Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
The grandson of home tycoon and also hotelier Wee Thiam Siew has recently acquired a GCB at Olive Road for S$ 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 site) purchase by Secretlab CEO Ian Ang last June.
In fact, according to Business Times, the GCB bought by Wee Hian Nam is just contrary Ang’s GCB. With a freehold land area of 27,909 sq ft, this converts to around S$ 1,800 psf. The record priced estimate Newsman Realty handling supervisor KH Tan that the plot is on an “raised, upward-sloping land over the ground level”. The two-storey home is also said to be ready for redevelopment.
According to our Researcher information, there were only 11 deals in the Olive Road GCB area for the last five years, with a price appreciation of 0.56%.
Still, GCBs are extremely demanded by ultra HNWIs, provided their shortage. The BT post also shared, based on research study from List Sotheby’s International Realty’s analysis of Realis data, that 19 GCBs totaling up to S$ 511 million have actually been offered so far this year (as of April 26).
There are also prepares to redevelop the previous Caldecott Broadcast Centre at the neighboring Andrew Road right into 15 99-year leasehold GCBs. Perennial had actually purchased the 752,015 sq ft location for S$ 280.9 million in December 2020. This would definitely be the initial significant 99-year GCB website to be released.
Purchasing follows selling freehold plots in the biggest land sale ever since 2018 cooling 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.
A joint business between Hoi Hup Realty and Sunway Developments had purchased the land plots. According to Wong Swee Chun, Chairman and also Managing Supervisor of Hoi Hup Realty, the strategy was to develop 2 high-end skyscraper apartments consisting of more than 800 units.
Measuring 263,794 sq ft, the purchase additionally noted the biggest land sale from the 2018 cooling down steps.