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

The grand son of property mogul and hotelier Wee Thiam Siew has recently purchased a GCB at Olive Road for S$ 50.2 million earlier in April. This transaction broke the history for the Olive Road GCB area formerly established by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft site) acquisition by Secretlab chief executive officer Ian Ang last June.

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

As a matter of fact, according to Business Times, the GCB acquired 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 taking care of supervisor KH Tan that the plot is on an “raised, upward-sloping land above the street level”. The two-storey residence is equally stated to be ripe for redevelopment.

According to our Research worker information, there were only 11 transactions in the Olive Road GCB location for the previous five years, with a price appraisal of 0.56%.

Irwell Hill Residence showflat location

Nonetheless, GCBs are very demanded by ultra HNWIs, provided their scarcity. The BT write-up additionally published, based on research from List Sotheby’s International Realty’s evaluation of Realis data, that 19 GCBs amounting to S$ 511 million have been offered until now this year (since April 26).

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

A joint project among Hoi Hup Realty and Sunway Developments had actually bought the land plots. According to Wong Swee Chun, Chairman as well as Managing Supervisor of Hoi Hup Realty, the strategy was to establish two luxury skyscraper condos comprising greater than 800 units.

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

More importantly, Wee’s acquisition follows his family marketed 2 freehold land parcels at Thiam Siew Avenue for S$ 815 million in November 2021.