OK Lim’s GCB At Second Avenue Sold For $33.39mil
The GCB at Second Ave possessed by the owner of already folded business Hin Leong, Lim Oon Kuin including his spouse Tan Sook Eng, has already been yielded $Thirty Three point Thirty Nine mil.
It is being acquired by Ng P.C, partner of Tan Yeow Khoon, the prior EC of Cogent Holdings, The Straits Times ST.
Cogent Hldgs has been delisted in 2K18, complying its $4hundred 88.07 million procuration by Cosco Shipping Intl (SGP).
ST noted that the $Thirty Three point Three Nine million deal for the 19thousand 9hundred 84 sq ft real estate solves to $1,671 psf.
“The prospective buyer put up a down payment a day ago however, has actually not chosen if to reconstruct the real estate,” Mary Sai, Executive Director of Capital Markets at Knight Frank S’pore, the freehold real estate’s advertising and marketing professional, advised The Straits Times.
The Bukit Timah residence, which is beneath a court-ordered asset freeze instruction, was kicked off available by tender that closed on 30Sept.
Before the release of the offer, the residence gathered a $31 mil deal. In 2020, it was made known that the GCB obtained its first deal at $27 million.
The offer commence happened as Hin Leong’s judicial managers-turned-liquidators– that in May attained a Mareva order to hold up the properties of Lim family throughout the world as much as a worth of US$ Three point Five bil– desired the deal process to remain “extremely clear and visible to a wide network of bidders”, stated Sai.
Steve Tay, Senior Associate Deputy President of List Sotheby’s, explained the $Thirty Three point Three Nine mil offer as “a decent amount”.
“In right now’s market, 20K square feet land plots which are selling off listed below $40 million are constricted in supply,” he said as mentioned by Straits Times.
This remains in sight of the $86 million procurement of a residential property located in the proximate Queen Astrid Park GCB neighborhood by Chew Shou Zi, the Chief Executive of Chinese video-sharing app TikTok.
The pricing turns to more or less $Two thousand Seven hundred Four per sq feet depended on the land size of about 31,800 sq ft.
