Olive Rd GCB sold for S$50.2 million

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.