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

In fact, according to Business Times, the GCB gotten 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 report priced quote Newsman Realty taking care of supervisor KH Tan that the plot is on an “higher, upward-sloping land over the street level”. The two-storey house is likewise claimed to be ripe for redevelopment.

According to our Researcher information, there were only 11 deals in the Olive Road GCB area for the last five years, with a price appreciation of 0.56%.

Still, GCBs are highly sought after by ultra HNWIs, offered their shortage. The BT write-up likewise published, built upon research from List Sotheby’s International Realty’s analysis of Realis data, that 19 GCBs totaling up to S$ 511 million have been offered up until now this year (since April 26).

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

Perfect Ten Condo Japura Development Pte Ltd

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

Purchase follows selling freehold plots in the largest land sale after 2018 cooling down solutions

More importantly, Wee’s purchase follows his family sold 2 freehold land parcels at Thiam Siew Avenue for S$ 815 million in November last year.

A joint project involving Hoi Hup Realty and Sunway Developments had bought the land plots. According to Wong Swee Chun, Chairman and Managing Supervisor of Hoi Hup Realty, the plan was to develop two high-end high-rise apartments consisting of more than 800 units.

Measuring 263,794 sq ft, the sale additionally noted the largest land sale from the 2018 cooling procedures.

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