Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
The grandson of residential property magnate as well as hotelier Wee Thiam Siew has bought a GCB at Olive Road for S$ 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 spot) purchase by Secretlab chief executive officer Ian Ang last June.
As a matter of fact, according to Business Times, the GCB gotten by Wee Hian Nam is simply opposite Ang’s GCB. With a freehold land area of 27,909 sq ft, this translates to around S$ 1,800 psf. The record estimated Newsman Realty managing supervisor KH Tan that the plot is on an “higher, upward-sloping land over the ground level”. The two-storey residence is also claimed to be ready for redevelopment.
According to our Researcher data, there were only 11 deals in the Olive Road GCB area for the past five years, with a cost appraisal of 0.56%.
Still, GCBs are highly demanded by ultra HNWIs, given their shortage. The BT write-up likewise published, based upon research study from List Sotheby’s International Realty’s evaluation of Realis files, that 19 GCBs totaling up to S$ 511 million have actually been offered already this year (as of April 26).
There are also prepares to redevelop the previous Caldecott Broadcast Centre at the nearby Andrew Road into 15 99-year leasehold GCBs. Perennial had gotten the 752,015 sq ft location for S$ 280.9 million in December 2020. This would certainly likewise be the first significant 99-year GCB website to be introduced.
Transaction follows selling freehold plots in the largest land sale ever since 2018 cooling down precautions
Notably, Wee’s purchase comes after his household sold two freehold land parcels at Thiam Siew Avenue for S$ 815 million in November last year.
A joint business involving Hoi Hup Realty and also Sunway Developments had actually bought the land plots. According to Wong Swee Chun, Chairman as well as Managing Supervisor of Hoi Hup Realty, the strategy was to create two deluxe skyscraper condominiums comprising greater than 800 units.
Measuring 263,794 sq ft, the deals additionally noted the largest land sale from the 2018 cooling measures.