Convicted Hin Leong Founder Ok Lim Sell His Third Gcb 43 Mil
A third Good Class Bungalow (GCB) owned by ex-oil tycoon and founder of Hin Leong Trading, Lim Oon Kuin, aka OK Lim, has been put up for sale on June 21. Located on Tanglin Hill, the 15,636 sq ft GCB plot has a guide price of $43 million, which translates to a land rate of $2,750 psf.
The property was jointly owned by Lim and his daughter, Lim Huey Ching, who used to reside there with her family. Huey Ching was formerly a director of Hin Leong. Despite having moved out, remnants of the family’s possessions can still be seen in the house when EdgeProp Singapore visited on June 24.
The GCB is being marketed by Mary Sai, Knight Frank Singapore’s executive director of capital markets (land and building, global real estate). Sai had also marketed the previous two GCBs that were sold by OK Lim.
The first GCB was sold in October 2021 for $33.39 million ($1,671 psf) at 5 Second Avenue, off Bukit Timah Road. It was jointly owned by Lim and his wife, Tan Sook Eng. Following this, the second GCB was sold in November 2023 for $26.5 million ($1,818 psf). This property was jointly held by Lim and his son, Evan Lim Chee Meng.
Should the current GCB at Tanglin Hill be sold at its guide price of $43 million, the total proceeds from the sale of all three GCBs would amount to $102.89 million. The GCBs were part of a court-ordered asset freeze of the Lim family assets, following the collapse of Hin Leong and its subsequent winding up in 2021.
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The property, located at 1K Tanglin Hill, is jointly owned by Lim and Huey Ching. It has a built-up area of approximately 8,110 sq ft, with five bedrooms, including a master suite with an en-suite bathroom and walk-in wardrobes for his and hers. There’s also a study on the first level that can be converted into a bedroom if needed, says Sai.
Sai notes that the location of the GCB at the end of a quiet cul-de-sac is its main selling point. The property comes with a spacious driveway that can accommodate up to six cars. When additional parking is required, guests can conveniently park along the road outside.
So far, the GCB has sparked interest from local, ultra-high-net-worth individuals. However, Sai doesn’t discount the possibility of foreign investors obtaining PR status to acquire the property, given that it sits on a smaller land area of 15,636 sq ft.
Under the Residential Property Act, foreigners are not allowed to purchase landed residential properties in Singapore. Nonetheless, PRs can seek approval from the Land Dealings Approval Unit of the Singapore Land Authority to buy landed homes in select regions, subject to conditions such as land area and tax-assessable employment income.
The GCB is situated in the prestigious Ridley Park GCB Area, which is regarded as one of the most exclusive and sought-after landed neighbourhoods in Singapore.
Sai is confident that the GCB will garner great interest, given its location in Ridley Park GCB Area. The property is well-positioned near Tanglin Road, Orchard Road shopping district, and within close reach of the Singapore Botanic Gardens, the lifestyle and dining options at Dempsey Hill and Holland Village, and medical services at Gleneagles Hospital and Camden Medical Centre.
According to transaction caveats, the most recent GCB sale at Tanglin Hill was in October 2019, when a 16,446 sq ft property was sold for $31.5 million to Koh Tuck Lye, former board director of Xiaomi Corporation, a Hong Kong-listed company.
The closing date for tender submissions for the GCB at Tanglin Hill is on July 19.