OK Lim’s Tanglin Hill bungalow sells for S$39.2 million

THE Tanglin Hill bungalow of convicted Hin Leong founder Lim Oon Kuin, also known as OK Lim, has been sold for S$39.2 million, or S$2,507 per square foot (psf) on the freehold land area of 15,636 square feet (sq ft).

The buyers are understood to be the children of Mapletree Investments group chief executive officer Hiew Yoon Khong.

Completed in the 1990s, the two-storey detached house in the Ridley Park Good Class Bungalow (GCB) Area has a built-up area of 8,110 sq ft. It has five bedrooms and a room for helpers, a living and dining area, a swimming pool, a landscaped garden and a car porch.

The property was sold following a tender exercise conducted by Knight Frank Singapore which closed on Jul 19, a few days before news broke of the record S$6,197 psf on land area fetched for a freehold bungalow under construction on the same street.

That deal, which amounted to nearly S$93.9 million, is for a two-storey property with a high-ceiling attic and a large basement. It will have six bedrooms and a swimming pool. The property’s built-up area is almost 30,000 sq ft, including the basement, which holds the entertainment areas, a wine cellar, and space for over a dozen cars.

The property is being developed by the Soh family, which is behind lifestyle developer Meir Homes. The house will be delivered fully furnished, in ready-to-move-in condition. The option to purchase the property was granted in March.

The Tanglin Hill bungalow sold by OK Lim is ripe for redevelopment, although another option would be to do a major renovation, said Realstar Premier managing director Julian Yip.

“The S$2,507 psf is a good price for the buyer. Redevelopment GCB land price in the Tanglin area is about S$2,800-S$3,000 psf,” he added.

Observers noted a slight drawback of the property is its small road frontage.

Steve Tay, the founder of the eponymous property agency, said that viewing activity in the GCB market has picked up in recent weeks. “The clearer direction of the Fed’s interest rate policy has rekindled the confidence of potential GCB buyers,” he said.

OK Lim held the Tanglin Hill bungalow with his daughter Lim Huey Ching.

Another of OK Lim’s properties, a GCB in Third Avenue, was sold in November 2023 for S$26.39 million, or S$1,810 psf, based on the land area.

His GCB in Second Avenue transacted in October 2021 for S$33.39 million, or S$1,671 psf.

The three GCBs are part of a court-ordered asset freeze of the Lim family’s assets following the collapse of Hin Leong and its subsequent winding up in 2021.

In May, OK Lim was convicted on three criminal charges; he 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.

Bungalows in the 39 gazetted GCB Areas are the most prestigious form of landed housing in Singapore, with strict planning conditions to preserve their exclusivity and low-rise character. There are only around 2,700 bungalows in these areas.