Convicted Hin Leong Founder Ok Lim Sell His Third Gcb 43 Mil
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Lim Oon Kuin, also known as OK Lim, the former oil tycoon and founder of Hin Leong Trading, has put his third Good Class Bungalow (GCB) up for sale on June 21. The GCB, located on Tanglin Hill, spans 15,636 sq ft and is being offered at a guide price of $43 million, which translates to a land rate of $2,750 psf.
Previously owned by Lim and his daughter, Lim Huey Ching, a former director of Hin Leong, the GCB was their family residence. However, upon visiting the property on June 24, it was evident that the family had vacated the premises, although some of their belongings were still present.
Marketing agent Mary Sai, executive director of capital markets at Knight Frank Singapore, had also handled the previous two GCBs sold by the Lim family. The first GCB at 5 Second Avenue, jointly owned by Lim and his wife Tan Sook Eng, was sold for $33.39 million ($1,671 psf) in October 2021. The second GCB, co-owned by Lim and his son Evan Lim Chee Meng, was located at 20 Third Avenue and sold for $26.5 million ($1,818 psf) in November 2023. If the GCB on Tanglin Hill is successfully sold at its asking price, the total sales proceeds from all three GCBs would amount to $102.89 million. These sales are part of a court-ordered asset freeze of the Lim family’s assets after the collapse of Hin Leong and its subsequent winding up in 2021.
The Tanglin Hill GCB, which boasts a built-up area of 8,110 sq ft, features five bedrooms, a master suite with an en suite bathroom and walk-in wardrobes, as well as a study that can double up as a bedroom if needed. Sai cites the property’s prime location at the end of a cul-de-sac and its long driveway that can accommodate six cars as its main selling points. She also adds that Ridley Park GCB Area, where the GCB is located, is a sought-after and exclusive landed enclave in Singapore.
Although under the Residential Property Act, foreigners are not allowed to purchase residential landed property in Singapore, PRs may apply for approval from the Land Dealings Approval Unit of the Singapore Land Authority to buy landed homes in specific areas, subject to criteria such as land size and tax-assessable employment income. The Tanglin Hill GCB has sparked interest from local ultra-high-net-worth individuals, though Sai does not discount the possibility of PRs showing interest as well, given that the land size is 15,636 sq ft, which is not too large.
The Tanglin Hill GCB is conveniently situated near amenities like the Orchard Road shopping district, Singapore Botanic Gardens, Dempsey Hill and Holland Village’s lifestyle and dining options, and medical services at Gleneagles Hospital and Camden Medical Centre. The last sale of a GCB in Tanglin Hill was in October 2019, when a property on a 16,446 sq ft site was sold for $31.5 million to Koh Tuck Lye, a former board director of Hong Kong-listed Xiaomi Corporation.
The tender for OK Lim’s GCB on Tanglin Hill closes on July 19.