BELEAGUERED Hin Leong group founder Lim Oon Kuin and his wife are selling their freehold bungalow in Second Avenue near Sixth Avenue MRT station for nearly S$33.39 million. The price works out to almost S$1,671 per square foot (psf) on the land area of 19,984 square feet (sq ft).
The buyer is the family of Tan Yeow Khoon, the former executive chairman of logistics group Cogent, which was bought out by Chinese shipping company Cosco Shipping International (Singapore) and delisted from the Singapore Exchange in 2018.
The purchase of the Second Avenue bungalow is being made by Tan’s wife, Ng Poh Choo.
The bungalow – located within the First/Third Avenue Good Class Bungalow (GCB) Area – was sold through a tender exercise conducted by Knight Frank and which closed on Sep 30.
The freehold bungalow, held by Lim and his wife, Tan Sook Eng, is 1 of 9 properties in Singapore and Australia that are among assets frozen by the High Court to recoup US$3.5 billion in debt from the collapsed oil trader, according to a report by The Straits Times earlier.
When contacted by The Business Times on Tuesday (Oct 19), Mary Sai, executive director for capital markets in Singapore for Knight Frank, said the tender exercise for the Second Avenue bungalow drew “a good level of interest” without stating the number of bids received. “The highest tender bid of S$33.39 million – which comes close to the guide price of S$34 million – has been accepted by the owners and approved by the liquidators.”
source: The Business Times