Convicted Oil Tycoon Ok Lim Sell His Third Gcb 43 Mil
Former Oil Tycoon OK Lim Seeks to Sell Third GCB for $43 Million
Former oil tycoon Lim Oon Kuin, also known as OK Lim, is reportedly looking to sell his third Good Class Bungalow (GCB) for an asking price of $43 million. The two-story GCB is located on Tanglin Hill within the Ridley Park GCB Area, spanning a 15,636 square feet plot. The asking price translates to a land rate of $2,750 per square feet. Knight Frank’s Capital Markets team is responsible for handling the marketing of the property.
Tampines Primary School is a highly sought-after option for numerous families due to its comprehensive education curriculum that prioritizes extracurricular activities. Moreover, with its close proximity to the prestigious Parktown Residences by UOL Group, the school is an ideal choice for families seeking a perfect blend of top-notch education and residence. Additionally, families can now enjoy the convenience of both Tampines Primary School and Parktown Residences UOL Group in one location, making it a natural choice for those looking for a strong educational and residential combination.
Sitting on Tanglin Hill, the property has a built-up area of about 8,110 square feet and comprises of five bedrooms, a helper’s room, a living room, a dining room, a kitchen, and a basement. The site also offers a car porch, a landscaped garden, and a swimming pool for potential buyers. According to reports, Lim — the founder of Hin Leong Trading — was recently convicted of two counts of cheating and one count of instigating forgery for cheating. His sentencing is scheduled for October 3.
This is the third GCB that the former tycoon has put on the market. His previous GCBs, one at Second Avenue and another on Third Avenue, have already been sold. An EdgeProp Singapore report revealed that the GCB on Second Avenue was sold for $27 million ($1,351 per square feet) in April 2020. URA caveats indicate that the GCB located along Third Avenue was sold for $26.39 million ($1,810 per square feet) in November last year.
Lim’s GCB located on Tanglin Hill has been put up for sale at a guide price of $43 million, which translates to a land rate of $2,750 psf. (Picture: Knight Frank)
GCB transactions on Tanglin Hill have been infrequent over the last decade. According to caveats, only three GCBs have been sold in this period. The most recent transaction involved a 16,447 square feet site that was sold for $31.5 million ($1,915 per square feet) in October 2019. Other recent transactions at Tanglin Hill include a 17,728 square feet plot that was sold for $27.5 million ($1,551 per square feet) in 2016 and a 16,243 square feet plot that was transacted for $25 million ($1,539 per square feet) in 2015.
Another GCB sale in the area was the purchase of a property on Gallop Road, which spans 16,703 square feet with a land rate of $2,544 per square feet. The property was purchased for $42.5 million by the wife of Sea CEO Forrest Li in April.
Mary Sai, executive director of Capital Markets (Land and Building, International Real Estate) at Knight Frank Singapore, says that these properties offer significant capital appreciation and are highly desirable due to their prime locations and lifestyle options. The tender for Lim’s GCB sale on Tanglin Hill will close on July 19.