OK Lim’s Good Class Bungalow in Tanglin Hill goes on sale for S$43 million
ANOTHER Good Class Bungalow belonging to Hin Leong founder Lim Oon Kuin, better known as OK Lim, has been put up for sale by tender at a guide price of S$43 million.
The freehold, two-storey detached house in District 10 sits on a 15,636 square foot plot, and has a built-up area of 8,110 sq ft, Knight Frank Singapore said on Friday (Jun 21). At its asking price, it would cost about S$2,750 per sq ft (psf).
The property on Tanglin Hill, in the Ridley Park Good Class Bungalow Area. It has five bedrooms and a room for helpers, a living and dining area, a swimming pool, a landscaped garden and a car porch.
Mary Sai, Knight Frank Singapore’s executive director of capital markets, said: “There has been quite a bit of market buzz about Good Class Bungalows of late, and for good reason. On top of offering substantial capital appreciation, these prized assets’ prime location and access to lifestyle options reinforce their desirability.”
Recently, a Good Class Bungalow in nearby Gallop Road was bought for S$42.5 million by Ma Liqian, the wife of Sea chief executive Forrest Li. She paid S$2,544 psf for the property, based on a land area of 16,703 sq ft.
The Tanglin Hill house is a short drive away from Orchard Road, the Singapore Botanic Gardens, Holland Village and Gleneagles Hospital, Knight Frank said.
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Another of OK Lim’s properties, a Good Class Bungalow in Third Avenue, was sold last November for just below S$26.5 million, or about S$1,700 to S$1,800 psf, based on the land area. The Business Times understands it was sold to a Singapore family.
Another Good Class Bungalow in Second Avenue, which also belonged to Lim, was sold in October 2021 for S$33.39 million, or S$1,671 psf.
OK Lim was convicted on three criminal charges in May and is expected to be sentenced in October. The former oil tycoon was found guilty on two charges for cheating HSBC, and one for instigating a Hin Leong contracts executive to forge a document. The charges involved a total of US$111.7 million.
The tender for the Tanglin Hill property closes at 3 pm on July 19.
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