Lim Oon Kuin's Second Avenue bungalow being sold for S$33.39m
Oct 19, 2021
BELEAGUERED Hin Leong group founder Lim Oon Kuin and his wife are selling their freehold bungalow in Second Avenue near Sixth Avenue MRT station for nearly S$33.39 million. The price works out to almost S$1,671 per square foot (psf) on the land area of 19,984 square feet (sq ft).
The buyer is the family of Tan Yeow Khoon, the former executive chairman of logistics group Cogent, which was bought out by Chinese shipping company Cosco Shipping International (Singapore) and delisted from the Singapore Exchange in 2018.
The purchase of the Second Avenue bungalow is being made by Tan's wife, Ng Poh Choo.
The bungalow - located within the First/Third Avenue Good Class Bungalow (GCB) Area - was sold through a tender exercise conducted by Knight Frank and which closed on Sep 30. Ng's offer was accepted by the bungalow's owners earlier this month.
The freehold bungalow, held by Lim and his wife, Tan Sook Eng, is 1 of 9 properties in Singapore and Australia that are among assets frozen by the High Court to recoup US$3.5 billion in debt from the collapsed oil trader.
A nearby bungalow, also on Second Avenue, was sold in July at S$30 million or S$2,045 psf on a land area of 14,667 sq ft.
In the same month, gaming company Razer's co-founder and chief executive Tan Min-Liang bought a bungalow along Third Avenue for S$52.8 million or S$1,706 psf on the land area of 30,954 sq ft.
Bungalows in the 39 gazetted GCB Areas are the most prestigious form of landed housing in Singapore, with strict planning conditions stipulated by the Urban Redevelopment Authority to preserve their exclusivity and low-rise character. One generally has to be a Singapore citizen to be allowed to acquire a landed property in a GCB Area.