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

There are likewise intends to redevelop the former Caldecott Broadcast Centre at the close-by Andrew Road right 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 definitely be the first significant 99-year GCB website to be released.

The grandson of building mogul as well as hotelier Wee Thiam Siew has gotten a GCB at Olive Road for S$ 50.2 million earlier in April. This purchase broke the history for the Olive Road GCB location formerly established 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.

In fact, according to Business Times, the GCB gotten by Wee Hian Nam is just 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 taking care of director KH Tan that the plot is on an “higher, upward-sloping land above the street level”. The two-storey house is likewise claimed to be ready for redevelopment.

According to our Researcher information, there were just 11 deals in the Olive Road GCB location for the previous five years, with a rate appreciation of 0.56%.

The Watergardens United Overseas Limited

Still, GCBs are highly demanded by ultra HNWIs, given their scarcity. The BT short article also talked about, based on study from List Sotheby’s International Realty’s analysis of Realis records, that 19 GCBs totaling up to S$ 511 million have been offered until now this year (as of April 26).

Transaction follows selling freehold plots in the biggest land sale after 2018 cooling down precautions

More importantly, Wee’s purchase comes after his family members marketed 2 freehold land parcels at Thiam Siew Avenue for S$ 815 million in November last year.

A joint venture between Hoi Hup Realty and also Sunway Developments had actually bought the land plots. According to Wong Swee Chun, Chairman as well as Managing Director of Hoi Hup Realty, the strategy was to develop 2 luxury skyscraper condos comprising more than 800 units.

Measuring 263,794 sq ft, the purchase additionally noted the largest land sale from the 2018 cooling down efforts.

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