Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
As a matter of fact, according to Business Times, the GCB purchased by Wee Hian Nam is simply contrary Ang’s GCB. With a freehold land area of 27,909 sq ft, this converts to around S$ 1,800 psf. The report quoted Newsman Realty taking care of supervisor KH Tan that the plot is on an “higher, upward-sloping land over the ground level”. The two-storey residence is likewise said to be ready for redevelopment.
According to our Research worker information, there were only 11 deals in the Olive Road GCB location for the previous five years, with a rate appreciation of 0.56%.
The grand son of home mogul and also hotelier Wee Thiam Siew has gotten a GCB at Olive Road for S$ 50.2 million earlier in April. This purchase broke the record for the Olive Road GCB spot previously set by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft place) acquisition by Secretlab chief executive officer Ian Ang last June.
Nevertheless, GCBs are very searched for by ultra HNWIs, provided their shortage. The BT write-up likewise published, based on research study from List Sotheby’s International Realty’s evaluation of Realis records, that 19 GCBs totaling up to S$ 511 million have actually been offered up until now this year (since April 26).
There are also plans to redevelop the previous Caldecott Broadcast Centre at the nearby Andrew Road into 15 99-year leasehold GCBs. Perennial had purchased the 752,015 sq ft location for S$ 280.9 million in December 2020. This would also be the very first significant 99-year GCB website to be released.
Transaction follows selling freehold plots in the largest land sale since 2018 cooling precautions
More importantly, Wee’s acquisition comes after his family reselled two freehold land parcels at Thiam Siew Avenue for S$ 815 million in November 2021.
A joint opportunity among Hoi Hup Realty as well as Sunway Developments had purchased the land plots. According to Wong Swee Chun, Chairman and also Managing Supervisor of Hoi Hup Realty, the plan was to develop two high-end skyscraper condos making up more than 800 units.
Measuring 263,794 sq ft, the sale additionally noted the largest land sale from the 2018 cooling efforts.