Sale Ok Lims Gcb Tanglin Hill Brings Total Raised Assets Seized 9909 Mil

Both properties are designed by architect, Tan Cheng Siong of Architology Architect who was also the master architect of the Louvre Museum in Abu Dhabi. Tan is behind the design of some of Singapore’s most expensive landed properties, such as the $128-million, multi-award-winning Nassim Park Residences and the $60 million super bungalow at Sentosa Cove.Tan is now working on a new bungalow on Cluny Hill for Malaysian industrialist Low Yow Chuan. The new bungalow is expected to be completed by end-2021 or early 2022. Low is also the owner of the GCB at 33 Nassim Road, next to the Nassim Park Residences. He is seeking a record-breaking price of $1,600 psf or $308 million for the GCB. Low’s brother-in-law and co-owner of the property is oil tycoon Robert Kuok, whose estimated net worth is $10.8 billion and whose late father founded the Kuok Group.In January this year, Asia’s richest man, Li Ka-shing, reportedly paid $243 million for three adjoining GCBs on Nassim Road. They have a total land area of 90,000 sq ft and a combined built-up area of about 50,000 to 60,000 sq ft.The most recent GCB transaction was the purchase by the family of Kasem Choo Chai, co-founder and chairman of large fabric-dyeing and garment-making company, Huafu Fashion Co, for a GCB at 8 Swettenham Road. The purchase price was $73.4 million ($2,706 psf), according to a caveat lodged in July. It is the third most expensive transaction after the Li Ka-shing’s GCB purchases, and a GCB at 2 Zehnder Road, which was sold for $110.8 million ($2,082 psf) in December last year.Read also: Developer OUE sells Ardmore Park GCB for $73 millionAnother GCB at Swettenham Road that was sold this year was bought by Shum Chik Wai, owner of Italian jewellery brand Venna, for $64.5 million ($2,387 psf). The GCB sits on a land area of 27,080 sq ft, with a built-up area of 16,000 sq ft. The GCB has four levels, including a basement, six bedrooms, a 7m high ceiling in the living room, a swimming pool and a lift. Shum’s residence is a GCB at 18 Nassim Road, which he bought from OUE in February 2021 for $60 million. Shum also owns 2 Leedon Park, which he bought from Lum Chang Group chairman and MD, Raymond Woo, for $27 million in 2021. Original Article:The third Good Class Bungalow (GCB) owned by convicted oil tycoon Lim Oon Kuin, also known as OK Lim, has been sold for $39.2 million. The property, located at 1K Tanglin Hill, was sold for $2,507 per square foot (psf) according to a caveat lodged on August 16. The buyers listed on the property title search are Hiew Wen Ji and Hiew Wen Li, the children of Hiew Yoon Khong, who is the executive director and group CEO of Mapletree Investments.The bungalow covers a freehold land area of 15,636 square feet at the end of a cul-de-sac. It also features a long driveway that can accommodate up to six cars and a backyard with a swimming pool. The property itself has a built-up area of 8,110 square feet, spread across two levels with five bedrooms, a study on the first floor and a basement with a hall and a room. The master bedroom comes with an ensuite bathroom and his and hers wardrobes. The sale of Lim’s GCB at 1K Tanglin Hill is the final property to be sold as part of a court-ordered asset freeze of the Lim family assets, following the collapse and subsequent winding up of Hin Leong in 2021. The property was previously jointly owned by Lim and his daughter, Lim Huey Ching, who used to live there with her family. Huey Ching was also a former director of Hin Leong. This is the third GCB owned by Lim to be sold, with the first one located at 5 Second Avenue selling for $33.39 million ($1,671 psf) in October 2021. The second GCB, situated at 20 Third Avenue, was sold for $26.5 million ($1,818 psf) in November 2023. With the sale of the GCB at 1K Tanglin Hill for $39.2 million, the total amount raised from the asset seizure is now at $99.09 million.OK Lim purchased the GCB at 1K Tanglin Hill in 1999, when the property was built a year earlier. According to Mary Sai, Knight Frank’s executive director of investment and capital markets, who handled the sale of all three GCBs, the new owner of Tanglin Hill could choose to undertake extensive additions and alterations (A&A) or redevelop the property. “It depends on whether the owner is buying for investment or owner occupation,” she explains. If the new owner chooses to do extensive A&A, the built-up area could rise to between 15,000 and 18,000 square feet according to Bruce Lye, co-founder and managing partner of SRI. Alternatively, if the owner opts to tear down and redevelop the site into a new GCB with a built-up area of 20,000 square feet, the cost would be around $20 million based on the current construction cost of $1,000 per square foot for GCBs. The price of Lim’s GCB at 1K Tanglin Hill contrasts with another GCB just four doors away, which sold for $93.89 million or $6,197 psf in March this year. The GCB occupies a land area of 15,150 square feet and is newly built, expected to be completed by the end of 2021. It is sold fully furnished by Meir Homes and boasts a built-up area of almost 30,000 square feet spread across two levels and an attic. The basement can accommodate up to 10 cars and features an entertainment area with an 18-seater theatre and a walk-in wine chiller, as well as a lounge and a powder room. The first level of the house is meant for home entertainment, featuring a spacious living and dining area, a powder room, and both a dry and wet kitchen. The second level comprises a 1,500 square feet master suite, a family lounge, and three other en-suite bedrooms, while the attic level boasts two additional en-suite rooms. There are notable differences between these two properties in terms of designs as well. Both were designed by Tan Cheng Siong of Architology Architect, the master architect behind The Louvre Museum in Abu Dhabi. However, while the GCB at Tanglin Hill is more than 26 years old, the GCB that sold for $93.89 million boasts a vast built-up area of 30,000 square feet and is considered brand new. “It’s hard to compare the GCBs even though they are along the same street,” notes Han Huan Mei, research director at List Sotheby’s International Realty. “Site configurations and attributes of the houses need to be taken into account. One property is brand new, while the other is older, and the cost of $92.89 million is relatively high for a house that is more than 26 years old, even though it was sold fully furnished.” The architect, Tan Cheng Siong, is also currently working on a new GCB on Cluny Hill, for Malaysian industrialist Low How Chuan. The property will be completed either by the end of 2021 or early 2022. Low also owns another GCB at 33 Nassim Road, which is looking to sell for $1,600 psf or $308 million. The GCB on Swettenham Road owned by Kasem Choo Chai, the co-founder and chairman of Huafu Fashion Co, has also been sold this year. The property sold for $73.4 million ($2,706 psf) in July, making it the third most expensive GCB purchase in Singapore. Shum Chik Wai, the owner of Italian jewellery brand Venna, also bought a GCB on Swettenham Road for $64.5 million ($2,387 psf) earlier this year. The property covers 27,080 square feet and has a built-up area of 16,000 square feet, featuring six bedrooms, a basement, and a 25-meter lap pool. Shum’s primary residence is a GCB on Nassim Road, which he purchased for $60 million earlier this year. Shum also owns 2 Leedon Park, bought from Lum Chang Group chairman and MD Raymond Woo for $27 million in 2021.

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