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.
If you found this article helpful, 99.co recommends TikTok CEO buys S$86m GCB – it’s official, tech and gaming-related entrepreneurs are buying Good Class Bungalows and Lee Hsien Yang and wife put Caldecott Close bungalow in GCB area for sale for S$16.8m.
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Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.
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