Lim Oon Kuin, founder of the collapsed oil trading group Hin Leong, and his wife Tan Sook Eng, are selling their good class bungalow (GCB) in Second Avenue for S$33.39 million.
The buyer is Ng Poh Choo, wife of former executive chairman of logistics group Cogent, Tan Yeow Khoon. Cogent was bought out by Cosco Shipping International (Singapore) for S$488.07 million, and delisted from the Singapore Exchange in 2018.
Spanning 19,984 sq ft, the sale price of the GCB translates to S$1,670.84 psf. The GCB features a garden, swimming pool, large car porch and a squash court in the basement. You can also view the listing here.
It was sold through a tender exercise by Knight Frank that closed on 30 September, with an initial asking price of S$34 million. According to Straits Times, an offer for the GCB was made last year for S$27 million, but the deal fell through amid the firm’s financial problems. Before the launch of the tender, a S$31 million offer was made.
In an earlier press release, the agency noted that a 14,667 sq ft GCB in Second Avenue had been sold for S$30 million in July this year, translating to S$2,045 psf.
In the same month, Razer CEO Tan Min-Liang had bought a GCB for S$52.8 million at the neighbouring Third Avenue.
What do you think of this Second Avenue GCB purchase? Let us know in the comments section below or on our Facebook post.
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