OK Lim’s GCB on Third Avenue was sold for less than S$26.5m
The Good Class Bungalow in Third Avenue, which belonged to Hin Leong founder Lim Oon Kuin (better known as OK Lim), has been sold at just under S$26.5 Million.
The Business Times believes that a Singaporean family is the buyer.
The property was sold below the indicative price of S$30million at which it was listed for sale in September 2020.
Knight Frank, a marketing agent, said on Wednesday, November 22, that the two-storey freehold property in Bukit Timah, located in a prime GCB district, attracted a lot of interest when it was placed up for public auction.
Mary Sai said, “In a fair, transparent and competitive tender process, we were able to secure a good sale price.” We were able tap into our database of ultra high-net-worth clientele to secure the buyer.
The property, located at 20 Third Avenue, has a gross floor area of approximately 10,000 square feet.
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Experts noted that 20 Third Avenue had been transacted for “a low quantum” for an GCB of over 14,000 sq ft.
The triangular shape may limit the construction of the building.
The site does represent a great value for money, however, since it is located on the third avenue in Bukittimah at the point where the road is highest.
The price is just below S$26,5 million and works out to approximately S$1,700 – S$1,800 a square foot depending on the size of the land.
A second agent stated that this price was “fair” for a plot of oddly-shaped land located below the road.
This is Lim’s second GCB that has been sold in this area. The first was 5 Second Avenue which was sold for S$33.39million in October 2021.
The Lim family has assets that are frozen by a court order.
Lim is currently facing a criminal trial for alleged cheating and fraud.
The liquidator for oil trader Hin Leong Trading, and HSBC are suing his family.