SINGAPORE: In a recent property transaction in Singapore, a residence owned by the founder of the collapsed oil firm Hin Leong Trading Pte. Ltd. was sold under market value. Lim Oon Kuin’s luxury bungalow sold under S$26.5 million (US$19.8 million) is identified as a ‘good class bungalow’ (GCB). However, it fell short of the indicative price guide of S$30 million.
The sale, conducted through a public tender in September, has drawn attention due to the property’s prominence and its owner’s association with the oil trading company, as reported by Yahoo Finance on Thursday, Nov 23. The GCB, a two-storey bungalow situated on approximately 15,000 square feet of land, garnered significant interest, as reported by Knight Frank, the brokerage firm handling the transaction. The identity of the buyer has not been disclosed.
Good-class bungalows, often regarded as the epitome of residential real estate in Singapore, are known for their exclusivity and are typically beyond the financial reach of all but the wealthiest individuals. The allure of these properties lies in their scarcity, adding to their prestige in the city-state’s property market.
Singapore’s luxury housing sector has experienced a noticeable slowdown in recent months, reflecting a broader trend in property sales and rentals. High-end bungalow sales are projected to register their weakest performance in a decade, with prices of landed homes experiencing a 3.6% decline in the third quarter.
The sale of Lim Oon Kuin’s property is part of a series of transactions involving assets belonging to his family, which are currently under a court-ordered freeze. This legal measure follows allegations of Lim Oon Kuin’s involvement in owing banks a substantial sum of approximately S$3.5 billion. Notably, this is the second ‘good class bungalow’ (GCB) owned by Lim Oon Kuin to be sold in Bukit Timah, a prime residential district in Singapore. /TISG