SINGAPORE: A mansion owned by convicted Singapore oil tycoon Lim Oon Kuin is being sold for nearly S$4 million below its original asking price amid ongoing challenges in Singapore’s luxury property market despite a recent uptick in sales, South China Morning Post reported.
The good-class bungalow in Tanglin Hill is set to be sold for S$39.2 million, down from its initial listing price of S$43 million, as listed by Knight Frank in June.
According to a property filing, the buyers are Hiew Wen Ji and Hiew Wen Li, children of Hiew Yoon Khong, CEO of Mapletree Investments, a property firm owned by Singapore’s state investor Temasek Holdings.
The mansion is situated near Orchard Road, Singapore’s prime shopping area, and occupies approximately 15,636 square feet. The property boasts five bedrooms and a swimming pool.
Lim, known as OK Lim, co-owns the mansion with his daughter. Earlier this year, he was convicted in Singapore on criminal charges involving the defrauding of HSBC Holdings and for instructing a Hin Leong employee to forge documents.
He is currently on bail and is awaiting sentencing later this year. He also faces a multibillion-dollar civil lawsuit from creditors and liquidators.
A major money-laundering scandal significantly impacted Singapore’s luxury property market a year ago. Although there have been several mansion transactions this year, the values of older properties are still under pressure.
Lim has previously sold two other mansions, the most recent being a property in the Bukit Timah area sold in November at a 12 per cent discount of its guide price. /TISG
Read also: Singapore oil tycoon OK Lim lists Tanglin Hill GCB for S$43M amid legal issues
Featured image by Depositphotos
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