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

The grandson of property 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 deal broke the history for the Olive Road GCB area previously set by the S$ 36 million (S$ 1,537 psf for the 23,424 sq ft location) purchase by Secretlab chief executive officer Ian Ang last June.

The Commodore JBE Holdings

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 acquired the 752,015 sq ft spot for S$ 280.9 million in December 2020. This would also be the very first major 99-year GCB location to be introduced.

Nonetheless, GCBs are highly sought after by ultra HNWIs, given their scarcity. The BT write-up also shared, built upon study from List Sotheby’s International Realty’s analysis of Realis data, that 19 GCBs totaling up to S$ 511 million have been offered so far this year (since April 26).

In fact, according to Business Times, the GCB gotten 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 quote Newsman Realty taking care of supervisor KH Tan that the plot is on an “raised, upward-sloping land over the ground level”. The two-storey residence is also said to be ripe for redevelopment.

According to our Researcher information, there were only 11 transactions in the Olive Road GCB location for the previous 5 years, with a cost appreciation of 0.56%.

Purchasing follows selling freehold plots in the biggest land sale ever since 2018 cooling solutions

A joint opportunity between Hoi Hup Realty and Sunway Developments had actually acquired the land plots. According to Wong Swee Chun, Chairman and also Managing Director of Hoi Hup Realty, the plan was to develop 2 high-end high-rise condominiums comprising greater than 800 units.

Exceptionally, Wee’s purchase comes after his household offered 2 freehold land parcels at Thiam Siew Avenue for S$ 815 million in November last year.

Measuring 263,794 sq ft, the deals likewise noted the largest land sale since the 2018 cooling down measures.

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