Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
As a matter of fact, according to Business Times, the GCB gotten by Wee Hian Nam is just contrary Ang’s GCB. With a freehold land area of 27,909 sq ft, this equates to around S$ 1,800 psf. The record priced estimate Newsman Realty managing director KH Tan that the plot is on an “higher, upward-sloping land over the road level”. The two-storey home is equally said to be mature for redevelopment.
According to our Researcher information, there were just 11 deals in the Olive Road GCB area for the past five years, with a cost appraisal of 0.56%.
There are also intends to redevelop the previous Caldecott Broadcast Centre at the nearby Andrew Road into 15 99-year leasehold GCBs. Perennial had actually gotten the 752,015 sq ft website for S$ 280.9 million in December 2020. This would certainly likewise be the very first significant 99-year GCB location to be released.
The grand son of home tycoon as well as hotelier Wee Thiam Siew has acquired a GCB at Olive Road for S$ 50.2 million earlier in April. This deal broke the record for the Olive Road GCB spot formerly established by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft spot) acquisition by Secretlab chief executive officer Ian Ang last June.
Still, GCBs are highly demanded by ultra HNWIs, given their scarcity. The BT short article also talked about, based upon research from List Sotheby’s International Realty’s evaluation of Realis records, that 19 GCBs amounting to S$ 511 million have actually been offered already this year (since April 26).
Acquisition comes after selling freehold plots in the biggest land sale after 2018 cooling precautions
Measuring 263,794 sq ft, the purchase also marked the largest land sale since the 2018 cooling procedures.
Notably, Wee’s purchase comes after his family sold two freehold land parcels at Thiam Siew Avenue for S$ 815 million in November last year.
A joint project amongst Hoi Hup Realty as well as Sunway Developments had actually acquired the land plots. According to Wong Swee Chun, Chairman as well as Managing Director of Hoi Hup Realty, the plan was to develop 2 luxury high-rise condos consisting of greater than 800 units.
