Convicted Oil Tycoon Ok Lim Sell His Third Gcb 43 Mil

Lim Oon Kuin, also known as OK Lim, is looking to find a buyer for his third Good Class Bungalow (GCB) for a price of $43 million. Situated on Tanglin Hill within the Ridley Park GCB Area, the two-story GCB is spread over a plot of 15,636 sq ft, with an asking price of $2,750 psf. The property’s marketing is being handled by Knight Frank’s Capital Markets team.

Built over a land area of around 8,110 sq ft, the property consists of five bedrooms, a helper’s room, a living room, a dining room, a kitchen, and a basement. It also includes a car porch, a landscaped garden, and a swimming pool. Last month, Lim, who is the founder of Hin Leong Trading, was convicted of two cheating charges and one count of instigating forgery for cheating. His sentencing is scheduled for October 3rd.

This is the third GCB being put up for sale by the former tycoon. The previous two, one at Second Avenue and another at Third Avenue, have already been sold. According to EdgeProp Singapore, the GCB located at Second Avenue was sold for $27 million ($1,351 psf) in April 2020. URA caveats also show that the GCB along Third Avenue was sold for $26.39 million ($1,810 psf) last November. The GCB on Tanglin Hill is being offered at a guide price of $43 million, which equates to a land rate of $2,750 psf.

GCB transactions on Tanglin Hill have been few and far between in the last decade. As per the caveats, only three GCBs have been sold in this period. The most recent sale was of a 16,447 sq ft site for $31.5 million ($1,915 psf) in October 2019. Other recent transactions on Tanglin Hill include the sale of a 17,728 sq ft plot for $27.5 million ($1,551 psf) in 2016 and a 16,243 sq ft plot that was sold for $25 million ($1,539 psf) in 2015. Also, another GCB in the region, with an area of 16,703 sq ft, was acquired by the wife of Sea CEO Forrest Li for $42.5 million in April.

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According to Mary Sai, executive director of Capital Markets (Land and Building, International Real Estate) at Knight Frank Singapore, these properties offer a great opportunity for capital appreciation and are in high demand due to their excellent locations and lifestyle options. The tender for Lim’s GCB sale on Tanglin Hill will close on July 19th.