Olive Road GCB Sold For S$50.2M To Wee Thiam Siew’s Grandson

Wee Thiam Siew’s Grandson, Wee Hian Nam, buys Olive Road GCB for S$50.2 mil in April 2022. Ian Ang, CEO of Secretlab, set a new record for his purchase of a GCB at Olive Road last June 2021 at S$36 mil. The land size of Ian’s unit is 23,424 square feet (sqft). This works out to S$1,537 per square foot (psf) for his acquisition.

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In the Singapore property market, Good Class Bungalows (GCB) are the highest class of property. This class of asset is much sought after by Ultra High Network Individuals (UHNWI).

As of 26 April 2022, nineteen Good Class Bungalows have been transacted. This is according to realis data analysis provided by List Sotheby’s International Realty.

The former Caldecott Broadcast Centre, located nearby, will be turned into 15 99-year leasehold GCBs. Perennial paid S$280.9 million for the 752,015 sq ft site in December 2020. This marks the 1st prominent 99-year GCB sale.

source:https://www.businesstimes.com.sg/real-estate/olive-rd-gcb-sold-for-s502-million