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

The grandson of residential property tycoon and hotelier Wee Thiam Siew has recently bought a GCB at Olive Road for S$ 50.2 million earlier in April. This transaction broke the history for the Olive Road GCB location previously established by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft spot) purchase by Secretlab CEO Ian Ang last June.

Nevertheless, GCBs are extremely sought after by ultra HNWIs, given their scarcity. The BT write-up likewise published, based upon research study from List Sotheby’s International Realty’s evaluation of Realis files, that 19 GCBs totaling up to S$ 511 million have been marketed so far this year (as of April 26).

In fact, according to Business Times, the GCB acquired 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 record quoted Newsman Realty managing director KH Tan that the plot is on an “raised, upward-sloping land over the road level”. The two-storey home is equally stated to be ripe for redevelopment.

The Atelier condo price

According to our Research worker information, there were only 11 purchases in the Olive Road GCB area for the previous 5 years, with a price appraisal of 0.56%.

There are also plans to redevelop the former Caldecott Broadcast Centre at the close-by Andrew Road into 15 99-year leasehold GCBs. Perennial had actually gotten the 752,015 sq ft site for S$ 280.9 million in December 2020. This would also be the very first major 99-year GCB website to be launched.

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

Notably, Wee’s purchase follows his family members sold 2 freehold land parcels at Thiam Siew Avenue for S$ 815 million in November 2021.

A joint venture among Hoi Hup Realty as well as Sunway Developments had bought the land plots. According to Wong Swee Chun, Chairman and Managing Director of Hoi Hup Realty, the plan was to establish two deluxe high-rise apartments comprising more than 800 units.

Measuring 263,794 sq ft, the purchase also noted the biggest land sale from the 2018 cooling solutions.

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