Sale Ok Lims Gcb Tanglin Hill Brings Total Raised Assets Seized 9909 Mil
Tender for Nassim Road-Gallop Road GLS site closes with 4 bids AdvertisementOK Lim is left with one GCB on Nassim Hill, which he is allowed to reside in, while the court has granted the sale of the rest of the Lim family properties including 48 apartments and industrial units across three other properties and a condominium.To date, two of the condominium units at UE Square have been sold for $8.3 million and $9.8 million, and the sale of a unit at Cuscaden Residences is pending. The next court date to provide an update is set for August 24.
Oil tycoon Lim Oon Kuin, also known as OK Lim, recently sold his third Good Class Bungalow (GCB) at 1K Tanglin Hill for $39.2 million, according to a caveat lodged on August 16. The buyers are Hiew Wen Ji and Hiew Wen Li, the two children of Mapletree Investments executive director and group CEO Hiew Yoon Khong. The property title search shows that the bungalow sits on a 15,636 sq ft freehold site and has a long driveway for up to six cars, as well as a back garden with a swimming pool.
The existing house has a built-up area of 8,110 sq ft, two storeys with five bedrooms, a study on the first level and a basement with a hall and a room. The master bedroom has an ensuite bathroom with his and hers wardrobes. The GCB at 1K Tanglin Hill was built 26 years ago and has a built-up area of 8,110 sq ft.
At $39.2 million, the GCB sold for 8.8% below the asking price of $43 million ($2,750 psf) when it was launched for sale on June 21. The property at Tanglin Hill is the last of the three GCBs to be sold as part of a court-ordered asset freeze of the Lim family assets following Hin Leong’s collapse and subsequent winding up in 2021. It was jointly owned by Lim and his daughter, Lim Huey Ching, who used to live there with her family. The first of Lim’s GCBs to be sold was at 5 Second Avenue, off Bukit Timah Road, jointly owned by his wife, Tan Sook Eng. It fetched $33.39 million ($1,671 psf) in October 2021. The second GCB at 20 Third Avenue was jointly held with his son, Evan Lim Chee Meng. It was sold for $26.5 million ($1,818 psf) in November 2023.
With the sale of the GCB at Tanglin Hill for $39.2 million, the total amount raised from the asset seizure was $99.09 million. OK Lim is left with one GCB on Nassim Hill, which he is allowed to reside in, while the court has granted the sale of the rest of the Lim family properties including 48 apartments and industrial units across three other properties and a condominium.
The GCB at Tanglin Hill contrasts the $93.89 million fetched by a GCB just four doors away, also on Tanglin Hill. The GCB sits on a 15,150 sq ft freehold site, and the transacted price works out to an all-time high of $6,197 psf.
It is a new GCB targeted for completion by the end of the year. It is sold fully furnished by the developer, Meir Homes. The GCB has a built-up area of nearly 30,000 sq ft, with two storeys and an attic. It has a basement large enough for 10 cars, an entertainment area with an 18-seater theatre, a walk-in wine chiller, a lounge, a powder room, and a 25m lap pool. The first level of the house is designed for someone who enjoys entertaining at home, with a large living and dining area, a powder room, and a dry and wet kitchen. The second level has a 1,500 sq ft master suite, a family lounge and three other en suite bedrooms. The attic level has two more en suite rooms.
“It’s hard to compare the GCBs even though they are along the same street,” says Han Huan Mei, research director at List Sotheby’s International Realty. “One has to consider the different site configurations and attributes of the houses. One property is an older house, while the other is a new-build with a vast built-up area of 30,000 sq ft and sold fully furnished.”
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