Hin Leong founder sells Good Class Bungalow in Bukit Timah for S$34 million

The house was among assets frozen by the High Court in order to recoup debt.

Tanya Ong | October 22, 2021, 12:41 PM

Founder of Hin Leong Trading, Lim Oon Kuin, and his wife are selling their Good Class Bungalow (GCB) in Second Avenue.

The Bukit Timah property is one of nine properties in Singapore and Australia that are among assets frozen by the High Court in order to recoup over S$4 billion in debt.

Sold for S$33.4 million

The GCB on 5 Second Avenue has been sold for S$33.39 million, Straits Times reported.

The purchase of the property was made by Ng Poh Choo, the wife of Tan Yeow Khoon, former executive chairman of delisted logistics company Cogent Holdings.

The GCB is purchased for the family's own use, according to Edge Prop.

5 Second Avenue property

Located at Second Avenue, the GCB is three-storeys high and sits on a 19,984 sqft (1,857 sqm) plot of land.

The GCB comes with a manicured garden, swimming pool, large car porch and a squash court at the basement, according to a press release by Knight Frank.

Mary Sai, a director at Knight Frank Singapore, said that the GCB had generated a "good level of interest" when it was put up for sale by private treaty in 2020.

An initial offer of S$27 million was made for the GCB last year, Edge Prop reported.

However, the sale didn't proceed and the caveat was later withdrawn.

About Lim Oon Kuin

Lim, who is the founder of collapsed oil trading firm Hin Leong Trading, was recently slapped with 105 new charges of cheating and forgery in June 2021, ST reported.

His court bail was raised from S$3 million to S$4 million because of these new charges.

The billionaire founded Hin Leong Trading in 1963, which later became one of Singapore's largest independent oil traders.

In 2019, Lim was Singapore's 18th richest man with a net worth of US$1.65 billion (S$2.35 billion), according to Forbes.

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