Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
There are also intends to redevelop the previous Caldecott Broadcast Centre at the neighboring Andrew Road right into 15 99-year leasehold GCBs. Perennial had actually acquired the 752,015 sq ft area for S$ 280.9 million in December 2020. This would certainly likewise be the very first significant 99-year GCB location to be released.
Nonetheless, GCBs are extremely searched for by ultra HNWIs, offered their deficiency. The BT post likewise published, based on study from List Sotheby’s International Realty’s analysis of Realis data, that 19 GCBs totaling up to S$ 511 million have actually been sold until now this year (since April 26).
In fact, according to Business Times, the GCB bought by Wee Hian Nam is simply contrary Ang’s GCB. With a freehold land area of 27,909 sq ft, this translates to around S$ 1,800 psf. The record priced quote Newsman Realty managing supervisor KH Tan that the plot is on an “higher, upward-sloping land above the road level”. The two-storey residence is likewise claimed to be ripe for redevelopment.
According to our Research worker information, there were just 11 transactions in the Olive Road GCB area for the previous five years, with a price appreciation of 0.56%.
The grand son of home mogul and hotelier Wee Thiam Siew has 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 formerly set by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft place) acquisition by Secretlab CEO Ian Ang last June.
Purchasing happens after selling freehold plots in the biggest land sale since 2018 cooling down precautions.
A joint venture among Hoi Hup Realty and also Sunway Developments had gotten the land plots. According to Wong Swee Chun, Chairman and also Managing Supervisor of Hoi Hup Realty, the strategy was to create 2 high-end skyscraper condos consisting of greater than 800 units.
Measuring 263,794 sq ft, the deals likewise marked the biggest land sale since the 2018 cooling down measures.
Notably, Wee’s purchase comes after his family offered 2 freehold land parcels at Thiam Siew Avenue for S$ 815 million in November last year.