Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
The grandson of residential property tycoon and hotelier Wee Thiam Siew has recently bought a GCB at Olive Road for S$ 50.2 million earlier in April. This purchase broke the record for the Olive Road GCB area previously established by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft area) acquisition by Secretlab chief executive officer Ian Ang last June.
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Nonetheless, GCBs are extremely sought after by ultra HNWIs, provided their shortage. The BT write-up likewise talked about, based on study from List Sotheby’s International Realty’s analysis of Realis files, that 19 GCBs amounting to S$ 511 million have actually been marketed up until now this year (since April 26).
There are also prepares to redevelop the former Caldecott Broadcast Centre at the neighboring Andrew Road into 15 99-year leasehold GCBs. Perennial had gotten the 752,015 sq ft website for S$ 280.9 million in December 2020. This would also be the very first major 99-year GCB website to be launched.
As a matter of fact, according to Business Times, the GCB bought 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 director KH Tan that the plot is on an “higher, upward-sloping land above the ground level”. The two-storey house is also said 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 appreciation of 0.56%.
Purchase happens after selling freehold plots in the biggest land sale after 2018 cooling down solutions
A joint project involving Hoi Hup Realty and also Sunway Developments had acquired the land plots. According to Wong Swee Chun, Chairman and Managing Supervisor of Hoi Hup Realty, the strategy was to create 2 deluxe skyscraper apartments consisting of more than 800 units.
Measuring 263,794 sq ft, the purchase also marked the biggest land sale from the 2018 cooling efforts.
Notably, Wee’s acquisition comes after his family marketed two freehold land parcels at Thiam Siew Avenue for S$ 815 million in November last year.
