SINGAPORE - A two-storey good class bungalow (GCB) in Bukit Timah that belonged to beleaguered Hin Leong Trading founder Lim Oon Kuin, better known as O.K. Lim, has been sold for just under $26.5 million to a Singapore family.

Located in the prime First/Third Avenue GCB area, the $26.5 million price works out to around $1,818 per square foot (psf).

The freehold GCB was put up for sale by public tender at $30 million in September.

Ms Mary Sai, executive director of capital markets at Knight Frank Singapore, declined to reveal the identity of the buyer, but said: “The family liked it for its location and it is very near amenities in the Orchard Road area. They are buying for their own stay.”

She added: “There were more than 20 inquiries for the property.”

The freehold property at 20 Third Avenue sits on a 14,576 sq ft plot with a total gross floor area of about 10,000 sq ft.

It is located near the Sixth Avenue MRT station and amenities at the upcoming One Holland Village, and Tanglin Mall and Gleneagles Medical Centre and Hospital.

This is the second property, among several Singapore properties under a High Court-ordered freeze of the Lim family’s assets, that was put up for sale.

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The Straits Times understands that the 50 per cent share that Lim had in the Third Avenue GCB, which he jointly owned with his son Evan Lim Chee Meng, will be subject to this court order to recoup US$3.5 billion (S$4.8 billion) in debt from the collapsed oil trading firm.

Lim’s other GCB at 5 Second Avenue was sold for $33.39 million in October 2021 to the family of Mr Tan Yeow Khoon, the former executive chairman of delisted logistics company Cogent Holdings. This translates to $1,671 psf for the freehold plot of 19,984 sq ft.

Ms Sai, who also sold Lim’s Second Avenue GCB, said: “The Third Avenue property’s prime location in a GCB area drew keen interest. We were able to tap into our database of ultra-high-net-worth clients to secure the buyer.”

Mr Samuel Eyo, managing director of Lighthouse Property Consultants, said that the sale price is lower than the $30 million guide price because the GCB is located on a “triangular-shaped land and sitting on a down slope, which is not ideal to most buyers”.

“But the sale price of $1,818 psf is still higher than the last transacted deal in 2021. The (20 Third Avenue) deal is still value for money, and the GCB can be torn down and rebuilt for another $15 million.”

The last transaction in the area was another Third Avenue GCB bought in 2021 by gaming company Razer’s co-founder and chief executive Tan Min-Liang for $52.8 million. The price works out to $1,706 psf on the freehold land area of 30,954 sq ft.

Lim faces a total of 130 criminal charges involving US$2.7 billion in alleged fraudulent loans disbursed, three of which have proceeded to a trial that is ongoing in the State Courts.

At the same time, Lim, his two children and his former personal assistant, Madam Serene Seng, are being sued for US$85.3 million in damages by HSBC. Lim and his two children are also being sued by Hin Leong’s court-appointed liquidators over US$3.5 billion in alleged debt. Both cases are being jointly heard in a civil hearing in the High Court.

In the wake of a $2.8 billion money-laundering bust that involved foreign nationals, owners have become increasingly wary of renting GCBs to Chinese foreigners, said Huttons Asia CEO Mark Yip in a report.

“Many owners of GCBs are holding back from selling as they do not think buyers are willing to match their asking prices.”

List Sotheby’s International Realty’s analysis of data from the Urban Redevelopment Authority’s Realis platform showed that there were 15 deals in GCB areas worth $370.1 million from January to early November 2023.

In 2022, there were 44 bungalow deals totalling $1.19 billion. For the whole of 2021, there were 90 GCB deals totalling $2.57 billion.

This article was first published in The Straits Times. Permission required for reproduction.