ANOTHER Good Class Bungalow (GCB) belonging to Hin Leong’s founder Lim Oon Kuin, better known as OK Lim, has been put up for sale by public tender with an indicative guide price of S$30 million, or about S$2,058 per square foot (psf).

Spanning a total gross floor area of about 10,000 (*see amendment note) square feet (sq ft), the property sits on a 14,576 sq ft plot and is located at 20 Third Avenue.

Marketing agent Knight Frank on Monday (Sep 18) noted that this is Lim’s second GCB to be sold in the area. The first was at 5 Second Avenue, which was sold in October 2021 for S$33.39 million.

Both properties are among the Lim family’s assets under a court-ordered asset freeze.

A criminal trial involving cheating and forgery charges filed against Lim is ongoing.

His family is also facing a civil suit by the liquidator of oil trader Hin Leong Trading and creditor HSBC.

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Knight Frank said the last transaction in Third Avenue was Razer chief executive Tan Min-Liang’s property. It was bought for S$52.8 million or S$1,705 psf in November 2021.

The agency’s executive director of capital markets Mary Sai said the 20 Third Avenue listing presents an “ultra-rare opportunity for one to acquire a GCB with a coveted address”.

She expects the property to draw strong interest given the scarcity of prime landed homes and strong demand from foreign ultra-high-net-worth families.

“Such an asset is generally tightly held for long-term wealth preservation and capital appreciation,” she added.

The tender for 20 Third Avenue will close at 3 pm on Oct 16.

Major transport nodes providing access to the property include the Pan-Island Expressway, arterial roads such as Bukit Timah Road and Dunearn Road, as well as the Sixth Avenue MRT station located about 650 metres away.

Urban and lifestyle amenities that serve the neighbourhood include Tanglin Mall, Gleneagles Medical Centre and Hospital, and the soon-to-be-completed One Holland Village.

Knight Frank also noted that “renowned schools” such as Hwa Chong Institution and Nanyang Girls’ High School are nearby. 

Also launched for sale in District 10 were two adjoining GCBs at 52 and 54 Belmont Road via an expression of interest closing at 3pm on Oct 27.

Exclusive marketing agent JLL on Monday said vendors of the properties were expecting offers of S$2,100 psf, with potential buyers likely to redevelop the sites as the existing houses were built in the 1970s.

Given its land area of 24,178 sq ft, this means 52 Belmont Road is estimated to fetch S$50.8 million, while unit 54 is expected by the vendors to draw a total of S$36.9 million with its land area of 17,563 sq ft.

Each property comprises an existing single-storey house with a pool, with 54 Belmont Road also featuring a lower level.

JLL said the plots allow for a single mansion, or may potentially be separately redeveloped into two brand-new GCBs.

Noting “very limited supply” of 2,900 GCB plots across 39 GCB areas in Singapore, JLL noted that large GCB plots have been subdivided into smaller ones over the years such that it has become increasingly difficult to find large or adjoining plots in the market.

“Despite the significant hike in Additional Buyer’s Stamp Duty (ABSD) under the April 2023 market cooling measures, domestic and international buyers who are actively seeking GCB properties for owner-occupation purposes will continue to create robust and consistent market support as most GCB purchasers nowadays tend to be buyers of their first residential property and are not subject to ABSD,” said the agent.

“Buyers who have a strong focus on legacy planning are expected to proceed with their strategic intentions, as the numerous advantages associated with owning a GCB could outweigh any additional costs involved.” 

*Amendment note: Knight Frank has clarified that the gross floor area of 20 Third Avenue amounts to 10,000 square feet instead of 100,000 square feet as originally stated. This article has been revised to reflect the correct figure.