The $33.39 million price tag for the 19,984 sq ft Good Class Bungalow translates to $1,671 per sq ft for the freehold property. Source: Google Maps
The Good Class Bungalow (GCB) at Second Avenue owned by the founder of collapsed firm Hin Leong, Lim Oon Kuin and his wife Tan Sook Eng, has been sold for $33.39 million.
It is being acquired by Ng Poh Choo, wife of Tan Yeow Khoon, the former Executive Chairman of Cogent Holdings, reported The Straits Times (ST).
Cogent Holdings has been delisted in 2018, following its $488.07 million acquisition by Cosco Shipping International (Singapore).
ST noted that the $33.39 million offer for the 19,984 sq ft property works out to $1,671 per sq ft (psf).
“The buyer put up a down payment yesterday and has not decided on whether to rebuild the property,” Mary Sai, Executive Director of Capital Markets at Knight Frank Singapore, the freehold property’s marketing agent, told ST.
The Bukit Timah property, which is under a court-ordered asset freeze injunction, was launched for sale by tender that closed on 30 September.
Prior to the launch of the tender, the property received a $31 million offer. Last year, it was reported that the GCB received its first offer at $27 million.
The tender launch came as Hin Leong’s judicial managers-turned-liquidators – who in May obtained a Mareva injunction to freeze the assets of Lim family worldwide up to a value of US$3.5 billion (S$4.7 billion) – wanted the sale process to be “very transparent and open to a wide network of bidders”, said Sai.
Steve Tay, Senior Associate Vice-President of List Sotheby’s, described the $33.39 million offer as “a fair price”.
“In today’s market, 20,000 sq ft land parcels that are selling below $40 million are limited in supply,” he said as quoted by ST.
This is in view of the $86 million acquisition of a property within the nearby Queen Astrid Park GCB area by Chew Shou Zi, the Chief Executive of Chinese video-sharing app TikTok.
The price translates to around $2,704 psf based on the land area of about 31,800 sq ft.
Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: email@example.com.