O.K. Lim's Bukit Timah GCB to be sold for $33.39m

Lim Oon Kuin, founder of the collapsed oil trading group Hin Leong, and his wife Tan Sook Eng, are selling their good class bungalow (GCB) in Second Avenue for $33.39 million.

The buyer is Ng Poh Choo, wife of former executive chairman of logistics group Cogent, Tan Yeow Khoon. Cogent was bought out by Cosco Shipping International (Singapore) for $488.07 million, and delisted from the Singapore Exchange in 2018.

Spanning 19,984 sq ft, the sale price of the GCB translates to $1,670.84 psf. The GCB features a garden, swimming pool, large car porch and a squash court in the basement. You can also view the listing here.

It was sold through a tender exercise by Knight Frank that closed on Sept 30, with an initial asking price of $34 million. According to Straits Times, an offer for the GCB was made last year for $27 million, but the deal fell through amid the firm’s financial problems. Before the launch of the tender, a $31 million offer was made.

In an earlier press release, the agency noted that a 14,667 sq ft GCB in Second Avenue had been sold for $30 million in July this year, translating to $2,045 psf.

In the same month, Razer CEO Tan Min Liang had bought a GCB for $52.8 million at the neighbouring Third Avenue.