Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
The grand son of home magnate and hotelier Wee Thiam Siew has recently gotten a GCB at Olive Road for S$ 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 website) acquisition by Secretlab CEO Ian Ang last June.
In fact, according to Business Times, the GCB purchased by Wee Hian Nam is just opposite Ang’s GCB. With a freehold land area of 27,909 sq ft, this translates to around S$ 1,800 psf. The report priced estimate Newsman Realty handling supervisor KH Tan that the plot is on an “higher, upward-sloping land above the ground level”. The two-storey residence is equally stated to be ready for redevelopment.
According to our Researcher information, there were only 11 transactions in the Olive Road GCB area for the last five years, with a cost appraisal of 0.56%.
Still, GCBs are extremely sought after by ultra HNWIs, given their scarcity. The BT short article also distributed, based on research study from List Sotheby’s International Realty’s evaluation of Realis records, that 19 GCBs amounting to S$ 511 million have been marketed until now this year (as of April 26).
There are likewise plans to redevelop the previous Caldecott Broadcast Centre at the neighboring 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 very first major 99-year GCB site to be released.
Transaction comes after selling freehold plots in the biggest land sale ever since 2018 cooling measures
Exceptionally, Wee’s acquisition comes after his family members sold 2 freehold land parcels at Thiam Siew Avenue for S$ 815 million in November last year.
A joint venture between 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 plan was to create 2 luxury high-rise condos consisting of more than 800 units.
Measuring 263,794 sq ft, the deals also marked the biggest land sale since the 2018 cooling down actions.