Convicted Oil Tycoon Ok Lim Sell His Third Gcb 43 Mil
SINGAPORE (THE BUSINESS TIMES) – OK Lim, a former oil tycoon and founder of Hin Leong Trading, has put his third Good Class Bungalow up for sale at a guide price of $43 million, which translates to a land rate of $2,750 per square foot (psf). The GCB has a built-up area of around 8,110 sq ft and is located on Tanglin Hill within the Ridley Park GCB Area, on a 15,636 sq ft plot.According to Knight Frank’s Capital Markets team which is handling the property’s marketing, the 15,636 sq ft plot is situated in the Ridley Park GCB Area. This location has seen only three GCB transactions over the past decade, with the most recent being in October 2019, when a 16,447 sq ft site was sold for $31.5 million ($1,915 psf).The GCB at Tanglin Hill features five bedrooms, a helper’s room, a living room, a dining room, a kitchen and a basement. The site also has a car porch, a landscaped garden and a swimming pool.Lim, who is often known as OK Lim, was recently convicted of two cheating charges and one count of instigating forgery with the intent to cheat. He is awaiting sentencing on Oct 3.Lim’s previous two GCB sales were on Second Avenue and Third Avenue. Both have since been sold for $27 million and $26.39 million respectively, according to the reports. The GCB on Second Avenue was sold for $27 million, while the one on Third Avenue fetched $26.39 million. The transactions were in April 2020 and November 2019 respectively.Knight Frank’s executive director of Capital Markets (Land and Building, International Real Estate) Mary Sai noted the significance of GCBs in terms of appreciation and lifestyle options. She stated that the properties, which are known for their prime locations and exclusive lifestyle, are highly sought after and offer significant capital appreciation. The tender for Lim’s Tanglin Hill GCB will close on July 19.
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OK Lim, former oil tycoon and founder of Hin Leong Trading, is selling his third Good Class Bungalow (GCB) on Tanglin Hill for $43 million. The two-story GCB is located in the Ridley Park GCB Area and is spread over a 15,636 sq ft plot. At a land rate of $2,750 psf, the property is being marketed by Knight Frank’s Capital Markets team.
The GCB has a spacious built-up area of 8,110 sq ft and consists of five bedrooms, a helper’s room, a living room, a dining room, a kitchen, and a basement. It also features a car porch, landscaped garden, and swimming pool.
Last month, Lim, also known as OK Lim, was found guilty of two cheating charges and one count of instigating forgery for cheating. He is set to be sentenced on October 3.
This is the third GCB that Lim has put on the market. His previous GCBs on Second Avenue and Third Avenue have already been sold. The GCB on Second Avenue was sold for $27 million ($1,351 psf) in April 2020, according to EdgeProp Singapore. The one on Third Avenue was sold for $26.39 million ($1,810 psf) in November 2019, according to URA caveats.
GCB transactions on Tanglin Hill have been relatively low over the past decade, with only three sales recorded. The most recent sale was in October 2019, when a 16,447 sq ft plot was sold for $31.5 million ($1,915 psf). Other recent transactions on Tanglin Hill include a 17,728 sq ft plot sold for $27.5 million ($1,551 psf) in 2016 and a 16,243 sq ft plot that was transacted for $25 million ($1,539 psf) in 2015.
In April, another GCB sale in the area saw a property on Gallop Road, spanning 16,703 sq ft with a land rate of $2,544 psf, being sold for $42.5 million to the wife of Sea CEO Forrest Li.
Mary Sai, Executive Director of Capital Markets (Land and Building, International Real Estate) at Knight Frank Singapore, highlighted the appeal of GCBs as a highly desirable asset due to their prime locations and luxurious lifestyle options.
The tender for Lim’s GCB sale on Tanglin Hill will close on July 19.