Sale Ok Lims Gcb Tanglin Hill Brings Total Raised Assets Seized 9909 Mil
ONG Chong Yaw, managing partner of Orangetee & Tie believes that there is still potential upside for such GCBs as they are in a prime location in the Tanglin GCB enclave. The GCBs sitting on the hill are also coveted for their wide frontages, he notes. Tanglin Hill is also the highest point in the GCB area, he adds.”Furthermore, according to URA Master Plan 2019, the Tanglin GCB enclave is one of the few which are not identified with a masterplan approach zone,” notes Ong. “This means that there are no future high-rise, high-intensity developments in the surroundings. This could be the reason why the area continues to be an attractive location for the ultra-rich.”Lim of SRI is also positive on the GCB segment. “GCBs are becoming more popular and the value will continue to appreciate,” he says. “I don’t see it being impacted by the government’s cooling measures.” The property market is very resilient, he adds. The GCB segment has always been limited in supply and there is still a lot of demand for it, he points out.The GCB at 1K Tanglin Hill is a sought-after corner site that stretches to an estimated 25,000 sq ft. On a per-square-foot basis, however, the price paid for the GCB is lower compared with the GCBs in the vicinity. As such, it is a good buy, Lim concludes.
The luxurious Good Class Bungalow (GCB) at 1K Tanglin Hill, which belongs to convicted oil tycoon Lim Oon Kuin, also known as OK Lim, has been recently sold for $39.2 million ($2,507 per square foot). According to a caveat filed on August 16, the buyers of the property are Hiew Wen Ji and Hiew Wen Li, the two children of Hiew Yoon Khong, executive director and group CEO of Mapletree Investments.
The GCB, located at the end of a cul-de-sac in Tanglin Hill, sits on a freehold land of 15,636 square feet. It features a long driveway that can accommodate up to six cars and a large backyard with a swimming pool. The house itself has a built-up area of 8,110 square feet, spread over two levels and equipped with five bedrooms, a study on the first floor, and a basement with a hall and a room. The master bedroom comes with an attached bathroom and his and her wardrobes.
The sale of this GCB at Tanglin Hill marks the third and final one to be sold following a court-ordered asset freeze of the Lim family’s assets after the collapse and liquidation of Hin Leong in 2021. The property was jointly owned by OK Lim and his daughter, Lim Huey Ching, who used to reside there with her family and was also a former director of Hin Leong.
OK Lim purchased the property in 1999, just a year after its construction. The first of his GCBs to be sold was at 5 Second Avenue, jointly owned with his wife, Tan Sook Eng, which was sold for $33.39 million ($1,671 psf) in October 2021. The second GCB, located at 20 Third Avenue and jointly owned with his son, Evan Lim Chee Meng, was sold for $26.5 million ($1,818 psf) in November 2023. With the sale of the GCB at Tanglin Hill, a total of $99.09 million has been raised from the asset seizure.
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According to Mary Sai, Knight Frank’s executive director of investment and capital markets, who managed the sale of all three GCBs, the new owner of Tanglin Hill’s property may choose to undertake extensive additions and alterations (A&A) or redevelop the site. Bruce Lye, co-founder and managing partner of SRI, estimates that expanding the property through A&A could cost up to $20 million, while tearing down and building a new GCB with a built-up area of 20,000 square feet could cost around $20 million as well.
The price of the GCB at 1K Tanglin Hill is significantly lower compared to the $93.89 million paid for a GCB just a few doors away. This GCB, also on a freehold land of 15,150 square feet, was transacted in March 2021 for a record-breaking $6,197 psf. The property is a newly completed GCB, fully furnished by the developer, Meir Homes, with a built-up area of almost 30,000 square feet, a basement that can accommodate up to 10 cars, and various luxurious amenities.
Despite the price contrast, analysts believe that both GCBs have their unique features and attributes, making it challenging to compare them directly. Han Huan Mei, research director at List Sotheby’s International Realty, also points out that the GCB at 1K Tanglin Hill is an older property, while the one that fetched $93.89 million is brand new and fully furnished.
ONG Chong Yaw, managing partner of Orangetee & Tie, believes that both GCBs still have potential for further upside, given their prime location and coveted wide frontages. He also notes that the Tanglin GCB enclave, being one of the few without a masterplan approach zone, is protected from potential high-rise developments, making it an attractive area for the ultra-rich.
According to Lim of SRI, the GCB segment is expected to remain strong despite the government’s cooling measures, as the market for such exclusive properties has always been limited in supply with high demand. He adds that the price per square foot for the GCB at 1K Tanglin Hill is relatively lower compared to other GCBs in the vicinity, making it a good bargain for the buyer.