Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson

There are likewise prepares to redevelop the previous Caldecott Broadcast Centre at the close-by Andrew Road right into 15 99-year leasehold GCBs. Perennial had actually gotten the 752,015 sq ft spot for S$ 280.9 million in December 2020. This would certainly also be the initial significant 99-year GCB area to be launched.

In 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 quoted Newsman Realty managing supervisor KH Tan that the plot is on an “raised, upward-sloping land above the road level”. The two-storey home is also stated to be ripe for redevelopment.
According to our Research worker information, there were only 11 deals in the Olive Road GCB location for the previous 5 years, with a price appreciation of 0.56%.

The grand son of residential property mogul and hotelier Wee Thiam Siew has recently gotten a GCB at Olive Road for S$ 50.2 million earlier in April. This deal 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 location) acquisition by Secretlab chief executive officer Ian Ang last June.

Liv@MB condominium

Nevertheless, GCBs are very sought after by ultra HNWIs, given their scarcity. The BT write-up also talked about, built upon study from List Sotheby’s International Realty’s evaluation of Realis records, that 19 GCBs amounting to S$ 511 million have actually been sold already this year (as of April 26).

Purchase happens after selling freehold plots in the largest land sale ever since 2018 cooling solutions.

More importantly, Wee’s acquisition follows his household reselled two freehold land parcels at Thiam Siew Avenue for S$ 815 million in November 2021.

A joint project among Hoi Hup Realty and also Sunway Developments had actually purchased the land plots. According to Wong Swee Chun, Chairman and also Managing Director of Hoi Hup Realty, the strategy was to establish 2 deluxe skyscraper condos comprising more than 800 units.

Measuring 263,794 sq ft, the purchase also marked the biggest land sale since the 2018 cooling down actions.

Add Comment

Your Email address will not be published

error: Content is protected !!