OK Lim’s GCB At Second Avenue Sold For $33.39mil
The Good Class Bungalow at Second Ave possessed by the establisher of folded away firm Hin Leong, Lim Oon Kuin plus his partner Tan S.E, has recently been fetched $Thirty Three point Thirty Nine mil.
It is being gotten by Ng Poh Choo, better half of Tan Yeow Khoon, the previous EC of Cogent Holdings, Straits Times ST.
Cogent Holdings has been delisted in 2K18, after its $Four hundred Eighty Eight million procurement by Cosco Shipping Intl (SGP).
The Straits Times observed that the $33.39 mil deal for the 19,984 square feet property calculates to $One thousand Six hundred Seventy One psf.
“The customer put up a front money yesterday however, has not decided on if to reconstruct the residential property,” Mary Sai, ED of Capital Markets at Knight Frank Singapore, the freehold property’s promotion and marketing professional, told The Straits Times.
The Bukit Timah house, which is on a court-ordered property freeze demand, was commenced to buy by tender that closed on 30 September.
Preceding the commence of the tender, the residence obtained a $31 mil proposal. In 2020, it was made known that the GCB obtained its very first deal at $27 million.
The tender kick off developed as Hin Leong’s judicial managers-turned-liquidators– who in May acquired a Mareva command to suspend the properties of Lim household globally as much as a value of US$3.5 billion– chose the deal experience to get “extremely transparent and unconcealed to a diverse network of bidders”, said Sai.
Steve Tay, Senior Affiliate VP of List Sotheby’s, detailed the $Thirty Three point Three Nine mil proposal as “a fair value”.
“In these days’s market, Twenty thousand square ft land parcels that are supplying below $40 mil are constricted in source,” he pointed out as cited by ST.
This is simply within sight of the $Eighty Six million obtainment of a residence within the neighboring Queen Astrid Park Good Class Bungalow neighborhood by Chew Shou Zi, the President of Chinese video-sharing application TikTok.
The value calculates to more or less $2.704K per square feet accorded to the acreage of about Thirty One thousand Eight hundred square feet.