Convicted Hin Leong Founder Ok Lim Sell His Third Gcb 43 Mil
Former Hin Leong boss OK Lim’s GCB on Second Avenue sold for $27 mil
In June 2021, a third Good Class Bungalow (GCB) owned by former oil tycoon and founder of Hin Leong Trading, Lim Oon Kuin, aka OK Lim, was listed for sale. This 15,636 sq ft GCB plot on Tanglin Hill is priced at $43 million, which translates to a land rate of $2,750 psf. Lim’s daughter, Lim Huey Ching, used to live in the GCB with her family and was also a former director of Hin Leong. The property is now vacant, although some of the family’s belongings are still present. Mary Sai of Knight Frank Singapore is the marketing agent for the Tanglin Hill GCB. She was also the marketing agent for the previous two GCBs owned by Lim, which were sold for a combined total of $59.89 million. The GCB at Tanglin Hill is jointly owned by Lim and his daughter, and features a swimming pool and landscaped gardens. Sai says the main attraction of the GCB is its location at the end of a cul-de-sac, with a long driveway that can accommodate up to six cars. While the property has attracted interest from local ultra-high-net-worth individuals, Sai also doesn’t rule out interest from Permanent Residents (PRs) due to its smaller land size of 15,636 sq ft. Under the Residential Property Act, foreigners cannot purchase landed property in Singapore. However, PRs may seek approval to purchase landed homes in certain areas, subject to criteria such as land size and employment income. The Tanglin Hill GCB is located in the Ridley Park GCB Area, one of Singapore’s most exclusive and desirable landed enclaves. The area is easily accessible via Tanglin Road and is close to Orchard Road, Singapore Botanic Gardens, and the lifestyle and dining options at Dempsey Hill and Holland Village. The tender for the sale of OK Lim’s GCB on Tanglin Hill will close on July 19.
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