Knight Frank Singapore is marketing the sale of this GCB on Tanglin Hill. (Image: Knight Frank Singapore)
Former oil magnate Lim Oon Kuin, known as OK Lim, is looking to sell his third Good Class Bungalow (GCB) for $43 million. The two-storey GCB is located on Tanglin Hill in the Ridley Park GCB Area and is spread over a 15,636 sq ft plot. The asking price is equivalent to a land price of $2,750 per sq ft. Knight Frank’s Capital Markets team is handling the marketing of the property.
The property has a constructed area of approximately 760 m² and consists of five bedrooms, a servants’ room, a living room, a dining room, a kitchen and a basement. The property also has a carport, a landscaped garden and a swimming pool.
Last month, Lim – the founder of Hin Leong Trading – was found guilty of two counts of fraud and one count of solicitation to commit forgery for the purpose of fraud. His sentencing is scheduled for October 3.
Read also: Convicted Hin Leong founder OK Lim sells his third GCB for $43 million
This is the third GCB that the former tycoon has brought to market. His previous GCBs, one on Second Avenue and one on Third Avenue, have already been sold. EdgeProp Singapore reported that the Second Avenue GCB was sold for $27 million ($1,351 per square foot) in April 2020. URA’s reservations show that the Third Avenue GCB was sold for $26.39 million ($1,810 per square foot) last November.
The guide price for OK Lim’s GCB in Tanglin Hill is $43 million, which equates to a land price of $2,750 per square foot. (Image: Knight Frank)
GCB transactions on Tanglin Hill have been sparse over the past decade. According to reservations, only three GCBs have been sold during this period. The most recent transaction was a 16,447 sq ft site that sold for $31.5 million ($1,915 per sq ft) in October 2019. Other recent transactions on Tanglin Hill include a 17,728 sq ft site that sold for $27.5 million ($1,551 per sq ft) in 2016 and a 16,243 sq ft site that sold for $25 million ($1,539 per sq ft) in 2015.
Another GCB sale in the area was a 16,703-square-foot property on Gallop Road with a lot price of $2,544 per square foot. The property was purchased in April by the wife of Sea CEO Forrest Li for $42.5 million.
Mary Sai, Managing Director of Capital Markets (Land and Buildings, International Real Estate) at Knight Frank Singapore, says these properties offer significant value additions and are highly sought after due to their prime location and lifestyle options.
The tender for Lim’s GCB sale at Tanglin Hill closes on July 19.
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