{"id":122695,"date":"2021-10-20T02:42:22","date_gmt":"2021-10-19T19:42:22","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ok-lims-gcb-at-second-avenue-sold-for-33-39mil\/"},"modified":"2021-10-20T11:11:08","modified_gmt":"2021-10-20T04:11:08","slug":"ok-lims-gcb-at-second-avenue-sold-for-33-39mil","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ok-lims-gcb-at-second-avenue-sold-for-33-39mil\/","title":{"rendered":"OK Lim\u2019s GCB at Second Avenue sold for $33.39mil"},"content":{"rendered":"


\nThe $33.39 million price tag for the 19,984 sq ft\u00a0Good Class Bungalow translates to $1,671 per sq ft for the freehold property. Source: Google Maps
\nThe Good Class Bungalow (GCB) at Second Avenue owned by the founder of collapsed firm Hin Leong, Lim Oon Kuin and his wife Tan Sook Eng, has been sold for $33.39 million.
\nIt is being acquired by Ng Poh Choo, wife of Tan Yeow Khoon, the former Executive Chairman of Cogent Holdings, reported The Straits Times (ST).
\nCogent Holdings has been delisted in 2018, following its $488.07 million acquisition by Cosco Shipping International (Singapore).
\nST noted that the $33.39 million offer for the 19,984 sq ft property works out to $1,671 per sq ft (psf).
\n\u201cThe buyer put up a down payment yesterday and has not decided on whether to rebuild the property,\u201d Mary Sai, Executive Director of Capital Markets at Knight Frank Singapore, the freehold property\u2019s marketing agent, told ST.
\nThe Bukit Timah property, which is under a court-ordered asset freeze injunction, was launched for sale by tender that closed on 30 September.
\nPrior to the launch of the tender, the property received a $31 million offer. Last year, it was reported that the GCB received its first offer at $27 million.
\nThe tender launch came as Hin Leong\u2019s judicial managers-turned-liquidators \u2013 who in May obtained a Mareva injunction to freeze the assets of Lim family worldwide up to a value of US$3.5 billion (S$4.7 billion) \u2013 wanted the sale process to be \u201cvery transparent and open to a wide network of bidders\u201d, said Sai.
\nSteve Tay, Senior Associate Vice-President of List Sotheby\u2019s, described the $33.39 million offer as \u201ca fair price\u201d.
\n\u201cIn today\u2019s market, 20,000 sq ft land parcels that are selling below $40 million are limited in supply,\u201d he said as quoted by ST.
\nThis is in view of the $86 million acquisition of a property within the nearby Queen Astrid Park GCB area by Chew Shou Zi, the Chief Executive of Chinese video-sharing app TikTok.
\nThe price translates to around $2,704 psf based on the land area of about 31,800 sq ft.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg.\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…OK Lim\u2019s GCB at Second Avenue sold for .39mil<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The $33.39 million price tag for the 19,984 sq ft\u00a0Good Class Bungalow translates to $1,671...<\/p>\n","protected":false},"author":1,"featured_media":122696,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-122695","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/10\/OK-LIM-HIN-LEONG-GCB.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vUX","jetpack-related-posts":[{"id":109079,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/belmont-road-gcb-to-go-under-the-hammer\/","url_meta":{"origin":122695,"position":0},"title":"Belmont Road GCB to go under the hammer","date":"July 17, 2019","format":false,"excerpt":"\r A Good Class Bungalow (GCB) at 80 Belmont Road is set to be auctioned on 23 July (Tuesday), carrying a guide price of $42 million or around $1,557 per sq ft (psf), reported The Straits Times citing Knight Frank Singapore. Situated near the Holland Village enclave, Sixth Avenue as\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":111658,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/nassim-road-gcb-for-sale-for-175m\/","url_meta":{"origin":122695,"position":1},"title":"Nassim Road GCB for sale for $175m","date":"October 17, 2019","format":false,"excerpt":"\r The two-storey bungalow has a total floor area of about 13,839 sq ft and\u00a0is a mere five-minute walk to the Botanic Gardens, and is a 10 minutes\u2019 drive to the CBD. Image source: CBRE A two-storey conservation good class bungalow (GCB) at 40 Nassim Road has been put up\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":25909,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/leedon-park-gcb-could-fetch-over-70-million\/","url_meta":{"origin":122695,"position":2},"title":"Leedon Park GCB could fetch over $70 million","date":"September 13, 2016","format":false,"excerpt":"\r The 46,879 sq ft plot located on high ground can be subdivided into 3 GCBs, said JLL. A sprawling good class bungalow (GCB) located on one of the highest points of the Leedon Park GCB area has been launched for sale, revealed sole marketing agent JLL. Built in the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":120527,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/grab-ceos-wife-acquires-gcb-in-bin-tong-park-for-40mil\/","url_meta":{"origin":122695,"position":3},"title":"Grab CEO\u2019s wife acquires GCB in Bin Tong Park for $40mil","date":"July 12, 2021","format":false,"excerpt":"\r The 21,6327 sq ft Bin Tong Park property, bought for $40 million, is expected to be redeveloped by the couple. 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