Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
Nevertheless, GCBs are very searched for by ultra HNWIs, provided their deficiency. The BT write-up likewise shared, built upon study from List Sotheby’s International Realty’s evaluation of Realis data, that 19 GCBs totaling up to S$ 511 million have actually been offered until now this year (since April 26).
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 gotten the 752,015 sq ft website for S$ 280.9 million in December 2020. This would likewise be the first significant 99-year GCB area to be released.
The grandson of home mogul as well as hotelier Wee Thiam Siew has recently 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 previously established by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft area) acquisition by Secretlab CEO Ian Ang last June.
As a matter of 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 equates to around S$ 1,800 psf. The report estimated Newsman Realty managing director KH Tan that the plot is on an “elevated, upward-sloping land over the road level”. The two-storey home is equally stated to be ready for redevelopment.
According to our Research worker data, there were only 11 purchases in the Olive Road GCB location for the past 5 years, with a price appraisal of 0.56%.
Transaction comes after selling freehold plots in the largest land sale ever since 2018 cooling down solutions.
Notably, Wee’s purchase comes after his family marketed two freehold land parcels at Thiam Siew Avenue for S$ 815 million in November last year.
A joint project amongst Hoi Hup Realty and Sunway Developments had actually gotten the land plots. According to Wong Swee Chun, Chairman and also Managing Director of Hoi Hup Realty, the plan was to develop 2 deluxe high-rise condos making up more than 800 units.
Measuring 263,794 sq ft, the deals additionally marked the biggest land sale from the 2018 cooling steps.