A luxury mansion once owned by disgraced former Singapore oil trader and shipowner Lim Oon Kuin has been sold just below its guide price.
Newspaper reports in Singapore on Wednesday said the property, which boasts a gross floor area of 10,000 square feet, was sold for SGD 33.39m ($25m).
The bungalow, which sits in one of Singapore’s prime residential districts, was sold through a tender exercise that closed on 30 September, which was conducted by property broker Knight Frank .
The mansion boasts five en-suite bedrooms, a large swimming pool and a basement squash court, while the driveway has room for eight cars.
The buyer is said to be the family of Tan Yeow Khoon, the former executive chairman of local logistics group Cogent, which was bought out by Cosco Shipping International (Singapore) in 2018, the Straits Times reported.
These so-called "good class bungalows" are among the most prestigious forms of housing in Singapore with strict planning conditions stipulated by local authorities.
In order to preserve their exclusivity, prestige and character, they can only be built in 39 gazetted areas in Singapore.
A buyer generally must be a Singapore citizen to acquire one.
A Knight Frank spokeswoman told the Singapore daily that tender exercise had drawn a "good level of interest" without stating the number of bids received.
She added that the price had been accepted by both the owners and approved by the liquidators.
The bungalow is said to be one of nine properties in Singapore and Australia that were formerly owned by Lim and his family.
In May this year, Singapore’s High Court accepted a request from Hin Leong’s liquidators to freeze up to $3.5bn of the global assets of Lim and his two children.
Under the asset freeze, the Lims are not allowed to dispose of assets that include their properties in Singapore and Australia, insurance policies, shares in companies or country club memberships.
In June, Singapore’s public prosecutor filed an additional 105 charges against Lim comprising 25 forgery-related charges, 68 counts of cheating, 36 of conspiracy to commit forgery and one of conspiracy to forge a valuable security.
