Image credits - The Star
The mansion of convicted oil tycoon OK Lim has been sold for nearly US$3.1 million below its initial asking price in a notable sign of the pressures facing Singapore’s luxury real estate market. The so-called good class bungalow, located on Tanglin Hill, was originally listed for S$43 million but will now be sold for S$39.2 million.
The buyers, Hiew Wen Ji and Hiew Wen Li, are the children of Hiew Yoon Khong, CEO of Mapletree Investments, a property firm linked to Singapore’s state investor, Temasek Holdings. The sale was confirmed through a property filing.
Lim, founder of the now-collapsed Hin Leong Trading, was convicted earlier this year on charges related to financial misconduct, including cheating HSBC Holdings and orchestrating document forgery. He is currently on bail and awaiting sentencing, and faces a multibillion-dollar civil suit from creditors.
The Tanglin Hill property, which covers approximately 15,636 square feet (1,453 square meters) and includes a swimming pool and five bedrooms, has become a symbol of the strain in Singapore’s high-end property market. Despite a rebound in overall real estate sales, older luxury properties like this one are experiencing significant valuation pressures.
This sale follows a similar trend observed in recent transactions involving Lim’s other properties. Notably, a Bukit Timah mansion he sold in November last year also went for 12 percent below its guide price.
The broader luxury market in Singapore has been under scrutiny since a major money-laundering scandal disrupted the sector last year. While there have been numerous high-end sales in 2024, the trend suggests ongoing challenges for older assets in this segment.