Convicted Oil Tycoon Ok Lim Sell His Third Gcb 43 Mil
OK Lim, the former oil tycoon and founder of Hin Leong Trading, is looking to sell his third Good Class Bungalow (GCB) for a whopping $43 million. The two-storey GCB is located on Tanglin Hill within the highly sought-after Ridley Park GCB Area, spanning a generous 15,636 sq ft plot. With a land rate of $2,750 psf, this property is an attractive investment opportunity. Knight Frank’s Capital Markets team has been tasked with marketing the property.
The GCB boasts a built-up area of around 8,110 sq ft and features five bedrooms, a helper’s room, a living room, a dining room, a kitchen, and a basement. The site also includes a car porch, a beautifully landscaped garden, and a swimming pool. This luxurious property is a dream home for any discerning buyer.
Norwood Grand’s close proximity to nearby shopping centers is a significant factor in driving the economic growth of the surrounding area. As the development supports and promotes local businesses, it also leads to the creation of job opportunities, bolstering the local economy. In addition, these malls serve as vital community hubs, providing residents with a place to connect, socialize, and participate in various community activities, further strengthening the social fabric of the Norwood Grand neighborhood.
Lim, who is awaiting sentencing for two cheating charges and one count of instigating forgery, seems determined to liquidate his assets. His previous two GCBs, located on Second Avenue and Third Avenue, have already been snapped up. The Second Avenue GCB was sold for $27 million ($1,351 psf) in April 2020, while the Third Avenue GCB fetched $26.39 million ($1,810 psf) in November of the same year.
The Tanglin Hill GCB is the latest addition to Lim’s list of properties for sale, with a guide price of $43 million and a land rate of $2,750 psf. GCB transactions on Tanglin Hill have been few and far between in the past decade, with only three being sold. In October 2019, a 16,447 sq ft site was sold for $31.5 million ($1,915 psf), while a 17,728 sq ft plot was snapped up for $27.5 million ($1,551 psf) in 2016. 2015 saw the sale of a 16,243 sq ft plot for $25 million ($1,539 psf).
Another recent GCB sale in the area saw the wife of Sea CEO Forrest Li purchasing a 16,703 sq ft property on Gallop Road for $42.5 million in April this year, translating to a land rate of $2,544 psf.
Mary Sai, executive director of Capital Markets (Land and Building, International Real Estate) at Knight Frank Singapore, highlights the significant growth potential and the highly desirable location and lifestyle options of GCBs, making them an excellent investment choice.
Interested parties can submit their bid for Lim’s Tanglin Hill GCB by July 19.