A property in Singapore owned by Lim Oon Kuin, founder of collapsed oil firm Hin Leong Trading Pte., has sold for below S$26.5 million ($19.8 million).
The transaction passed below an indicative price guide of S$30 million, after the so-called good class bungalow was put up for sale via public tender in September. GCBs are considered the pinnacle of residential property in the city-state, often out of reach for all but the wealthiest Singaporeans and valued in part for their rarity.
The two-storey property that sits on about 15,000 square feet of land drew keen interest, broker Knight Frank said in a statement. The buyer wasn’t disclosed.
Singapore luxury housing deals have cooled in recent months, according to property sales and rental data. High end bungalow sales are on pace for their worst year in a decade, while prices of landed homes dropped 3.6% in the third quarter.
OK Lim’s bungalows are among his family assets held under a court-ordered freeze following his alleged involvement in owing banks about $3.5 billion. This is his second GCB sold in the city-state’s prime residential district of Bukit Timah.
Read More: Singapore Oil Trader OK Lim on Trial in $3.5 Billion Case
--With assistance from Derek Wallbank.
(Updates with details of transaction and property market cooling.)
