OK Lim’s GCB At Second Avenue Sold For $33.39mil

The GCB at Second Avenue owned by the CEO of folded away company Hin Leong, Lim O.K plus his better half Tan S.E, has actually been fetched $33.39 million.

It gotten acquired by Ng P.C, wife of Tan Y.K, the retired Executive Chairman of Cogent Holdings, reported ST.

Cogent Hldgs has been delisted in ’18, after its $488.07 mil acquisition by Cosco Shipping Intl (S’pore).

Straits Times observed in which the $33.39 mil deal for the 19,984 sq ft home solves to $1.671K psf.

“The home buyer deliver a deposit a day ago and has actually not decided on whether to rebuild the home,” Mary Sai, Exec Dir of Capital Markets at Knight Frank S’pore, the freehold property’s promoting and marketing agent, shared with ST.

The Bt Timah property, which is on a court-ordered possession hold up order, was kicked off for sale by tender that concluded on 30Sept.

Just before the release of the tender, the residence obtained a $31 mil deal. In ’20, it got disclosed that the GCB received its first proposal at $Twenty Seven million.

Mori Condo Floor Plan

The offer introduce happened as Hin Leong’s judicial managers-turned-liquidators– who in May2020 attained a Mareva command to hold up the properties of Lim household world-wide as high as a valuation of S$ 4.7 billion– wanted the sale process to remain “extremely transparent and open to a diverse connection of home buyers”, said Sai.

Steve Tay, Senior Affiliate VP of List Sotheby’s, summarized the $Thirty Three point Three Nine million deal as “a fair deal”.

“In at present’s industry, 20thousand sq ft land parcels which are offering lower than $40 million are restrained in inventory,” he explained as quoted by ST.

This is simply in view of the $86 million buy of a residential property inside of the surrounding Queen Astrid Park GCB location by Chew S.Z, the President of Chinese video-sharing application TikTok.

The pricing translates to close to $2thousand 7hundred 4 per square feet formed on the acreage of about 31,800 sq ft.

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