OK Lim’s GCB on Third Avenue was sold for less than S$26.5m
Knight Frank’s marketing agent said that on Wednesday (Nov. 22), the two-storey, freehold property located in a GCB prime area in Bukittimah, attracted a great deal of interest after being put up for auction.
Mary Sai is the executive director for capital markets in Knight Frank Singapore. She said: “In an open and fair tendering process, a reasonable selling price was achieved.” We were able use our own database of ultra-high net worth clients to find the buyer.
This property is located in 20 Third Avenue and has a total floor area of 10,000 sq ft. It sits on an 14,576 sq ft lot.
The Good Class Bungalow on Third Avenue that belonged to Hin Leong’s founder Lim Oon Kuin – better known as OK Lim – has sold for less than S$26.5million.
The Business Times has confirmed that the purchaser is a Singaporean Family.
The sale price was below the indicative guide of S$30million, at which the property had been put on the market for sale by September 2023.
It is Lim’s 2nd GCB in the area. The first GCB was located at 5 Second Avenue and was sold in October of 2021 for S$33.39million.
The Lim family is required to freeze its assets by court order.
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Based on the area of the property, a price of just under S$26.50 million works out at about S$1,700-S$1,800 per sq. foot.
One agent told me that the price for this oddly shaped parcel of land was within a “fair range”.
Lim is facing charges of cheating and forgery in a criminal case.
He and his family are also being sued by the liquidator Hin Leong Trading (oil trader) and HSBC, a creditor.
Experts have noted that the price of 20 Third Avenue for a GCB covering more than 14,000 square feet of land was “low”.
The triangular plot shape could indicate that the architecture of the site is limited.
This is a very good deal, because the site is almost at the top of Third Avenue.