OK Lim’s GCB Third Avenue has sold for just below S$26.5m

The Good Class Bungalow (3rd Avenue) that was owned by Hin Leong founder Lim Oon Kuin – also known as OK Lim – and sold for just under S$26.5m has now been sold.

This is Lims second GCB. The first property was at 5 Second Avenue in October 20,21, and sold for S$33.39million.

Both properties are part of the Lim’s family assets, which have been frozen by a federal court.

Lim is currently undergoing a criminal trial in which he faces charges of fraud and cheating.

His family also faces a civil case by the liquidator from oil trader Hin Leong Trading as well as HSBC.

The price is below the indicative selling price of S$30 Million at which the property will be put on sale in September 2019.

The Business Times reports that a Singaporean household is the purchaser.

The property occupies a plot of 14,576 sqft and has an area gross of around 10,000 square feet. It is located on 20 Third Avenue.

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Experts note that 20 Third Avenue has been sold for “low quantum”, despite the fact that it is a GCB with a land area of more than 14000 sq ft.

There may be some limitations to the architectural design of the plot due to its triangular shape.

The property is still a great buy, though. It’s located at almost the highest point on Third Avenue in Bukit Tiamah.

With a price just under S$26.50m, it works out to S$1,700-1.800 per sq.ft. based on its land area.

Knight Frank said Wednesday (Nov.22) that after the public tender, the freehold, two-storey property which sits in a GCB area of Bukit Timah drew a large amount of interest.

Mary Sai – executive director, capital markets, Knight Frank Singapore – said that a fair and open tender process resulted in a high selling price. Our proprietary database of high-networth clients was tapped to find the right buyer.

An agent from another agency said it was within “a reasonable price range” to buy a strangely shaped plot below the level of the road.

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