Olive Road GCB sold at record S$50.2m to Wee Thiam Siew’s grandson
There are also plans to redevelop the former Caldecott Broadcast Centre at the neighboring Andrew Road right into 15 99-year leasehold GCBs. Perennial had acquired the 752,015 sq ft place for S$ 280.9 million in December 2020. This would definitely be the first major 99-year GCB location to be launched.
Still, GCBs are extremely sought after by ultra HNWIs, offered their scarcity. The BT post additionally talked about, based on study from List Sotheby’s International Realty’s analysis of Realis data, that 19 GCBs totaling up to S$ 511 million have been marketed until now this year (since April 26).
Forett at Bukit Timah Toh Tuck Road
The grand son of building magnate as well as hotelier Wee Thiam Siew has recently bought a GCB at Olive Road for S$ 50.2 million earlier in April. This transaction 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 website) purchase by Secretlab chief executive officer 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 quoted Newsman Realty managing director KH Tan that the plot is on an “raised, upward-sloping land over the ground level”. The two-storey home is furthermore said to be ripe for redevelopment.
According to our Research worker information, there were only 11 deals in the Olive Road GCB location for the previous five years, with a price appraisal of 0.56%.
Acquisition ensues selling freehold plots in the largest land sale after 2018 cooling down precautions.
Measuring 263,794 sq ft, the purchase additionally marked the biggest land sale from the 2018 cooling solutions.
A joint venture amongst Hoi Hup Realty and Sunway Developments had actually gotten the land plots. According to Wong Swee Chun, Chairman and Managing Director of Hoi Hup Realty, the strategy was to create 2 luxury skyscraper condos comprising greater than 800 units.
Exceptionally, Wee’s purchase follows his household sold two freehold land parcels at Thiam Siew Avenue for S$ 815 million in November 2021.
