OK Lim’s GCB At Second Avenue Sold For $33.39mil

The Good Class Bungalow at Second Avenue possessed by the CEO of already folded company Hin Leong, Lim Oon Kuin and his better half Tan Sook Eng, has recently been yielded $Thirty Three point Thirty Nine million.

It got gotten by Ng Poh Choo, partner of Tan Yeow Khoon, the prior Executive Chairman of Cogent Holdings, The Straits Times ST.

Cogent Hldgs has actually been delisted in ’18, following its $488.07 million procuration by Cosco Shipping Intl (Singapore).

ST mentioned that the $Thirty Three point Three Nine mil deal for the 19thousand 9hundred 84 sq foot real estate formulates to $1.671K per square ft.

“The investor put up a down payment yesterday and has not assessed if to reconstruct the residential property,” Mary Sai, ED of Capital Markets at Knight Frank Singapore, the freehold home’s advertising rep, shared with The Straits Times.

The Bukit Timah real estate, that is on a court-ordered possession freeze injunction, was kicked off available for sale by tender that concluded on 30 September.

Just before the introduce of the tender, the home got a $31 mil deal. In 2020, it got mentioned that the Good Class Bungalow obtained its first proposal at $Twenty Seven million.

The tender launch happened as Hin Leong’s judicial managers-turned-liquidators– who in May’20 acquired a Mareva instruction to hold up the assets of Lim household globally as much as a worth of S$ Four point Seven bil– wanted the sale operation to get “visible and really clear to a broad connection of homebuyers”, reported Sai.

The Watergardens Floor Plan

Steve Tay, Senior Partner Vice President of List Sotheby’s, detailed the $33.39 mil proposal as “a good amount”.

“In right now’s sector, Twenty thousand square foot land parcels that are supplying lesser than $Forty million are restrained in supply,” he claimed as quoted by ST.

This remains in sight of the $Eighty Six mil obtainment of a home located in the close-by Queen Astrid Park GCB location by Chew Shou Zi, the President of Chinese video-sharing app TikTok.

The cost converts to roughly $2thousand 7hundred 4 per square feet depended on the land size of approximately Thirty One thousand Eight hundred square ft.

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