OK Lim’s GCB At Second Avenue Sold For $33.39mil
The GCB at Second Ave owned by the owner of collapsed firm Hin Leong, Lim Oon Kuin and his other half Tan S.E, has actually been marketed for $Thirty Three point Thirty Nine mil.
It is being obtained by Ng Poh Choo, spouse of Tan Yeow Khoon, the retired Executive Chairman of Cogent Hldgs, reported ST.
Cogent Hldgs has been delisted in 2K18, following its $488.07 million procuration by Cosco Shipping International (Singapore).
ST considered in which the $Thirty Three point Three Nine mil proposal for the 19,984 sq foot residence works out to $1.671K per sq ft.
“The buyer gave a security deposit yesterday and has not opted if to rebuild the real estate,” Mary Sai, Exec Dir of Capital Markets at Knight Frank S’pore, the freehold residence’s advertising rep, shared with ST.
The Bukit Timah property, which is on a court-ordered property freeze demand, was released to buy by tender that terminated on 30Sept.
Before the introduce of the tender, the real estate got a $Thirty One mil proposal. Last year, it got made known that the Good Class Bungalow received its initial proposal at $27 mil.
The offer kick off happened as Hin Leong’s judicial managers-turned-liquidators– who in May got hold of a Mareva instruction to freeze the assets of Lim household globally up to a worth of S$ Four point Seven billion– chose the transaction procedure to remain “visible and highly clear to a wide web of bidders”, mentioned Sai.
Steve Tay, Senior Associate Deputy President of List Sotheby’s, detailed the $Thirty Three point Three Nine million deal as “a decent price”.
“In nowadays’s industry, 20K sq foot land plots which are promoting below $40 mil are limited in supply,” he reported as mentioned by The Straits Times.
This is generally in view of the $86 mil buy of a residence within the neighboring Queen Astrid Park Good Class Bungalow zone by Chew Shou Zi, the President of Chinese video-sharing application TikTok.
The cost converts to about $2.704K psf accorded to the acreage of approximately Thirty One thousand Eight hundred square foot.