OK Lim’s GCB At Second Avenue Sold For $33.39mil

The Good Class Bungalow at 2nd Avenue owned by the creator of already folded enterprise Hin Leong, Lim O.K and his other half Tan S.E, has been fetched $Thirty Three point Thirty Nine million.

The Florence Residences Floor Plan

It gotten by Ng P.C, partner of Tan Y.K, the retired Executive Chairman of Cogent Holdings, Straits Times ST.

Cogent Hldgs has been delisted in 2K18, after its $488.07 million procuration by Cosco Shipping Intl (S’pore).

Straits Times observed in which the $33.39 mil proposal for the 19thousand 9hundred 84 square foot residence solves to $1thousand 6hundred 71 per square foot.

“The prospective buyer provide a front money a day ago and has actually not opted whether or not to reconstruct the house,” Mary Sai, Exec Director of Capital Markets at Knight Frank Singapore, the freehold house’s promotion and marketing representative, revealed to Straits Times

The Bt Timah residence, which is on a court-ordered property suspend order, was introduced available by tender that ceased on 30Sept.

Preceding the kick off of the tender, the residential property obtained a $31 million deal. In 2020, it was revealed that the GCB received its initial proposal at $27 mil.

The tender launch happened as Hin Leong’s judicial managers-turned-liquidators– who in May got hold of a Mareva charge to suspend the properties of Lim family throughout the world as high as a worth of S$ Four point Seven bil– chose the deal operation being “really clear and visible to a diverse connection of investors”, pointed out Sai.

Steve Tay, Senior Partner Deputy President of List Sotheby’s, defined the $33.39 million deal as “a good value”.

“In current’s market, 20thousand sq foot land parcels that are offering listed below $40 million are limited in source,” he shared as cited by ST.

This remains in sight of the $Eighty Six million obtainment of a residence among the close-by Queen Astrid Park Good Class Bungalow neighborhood by Chew Shou Zi, the Chief Executive of Chinese video-sharing application TikTok.

The deal equates to roughly $2.704K psf depended on the land area of roughly Thirty One thousand Eight hundred sq feet.


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