Tycoon OK Lim’s bungalow in Singapore GCB Area sold for RM109m

SINGAPORE (Oct 20): Hin Leong group founder Lim Oon Kuin and his wife have sold their freehold bungalow in Second Avenue near Sixth Avenue MRT station for nearly S$33.39 million (RM103 million), translating to almost S$1,671 per sq ft, reported Business Times today. 

The bungalow, which has a land area of 19,984 sq ft, is now the home of the family of Tan Yeow Khoon. Tan was 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 report added. 

The purchase of the Second Avenue bungalow is being made by Tan’s wife, Ng Poh Choo.

Located within the First/Third Avenue Good Class Bungalow (GCB) Area, it was sold through a tender exercise conducted by Knight Frank, which closed on Sep 30, it said. 

Built a few decades ago and refurbished thereafter, it has a total gross floor area of about 10,000 sq ft. Spanning three levels, the bungalow has five bedrooms, a swimming pool and a squash court.

The bungalow, held by Lim and his wife, Tan Sook Eng, is among the nine properties in Singapore and Australia that have been frozen by Singapore High Court to recoup US$3.5 billion (RM14.54 billion) in debt from the collapsed oil trading company, according to a report by The Straits Times earlier.

Knight Frank executive director for capital markets Mary Sai said that the tender exercise for the Second Avenue bungalow drew “a good level of interest”, without stating the number of bids received, when contacted by The Business Times on Oct 19. 

“The highest tender bid of S$33.39 million, which comes close to the guide price of S$34 million, has been accepted by the owners and approved by the liquidators. Until the later part of last year, the property had been tenanted,” said Sai.

The report also stated that 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.

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