Convicted Hin Leong Founder Ok Lim Sell His Third Gcb 43 Mil

PARAGRAPHThe exclusive Good Class Bungalow (GCB) enclave has another offering for potential buyers, with the third GCB of Lim Oon Kuin, better known as OK Lim, being put up for sale on June 21. Located on Tanglin Hill, the 15,636 sq ft GCB is listed with a guide price of $43 million, equating to a land rate of $2,750 psf. Situated jointly in the ownership of Lim and his daughter, Lim Huey Ching, who once resided at the property with her family and served as a director at Hin Leong Trading, this GCB is the third of the family’s assets to be marketed for sale. The house has been vacated by the family, but a few boxes of their belongings remain on the premises. Being marketed by Mary Sai, the executive director of capital markets at Knight Frank Singapore, the GCB at Tanglin Hill is expected to draw a lot of interest owing to its prime location and desirable features, such as a swimming pool and landscaped gardens. Sai is also the marketing agent for the previous GCBs at 5 Second Avenue and 20 Third Avenue, which were sold for $33.39 million and $26.5 million respectively. With the sale of the Tanglin Hill GCB at a price of $43 million, the total raised from the sale of all three GCBs will amount to $102.89 million. These sales are part of a court-ordered asset freeze on the Lim family’s assets following the collapse of Hin Leong and its subsequent winding up in 2021. The 8,110 sq ft house at 1K Tanglin Hill is spread over two levels and comes with five bedrooms, including a master suite with en suite bathroom and his and hers walk-in wardrobes. The first level also has a study that can be converted into a bedroom if needed. One of the main highlights of the GCB is its location at the end of a cul-de-sac, with a long driveway that can accommodate up to six cars. Buyers who require additional parking can use the road outside to park their cars. Potential buyers for this GCB have been local ultra-high-net-worth individuals, but there is also the possibility of foreign interest from Permanent Residents (PRs). Given that the GCB sits on a land area of 15,636 sq ft, Sai believes that there could be PR interest as they may apply for approval to purchase landed homes in select areas if they can meet the criteria set. Along with its prime location, the GCB is part of the Ridley Park GCB Area, which is an exclusive and desirable landed enclave in Singapore. According to Sai, this GCB is expected to attract strong buyer interest, thanks to its location’s prestige and exclusivity, which is sought after by many. The most recently transacted GCB in Tanglin Hill was in October 2019 when a house on a 16,446 sq ft site was sold to Koh Tuck Lye, a former board director at Hong Kong-listed Xiaomi Corporation, for $31.5 million. Tanglin Hill is well-serviced by Tanglin Road, with easy access to Orchard Road’s shopping district. Besides being close to popular lifestyle and dining hotspots like Dempsey Hill, Holland Village and the Singapore Botanic Gardens, the area also has numerous medical facilities such as Gleneagles Hospital on Napier Road and Camden Medical Centre on Orchard Boulevard. The tender for the sale of the GCB on Tanglin Hill closes on July 19.

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