HNWIs, offered their scarcity. The BT article additionally distributed, built upon research from List Sotheby’s International Realty’s evaluation of Realis data, that 19 GCBs amounting to S$ 511 million have been marketed so far this year (since April 26).
In fact, according to Business Times, the GCB purchased by Wee Hian Nam is simply contrary Ang’s GCB. With a freehold land area of 27,909 sq ft, this translates to around S$ 1,800 psf. The record estimated Newsman Realty handling director KH Tan that the plot is on an “elevated, upward-sloping land above the ground level”. The two-storey house is likewise stated to be ripe for redevelopment.
According to our Research worker information, there were only 11 purchases in the Olive Road GCB area for the last 5 years, with a rate appraisal of 0.56%.
Acquisition ensues selling freehold plots in the biggest land sale since 2018 cooling down precautions
Notably, 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 Sunway Developments had acquired the land plots. According to Wong Swee Chun, Chairman and Managing Director of Hoi Hup Realty, the plan was to develop two high-end skyscraper apartments making up greater than 800 units.
Measuring 263,794 sq ft, the purchase likewise marked the biggest land sale from the 2018 cooling down solutions.