Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
Nonetheless, GCBs are extremely sought after by ultra HNWIs, offered their scarcity. The BT article additionally shared, built upon research study from List Sotheby’s International Realty’s analysis of Realis records, that 19 GCBs amounting to S$ 511 million have actually been offered until now this year (since April 26).
There are likewise prepares to redevelop the former Caldecott Broadcast Centre at the close-by Andrew Road into 15 99-year leasehold GCBs. Perennial had actually acquired the 752,015 sq ft place for S$ 280.9 million in December 2020. This would definitely be the very first major 99-year GCB place to be introduced.
In fact, according to Business Times, the GCB acquired 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 priced quote Newsman Realty handling supervisor KH Tan that the plot is on an “raised, upward-sloping land over the street level”. The two-storey house is likewise said to be ready for redevelopment.
According to our Research worker information, there were only 11 transactions in the Olive Road GCB area for the previous five years, with a price appreciation of 0.56%.
The grand son of building mogul and hotelier Wee Thiam Siew has recently bought a GCB at Olive Road for S$ 50.2 million earlier in April. This deal broke the record for the Olive Road GCB area formerly set by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft location) purchase by Secretlab CEO Ian Ang last June.
Transaction follows after selling freehold plots in the biggest land sale ever since 2018 cooling down precautions.
Exceptionally, Wee’s purchase follows his household sold two freehold land parcels at Thiam Siew Avenue for S$ 815 million in November last year.
A joint project involving Hoi Hup Realty as well as Sunway Developments had bought the land plots. According to Wong Swee Chun, Chairman and also Managing Supervisor of Hoi Hup Realty, the strategy was to develop 2 deluxe skyscraper condominiums consisting of more than 800 units.
Measuring 263,794 sq ft, the sale also noted the biggest land sale since the 2018 cooling down procedures.