SINGAPORE (Apr 24): A Good Class Bungalow (GCB) sitting on a 19,989 sq ft, freehold site on Second Avenue, just off Bukit Timah Road, changed hands for $27 million ($1,351 psf), according to a caveat lodged with URA Realis on April 14, and downloaded on April 21. A title search shows that the current owners are Hin Leong Trading founder Lim Oon Kuin and his wife, Tan Sook Eng.

According to property agents who specialise in the GCB market, the $27 million or $1,351 psf reflected in the caveat was “a fair price”. After all, the last transaction at Second Avenue was for the GCB next door: sitting on a 20,000 sq ft, freehold site, the property fetched $27.5 million ($1,375 psf) in August 2018.

With Lim’s oil empire now submerged in debt, the sale is not surprising. Understandably, there is interest over what other assets Lim owns.

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