Caveat of $27 mil lodged for Hin Leong boss' Second Avenue bungalow

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/ EdgeProp Singapore
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April 23, 2020 5:43 PM SGT
SINGAPORE (EDGEPROP) - 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 22. A title search shows that the property is held by Lim Oon Kuin (more commonly known as “OK Lim”) – the founder of Singapore’s biggest, privately held oil trader, Hin Leong Trading – and his wife, Tan Sook Eng.
The Good Class Bungalow at Second Avenue belonging to OK Lim and his wife had a caveat lodged for $27 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The Good Class Bungalow at Second Avenue belonging to OK Lim and his wife had a caveat lodged for $27 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Source: URA Realis, downloaded on April 23, 2020
Source: URA Realis, downloaded on April 23, 2020
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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The GCB at Second Avenue isn’t the only one that Lim owns. One street away is a GCB located on a corner plot at Third Avenue. The property sits on a smaller freehold site of 14,575 sq ft and is jointly owned by Lim and his son Chee Meng, according to a property title search.
The GCB at Third Avenue which Lim purchased 25 years ago for $8.95 million ($614 psf). The property is owned jointly with his son, Chee Meng (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The GCB at Third Avenue which Lim purchased 25 years ago for $8.95 million ($614 psf). The property is owned jointly with his son, Chee Meng (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Lim had purchased the GCB at Third Avenue for $8.95 million ($614 psf), based on a caveat lodged in April 1995. Prices have almost doubled over the span of the last 25 years. Just across the road, a GCB sitting on a 16,276 sq ft, freehold site changed hands for $18.8 million ($1,155 psf), according to a caveat lodged in May 2019. The GCB at Third Avenue is believed to be Lim’s current residence.
Another GCB at Queen Astrid Park, purchased for $46 million ($1,548 psf) in 2017, is held solely by Tan Sook Eng, Lim’s wife.
At Tanglin Hill, Lim also owns a GCB at Tanglin Villas jointly with daughter Huey Ching, who is also a director of Hin Leong Trading. The freehold property was purchased in November 1999, but no caveat was lodged then.
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The latest transaction at Tanglin Hill was for a GCB built in the 1980s, which sits on a land area of 16,448 sq ft. It was sold for $31.5 million ($1,915 psf) last October.
It will be interesting to see what Lim will divest next to stave off creditors.
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