Third Avenue freehold GCB for sale via public tender for $30 mil
By Nur Hikmah Md Ali
/ EdgeProp Singapore |
Freehold two-storey at 20 Third Avenue for sale (Photo: Knight Frank).
SINGAPORE (EDGEPROP) - A freehold two-storey Good Class Bungalow (GCB) at 20 Third Avenue is up for sale via public tender for $30 million, according to a press release by Knight Frank Singapore on Sept 18. Occupying a land area of 14,576 sq ft with a total gross floor area of about 10,000 sq ft, the guide price works out to about $2,058 psf on the land area.
The GCB is Hin Leong Trading founder OK Lim’s second GCB to be sold in the area. Previously, his first GCB, located at 5 Second Avenue, was sold in October 2021 for $33.39 million. Both bungalows are under a court-ordered asset freeze of the Lim family’s assets under Hin Leong’s collapse and subsequent winding up in March 2021.
The property is within walking distance of the Sixth Avenue MRT Station, a short drive from the Singapore Botanic Gardens and the CBD. It is also near the Gleneagles Medical Centre and Hospital and schools like Hwa Chong Institution and Hwa Chong International School, Anglo Chinese International School and United World College of South East Asia (Dover).
Knight Frank Singapore’s executive director of capital markets, Mary Sai, notes that the listing presents an “ultra-rare opportunity” for the buyer to acquire a GCB with a coveted address. “Such an asset is generally tightly held for long-term wealth preservation and capital appreciation,” she says. “We expect this listing to draw strong interest given the scarcity of prime landed homes and strong demand from foreign ultra-high-net-worth families.”
The tender will close on Oct 16 at 3pm.
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