OK Lim’s GCB Third Avenue sold at just under S$26.5million
The Good Class Bungalow, or GCB, in Third Avenue owned by Hin Leong founder Lim Oon Kuin – better known as OK Lim – has been sold just below S$26.5m.
The property at 20 Third Avenue has a total area of 10,076 square feet.
Experts pointed out that 20 Third Avenue, which was a GCB for more than 14, 000 sq ft land, was sold at a “low price”.
The triangular form of the plot could mean that some architectural limitations are present.
However, it represents a good investment as the site sits on the almost highest point of Third Avenue at Bukit Timah.
Knight Frank, a leading marketing agency, reported on Wednesday, Nov. 22, that the property was a hot seller after it went up for auction. The two-storey house, which is located in a GCB zone in Bukit Timah drew a lot interest.
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Mary Sai, executive Director of Capital Markets at Knight Frank Singapore, said: “In fair and transparent bidding, a decent selling price was ensured.” We were also able to use our exclusive database of ultrahigh-net worth clients to asecure a buyer.
The Business Times is aware that a Singaporean-based family has purchased the property.
The price paid was less than the indicative guideline of S$30m at which property was to be sold in September 2023.
A price of S$26.5m is equivalent to S$1,700-1,800 per square feet based on land area.
Another agent said that it was a fair price for a land plot with an odd shape below road level.
Lim is currently facing criminal charges for cheating, forgery and other crimes.
His family faces a civil lawsuit by the liquidator and creditor of Hin Leong Trading – an oil trader – as well as HSBC.
The second GCB sold by Lim in the same area. The first was the 5 Second Avenue property, which sold in October 2020 for S$33.39million.
These properties are included in the assets of the Lim family under an asset freeze ordered by a judge.