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Thread: Olive Rd GCB sold for S$50.2 million

  1. #1
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    Default Olive Rd GCB sold for S$50.2 million

    Olive Rd GCB sold for S$50.2 million

    Buyer is grandson of late property magnate and hotelier Wee Thiam Siew

    Apr 26, 2022



    A grandson of the late property magnate and hotelier Wee Thiam Siew is buying an old freehold bungalow along Olive Road for nearly S$50.24 million.

    The price paid by Wee Hian Nam for the property, which is part of the Caldecott Hill Good Class Bungalow (GCB) Area, works out to S$1,800 per square foot on the land area of 27,909 sq ft.

    SRI acted for the buyer, who is one of the beneficiaries of the S$815 million sale in November last year of 2 freehold residential development land parcels along Thiam Siew Avenue in the Tanjong Katong area, to Hoi Hup Realty and Sunway Developments.

    Wee Hian Nam is buying the Olive Road bungalow from an elderly couple who live in it.

    The 2-storey house ripe for redevelopment is opposite the bungalow which gaming chair firm Secretlab’s co-founder Ian Ang acquired in June last year for S$36 million or S$1,537 psf on the 23,424 sq ft land area.

    Newsman Realty managing director KH Tan described the S$1,800 psf price in the latest deal as “not bad” for the seller. He said the latest plot is better than the one bought by Secretlab’s Ang as it is on “elevated, upward-sloping land above the road level”. It also has a wider road frontage, Tan added.

    “The S$1,800 psf also takes into account that GCB prices have generally appreciated between last year and now, despite the mid-December property cooling measures.

    “This is due to the scarcity of choice GCB plots available for sale after the strong buying momentum last year. There are still many buyers who are looking for GCB properties,” said Tan.

    List Sotheby’s International Reality’s analysis of URA Realis caveats data downloaded on April 26 (with the latest transaction dated April 14) shows 19 deals totalling S$511 million in GCB Areas so far this year. For the whole of last year, the tally was 90 deals totalling a record S$2.57 billion; this was higher than the 46 transactions amounting to S$1.09 billion in 2020.

    Bungalows in the 39 gazetted GCB Areas are the most prestigious form of landed housing in Singapore, with strict planning conditions to preserve their exclusivity and low-rise character.

    Among other things, a minimum plot size of 1,400 square metres (about 15,070 sq ft) is stipulated as the planning norm for newly-created bungalows in GCB Areas.

    Another restriction is that of a 2-storey height limit (though an attic and basements are allowed).

    Stipulations on site-coverage control (total covered area as a percentage of the net site area) and setback from the sides and rear for a bungalow in a GCB Area are also stricter than those for a bungalow outside a GCB Area.

    One generally has to be a Singapore citizen to be allowed to buy a landed property in a GCB Area.

    https://www.businesstimes.com.sg/rea...r-s502-million

  2. #2
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    Default Re: Olive Rd GCB sold for S$50.2 million

    GCB at Olive Road sold to grandson of late tycoon Wee Thiam Siew for $50.24 mil

    EdgeProp Singapore

    April 26, 2022



    SINGAPORE (EDGEPROP) - A Good Class Bungalow (GCB) sitting on a 27,909 sq ft, freehold site on Olive Road has been sold for close to $50.24 million ($1,800 psf), according to a caveat lodged on April 14. The deal was brokered by SRI.



    A property title search shows that the buyer is Wee Hian Nam, one of the grandchildren of the late Wee Thiam Siew, a property tycoon and hotelier who had previously owned the 7th Storey Hotel at Rochor Road, Lion City Hotel and Hollywood Theatre at Tanjong Katong Road, which have all been sold and redeveloped.

    One of the last remaining legacy assets held by the third generation of the Wee family are 25 pre-war semi-detached houses on Thiam Siew Avenue, named after their grandfather. The late Wee, who passed away in 1972, had lived in a mansion at 525 Dunman Road adjacent to the houses on Thiam Siew Avenue. In fact, he had carved out the land to build the semi-detached houses and the road that bears his name.

    Over the years, the semi-detached houses have been rented out by the family for rental income. The properties were held under two entities: Wee Thiam Siew & Co and Thiam Siew Avenue Investments. Wee Thiam Siew & Co has 20 shareholders, and Thiam Siew Avenue Investments, another five shareholders, bringing the total to 25. In the event of a sale of assets, all 25 shareholders will be the beneficiaries.

    Last September, the family placed 22 of the semi-detached houses along Thiam Siew Avenue for collective sale, with Savills Singapore as the exclusive marketing agency. When combined, the two freehold sites on either side of Thiam Siew Avenue totalled 263,794 sq ft. The properties are located in prime District 15.

    The properties were purchased by long-standing joint-venture partners Hoi Hup Realty and Sunway Developments for $815 million last November. Including the $284 million in development charge and an estimated $39.3 million for 7% balcony space, the final price tag for the developers amounted to about $1.14 billion or a land rate of $1,440 psf per plot ratio. The joint-venture partners are expected to build two condominium projects of about 400 units each on either side of Thiam Siew Avenue.

    Wee Hian Nam, the new owner of the GCB at Olive Road in Caldecott Hill Estate, was not just one of the shareholders of Wee Thiam Siew & Co, but owner of the house at No. 22 Thiam Siew Avenue, which was included in the sale for $815 million. He therefore received not just a share of the proceeds from the company, but the full portion of the proceeds from the sale of the property at 22 Thiam Siew Avenue.

    One could call Wee’s purchase of the GCB at Olive Road “capital recycling”. The GCB that now bears his name is an old double-storey bungalow, believed to be built sometime in the 1950s to 1960s. The house is expected to be torn down and redeveloped into a contemporary mansion.



    He is in good company. Across the road is the GCB purchased by Ian Ang, the co-founder and CEO of gaming chair company Secretlab. The 29-year-old had purchased the GCB for $36 million ($1,537 psf) in June last year. It was considered the highest psf price paid for a GCB on Olive Road.

    It looks like that record has been broken by Wee with his purchase of the GCB at $1,800 psf, which is now the highest transacted price on a psf basis along Olive Road. However, across the whole Caldecott Hill Estate, it is the fourth highest on a psf basis, surpassed only by three GCBs along Lornie Road that were sold at prices from $2,005 psf to $2,545 psf between January 2018 and November 2021.



    In terms of absolute price, at $50.24 million, Wee’s purchase is certainly the highest for a bungalow at Caldecott Hill Estate to date, based on caveats lodged with URA Realis.

    https://www.edgeprop.sg/property-new...-siew-5024-mil

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