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

The Good Class Bungalow at 2nd Ave owned by the establisher of folded away company Hin Leong, Lim O.K plus his wife Tan S.E, has actually been marketed for $Thirty Three point Thirty Nine million.

The Avenir Floor Plan

It is being acquired by Ng Poh Choo, better half of Tan Yeow Khoon, the past Executive Chairman of Cogent Hldgs, The Straits Times ST.

Cogent Hldgs has actually been delisted in 2K18, following its $4hundred 88.07 mil possession by Cosco Shipping Int’l (S’pore).

Straits Times indicated in which the $33.39 mil proposal for the 19,984 sq feet residence works out to $1thousand 6hundred 71 psf.

“The homebuyer provide a deposit yesterday and has not determined if to rebuild the real estate,” Mary Sai, Executive Dir of Capital Markets at Knight Frank SGP, the freehold house’s advertising representative, told The Straits Times.

The Bukit Timah residential property, which is under a court-ordered possession hold up instruction, was commenced for sale by tender that concluded on 30 Sept.

Just before the kick off of the offer, the residence obtained a $31 million proposal. In ’20, it was revealed that the Good Class Bungalow obtained its 1st proposal at $Twenty Seven million.

The tender introduce happened as Hin Leong’s judicial managers-turned-liquidators– that in May’20 got a Mareva demand to suspend the possessions of Lim family around the world to a value of US$3.5 billion– required the deal experience to be “really transparent and apparent to an extensive web of homebuyers”, pointed out Sai.

Steve Tay, Senior Partner Vice President of List Sotheby’s, defined the $Thirty Three point Three Nine mil offer as “a good cost”.

“In nowadays’s market, 20,000 square ft land parcels which are selling off below $40 mil are constricted in source,” he stated as quoted by ST.

This remains in sight of the $86 million buy of a residence inside of the neighboring Queen Astrid Park Good Class Bungalow location by Chew Shou Zi, the Chief Executive of Chinese video-sharing app TikTok.

The value converts to roughly $2.704K psf formed on the land area of around 31,800 square foot.

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