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

There are likewise plans to redevelop the former Caldecott Broadcast Centre at the nearby Andrew Road into 15 99-year leasehold GCBs. Perennial had gotten the 752,015 sq ft area for S$ 280.9 million in December 2020. This would also be the first significant 99-year GCB spot to be launched.

Regardless, GCBs are extremely searched for by ultra HNWIs, provided their deficiency. The BT article likewise shared, based upon study from List Sotheby’s International Realty’s evaluation of Realis data, that 19 GCBs amounting to S$ 511 million have actually been marketed already this year (as of April 26).

The Florence Residences condo

As a matter of fact, according to Business Times, the GCB gotten 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 record priced quote Newsman Realty handling supervisor KH Tan that the plot is on an “raised, upward-sloping land above the road level”. The two-storey home is furthermore claimed to be ripe for redevelopment.
According to our Researcher information, there were only 11 transactions in the Olive Road GCB location for the past 5 years, with a cost appraisal of 0.56%.

The grandson of residential property tycoon as well as hotelier Wee Thiam Siew has purchased a GCB at Olive Road for S$ 50.2 million earlier in April. This purchase broke the record for the Olive Road GCB spot formerly set by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft area) acquisition by Secretlab chief executive officer Ian Ang last June.

Transaction comes after selling freehold plots in the largest land sale since 2018 cooling down solutions

A joint venture involving Hoi Hup Realty as well as Sunway Developments had purchased the land plots. According to Wong Swee Chun, Chairman and Managing Director of Hoi Hup Realty, the strategy was to develop 2 high-end high-rise condominiums consisting of more than 800 units.

Notably, Wee’s purchase follows his family members reselled two freehold land parcels at Thiam Siew Avenue for S$ 815 million in November last year.

Measuring 263,794 sq ft, the sale additionally marked the biggest land sale from the 2018 cooling down steps.

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