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Convicted oil tycoon OK Lim to sell his third GCB for $43 mil

By EdgeProp Singapore

/ EdgeProp Singapore |

June 21, 2024 1:39 PM SGT

Knight Frank Singapore is marketing the sale of this GCB on Tanglin Hill. (Picture: Knight Frank Singapore)

Former oil tycoon Lim Oon Kuin, known as OK Lim, is seeking to sell his third Good Class Bungalow (GCB) for $43 million. The two-story GCB is situated on Tanglin Hill within the Ridley Park GCB Area, spanning a 15,636 sq ft plot. The asking price translates to a land rate of $2,750 psf. Knight Frank's Capital Markets team is handling the property's marketing.

The property has a built-up area of about 8,110 sq ft and comprises five bedrooms, a helper's room, a living room, a dining room, a kitchen and a basement. The site also has a car porch, a landscaped garden and a swimming pool.

Last month, Lim — the founder of Hin Leong Trading — was convicted of two cheating charges and one count of instigating forgery for cheating. His sentencing is scheduled for Oct 3.

This is the third GCB the former tycoon has put on the market. His previous GCBs, one at Second Avenue and another on Third Avenue, have already been sold. EdgeProp Singapore reported that the GCB on Second Avenue was sold for $27 million ($1,351 psf) in April 2020. URA caveats show that the GCB along Third Avenue was sold for $26.39 million ($1,810 psf) last November.

OK Lim's GCB at Tanglin Hill comes at a guide price of $43 million, which translates to a land rate of $2,750 psf. (Picture: Knight Frank)

GCB transactions on Tanglin Hill have been sparse over the past decade. According to caveats, only three GCBs have been sold in this period. The most recent transaction involved a 16,447 sq ft site that was sold for $31.5 million ($1,915 psf) in October 2019. Other recent transactions at Tanglin Hill include a 17,728 sq ft plot sold for $27.5 million ($1,551 psf) in 2016 and a 16,243 sq ft plot that transacted for $25 million ($1,539 psf) in 2015.

Another GCB sale in the area involved a property on Gallop Road, spanning 16,703 sq ft with a land rate of $2,544 psf. The asset was purchased for $42.5 million by the wife of Sea CEO Forrest Li in April.

Mary Sai, executive director of Capital Markets (Land and Building, International Real Estate) at Knight Frank Singapore, says these properties offer significant capital appreciation and are highly desirable due to their prime locations and lifestyle options.

The tender for Lim's GCB sale on Tanglin Hill will close on July 19.

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