Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
There are also intends to redevelop the former Caldecott Broadcast Centre at the neighboring Andrew Road right into 15 99-year leasehold GCBs. Perennial had actually bought the 752,015 sq ft area for S$ 280.9 million in December 2020. This would definitely be the very first major 99-year GCB place to be released.
Regardless, GCBs are highly searched for by ultra HNWIs, offered their shortage. The BT post also shared, based on study from List Sotheby’s International Realty’s evaluation of Realis data, that 19 GCBs totaling up to S$ 511 million have been sold already this year (since April 26).
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 converts to around S$ 1,800 psf. The report priced estimate Newsman Realty taking care of supervisor KH Tan that the plot is on an “higher, upward-sloping land over the street level”. The two-storey home is equally said to be mature for redevelopment.
According to our Research worker data, there were only 11 deals in the Olive Road GCB location for the past 5 years, with a cost appreciation of 0.56%.
The grand son of home tycoon 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 location formerly set by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft spot) purchase by Secretlab chief executive officer Ian Ang last June.
Acquisition follows after selling freehold plots in the largest land sale ever since 2018 cooling solutions
More importantly, Wee’s acquisition follows his family members reselled two freehold land parcels at Thiam Siew Avenue for S$ 815 million in November 2021.
A joint opportunity involving Hoi Hup Realty and also Sunway Developments had bought the land plots. According to Wong Swee Chun, Chairman as well as Managing Director of Hoi Hup Realty, the plan was to create two deluxe skyscraper apartments consisting of more than 800 units.
Measuring 263,794 sq ft, the purchase likewise noted the largest land sale since the 2018 cooling procedures.