Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
The grandson of property magnate and also hotelier Wee Thiam Siew has gotten a GCB at Olive Road for S$ 50.2 million earlier in April. This transaction broke the history for the Olive Road GCB location previously established by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft site) acquisition by Secretlab CEO Ian Ang last June.
Nonetheless, GCBs are extremely demanded by ultra HNWIs, provided their scarcity. The BT post also published, based upon study from List Sotheby’s International Realty’s evaluation of Realis data, that 19 GCBs totaling up to S$ 511 million have been offered already this year (since April 26).
As a matter of 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 equates to around S$ 1,800 psf. The report priced estimate Newsman Realty managing director KH Tan that the plot is on an “raised, upward-sloping land over the street level”. The two-storey house is furthermore claimed to be ripe for redevelopment.
According to our Researcher information, there were only 11 purchases in the Olive Road GCB area for the past 5 years, with a cost appreciation of 0.56%.
There are likewise prepares to redevelop the previous Caldecott Broadcast Centre at the close-by Andrew Road into 15 99-year leasehold GCBs. Perennial had bought the 752,015 sq ft spot for S$ 280.9 million in December 2020. This would certainly definitely be the first significant 99-year GCB place to be introduced.
Purchase comes after selling freehold plots in the largest land sale since 2018 cooling down measures
Notably, Wee’s purchase comes after his family members offered two freehold land parcels at Thiam Siew Avenue for S$ 815 million in November last year.
A joint venture between Hoi Hup Realty as well as Sunway Developments had actually acquired the land plots. According to Wong Swee Chun, Chairman and Managing Supervisor of Hoi Hup Realty, the strategy was to create 2 high-end skyscraper condos comprising more than 800 units.
Measuring 263,794 sq ft, the deals likewise marked the biggest land sale since the 2018 cooling down actions.