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Thread: OK Lim's Second Avenue bungalow on sale by public tender

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    Default OK Lim's Second Avenue bungalow on sale by public tender

    OK Lim's Second Avenue bungalow on sale by public tender

    Sep 06, 2021


    The GCB at 5 Second Avenue in Bukit Timah sits on 19,984 square feet (sq ft) of land with a gross floor area of about 10,000 sq ft.
    PHOTO: KNIGHT FRANK


    A THREE-STOREY Good Class Bungalow (GCB) belonging to Hin Leong founder Lim Oon Kuin, better known as OK Lim, is for sale along with another GCB at Caldecott Hill Estate, according to a press release issued by marketing agent Knight Frank on Monday.

    These properties are for purchase by public tender and by expression of interest (EOI), respectively, with their deadlines being Sept 30 and two weeks from Oct 5.

    The GCB at 5 Second Avenue in Bukit Timah sits on 19,984 square feet (sq ft) of land with a gross floor area of about 10,000 sq ft. Knight Frank in its release said the property comes with a well-manicured garden, swimming pool, large car porch and a squash court in the basement.

    Mary Sai, Knight Frank Singapore's executive director of capital markets for land & building, collective & strata sales, said that the Bukit Timah GCB had "generated a good level of interest" when it was offered for sale by private treaty last year, as "many homeowners were looking to own one in the coveted District 10".

    A valuation is currently being conducted to establish the fair open market value of the property, said Knight Frank, which also noted that several tech chief executives have bought similar assets in recent months with price tags in the range of S$30 million to S$86 million.

    The agent further highlighted the S$30 million sale of a GCB at Second Avenue in July this year, which reflects a per-square-foot (psf) price of S$2,045 based on its land area of 14,667 sq ft. Another GCB at Third Avenue nearby sold in the same month to Razer's chief executive Tan Min Liang for S$52.8 million or S$1,706 per psf, it noted.

    The Bukit Timah GCB is one of several properties in Singapore under a US$3.5 billion court-ordered asset freeze of the Lim family's assets worldwide.

    News of the bungalow's sale by tender comes more than a year after it was reported that an attempted divestment of the same property had fallen through. EdgeProp had previously disclosed that a caveat of S$27 million was lodged for the bungalow on April 14, 2020, shortly before Hin Leong Trading applied for a debt moratorium.

    The other GCB for sale by EOI was described by Knight Frank as a "resort-like two-storey bungalow set in the tranquil surroundings of Caldecott Hill Estate". With a land area of 29,483 sq ft and its close proximity to the Caldecott MRT station, it will attract buyers looking to own the perfect family home, said the marketing agent.

    "Interest in this prestigious asset class in Singapore (GCBs) is still going strong with the rebound of economic activities and the easing of restrictive safety measures as our nation reached vaccination rate of 80 per cent," commented Ms Sai.

  2. #2
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    Default Re: OK Lim's Second Avenue bungalow on sale by public tender

    GCB of Hin Leong boss at Second Avenue up for sale by tender, with Knight Frank as marketing agent

    Cecilia Chow
    EdgeProp Singapore

    September 6, 2021



    SINGAPORE (EDGEPROP) - At Second Avenue, off Bukit Timah Road, a prime Good Class Bungalow (GCB) will be put up for sale by public tender on September 7. Knight Frank Singapore has been appointed the exclusive marketing agent for the GCB that sits on a freehold site of 19,984 sq ft.

    The property is jointly owned by the founder of collapsed oil trading firm, Hin Leong Trading, Lim Oon Kuin or “OK Lim”, and his wife Tan Sook Eng. Lim had founded Hin Leong in 1963 and it had once been one of Asia’s largest oil traders. In April last year, Hin Leong was placed under judicial management and was wound up this March.

    No reserve price has been set yet for the property at Second Avenue as valuation is still being conducted “to establish a fair, open market value”, according to Knight Frank.



    The latest GCB transaction at Second Avenue was for a property sitting directly opposite the one that Lim owns. The bungalow, which sits on a smaller freehold site of 14,667 sq ft, changed hands for $30 million ($2,045 psf) in July, according to a caveat lodged then.

    Prior to that, the GCB adjacent to Lim’s property, changed hands for $27.5 million ($1,375 psf) in August 2018. It sits on a land area of about 20,000 sq ft, almost equivalent in size to Lim’s property. In 2019, the buyer obtained written permission for the construction of a new double-storey GCB with a basement and swimming pool. Construction is still underway.

    “The price of $1,375 psf for the GCB next door is based on land alone,” points out Mary Sai, executive director of investment & capital markets at Knight Frank.

    Read more at: https://www.edgeprop.sg/property-new...gion-36-40-mil

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