SINGAPORE — A two-storey good class bungalow at 20 Third Avenue in Bukit Timah belonging to beleaguered Hin Leong Trading founder Lim Oon Kuin, better known as O.K. Lim, is up for sale by public tender at $30 million.
Located in the prime First/Third Avenue GCB area, the $30 million guide price works out to about $2,058 per sq ft, according to marketing agent Knight Frank. The tender will close on Oct 16. No. 52 Belmont, which has a land area of 24,178 sq ft, is being marketed at $50.78 million, while No. 54 Belmont, which has a land area of 17,563 sq ft, has an asking price of $36.9 million, Tan Hong Boon, JLL's executive director of capital markets, told The Straits Times.
The last transaction in the area was a Third Avenue GCB bought by gaming company Razer's co-founder and chief executive, Tan Min-Liang, for $52.8 million. The price works out to $1,706 psf on the freehold land area of 30,954 sq ft. Three bungalows in the Nassim Road GCB area made the headlines in June when the Fangiono family of Singapore-listed palm oil company First Resources paid a total of $206.7 million for them. This translated to $4,500 psf on land, with a total land area of 45,937 sq ft.