Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
The grand son of building tycoon and hotelier Wee Thiam Siew has bought a GCB at Olive Road for S$ 50.2 million earlier in April. This purchase broke the history for the Olive Road GCB area formerly established by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft website) acquisition by Secretlab CEO Ian Ang last June.
In fact, according to Business Times, the GCB bought by Wee Hian Nam is simply opposite Ang’s GCB. With a freehold land area of 27,909 sq ft, this converts to around S$ 1,800 psf. The record quoted Newsman Realty taking care of supervisor KH Tan that the plot is on an “raised, upward-sloping land above the road level”. The two-storey home is equally claimed to be ready for redevelopment.
According to our Research worker information, there were only 11 transactions in the Olive Road GCB area for the past five years, with a rate appraisal of 0.56%.
There are likewise prepares to redevelop the former Caldecott Broadcast Centre at the nearby Andrew Road into 15 99-year leasehold GCBs. Perennial had actually bought the 752,015 sq ft place for S$ 280.9 million in December 2020. This would certainly definitely be the very first major 99-year GCB place to be introduced.
Nonetheless, GCBs are highly demanded by ultra HNWIs, offered their shortage. The BT short article likewise talked about, based upon research study from List Sotheby’s International Realty’s evaluation of Realis data, that 19 GCBs amounting to S$ 511 million have been sold until now this year (since April 26).
Transaction ensues selling freehold plots in the biggest land sale since 2018 cooling down precautions
Notably, Wee’s acquisition follows his family marketed two freehold land parcels at Thiam Siew Avenue for S$ 815 million in November last year.
A joint venture among Hoi Hup Realty as well as Sunway Developments had actually purchased the land plots. According to Wong Swee Chun, Chairman and also Managing Director of Hoi Hup Realty, the strategy was to develop two high-end high-rise condominiums making up greater than 800 units.
Measuring 263,794 sq ft, the deals additionally marked the largest land sale from the 2018 cooling measures.