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

Regardless, GCBs are very demanded by ultra HNWIs, provided their deficiency. The BT write-up likewise talked about, based upon study from List Sotheby’s International Realty’s analysis of Realis files, that 19 GCBs totaling up to S$ 511 million have actually been marketed already 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 translates to around S$ 1,800 psf. The record quoted Newsman Realty taking care of director KH Tan that the plot is on an “raised, upward-sloping land above the ground level”. The two-storey house is equally claimed to be ready for redevelopment.
According to our Researcher information, there were only 11 purchases in the Olive Road GCB location for the past 5 years, with a cost appreciation of 0.56%.

The grand son of residential property tycoon and also hotelier Wee Thiam Siew has purchased a GCB at Olive Road for S$ 50.2 million earlier in April. This deal broke the record for the Olive Road GCB area previously set by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft area) acquisition by Secretlab CEO Ian Ang last June.

The M Condo price

There are likewise prepares to redevelop the former Caldecott Broadcast Centre at the nearby Andrew Road into 15 99-year leasehold GCBs. Perennial had actually acquired the 752,015 sq ft site for S$ 280.9 million in December 2020. This would certainly likewise be the initial major 99-year GCB location to be introduced.

Purchasing ensues selling freehold plots in the largest land sale after 2018 cooling measures

Notably, Wee’s acquisition comes after his household offered 2 freehold land parcels at Thiam Siew Avenue for S$ 815 million in November 2021.

A joint project among Hoi Hup Realty and also Sunway Developments had actually purchased the land plots. According to Wong Swee Chun, Chairman as well as Managing Supervisor of Hoi Hup Realty, the plan was to develop 2 high-end skyscraper condos making up more than 800 units.

Measuring 263,794 sq ft, the deals likewise marked the biggest land sale from the 2018 cooling down procedures.

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