Third Avenue freehold GCB is up for auction for $30 million

Two-storey Good Class Bungalow (GCB) located at 20 Third Avenue is up for auction on public tender worth $30 million, as per the press release issued from Knight Frank Singapore on Sept 18. The land is 14,576 sq ft, with an overall surface area gross of 100,000 square feet The guide price amounts to around $2,058 per square foot on the land.

SORA Condo at Lakeside Jurong strategically situated to ensure an effortless commute around the neighbourhood and to the rest of Singapore.

This GCB will be Hin Leong Trading founder OK Lim’s second GCB to be sold in the region. Prior to that, his first GCB located on Fifth Avenue Second Avenue, was sold in the month of October 2021, in the amount of $33.39 million. Both bungalows are in the midst of an order from the court to freeze all of the Lim family’s assets due to Hin Leong’s bankruptcy and closing at the end of March in 2021.

The property is located within walking distance to The Sixth Avenue MRT Station, just a short distance towards Singapore Botanic Gardens. Singapore Botanic Gardens and the CBD. It is also within walking distance of Gleneagles Medical Centre and Hospital. Gleneagles Medical Centre and Hospital and schools such as Hwa Chong Institution and Hwa Chong International School, Anglo Chinese International School and United World College of South East Asia (Dover).

The executive director of Knight Frank Singapore’s department for capital markets Mary Sai, notes that the offer is an “ultra-rare chance” for buyers to buy an GCB with a highly sought-after address. “Such assets are typically kept in a secure location for the long-term preservation of wealth or capital appreciation” Sai says. “We believe this listing will attract a lot of attention due to the limited supply of prime land properties and the high demand from ultra-high-net-worth families in the world.”
The tender will end on October 16 at 3pm.