SINGAPORE (Bloomberg): A convicted oil tycoon’s mansion is being sold for nearly S$4 million (US$3.1 million) off its original asking price, in a sign of the pressure on valuations in Singapore’s high-end market despite a recovery in sales.
The so-called good class bungalow, co-owned by Lim Oon Kuin, founder of collapsed oil firm Hin Leong Trading Pte, is being purchased for S$39.2 million, according to a property filing seen by Bloomberg News. That compares to a listing price of S$43 million when it was put on the market by realtor Knight Frank in June.
The buyers are Hiew Wen Ji and Hiew Wen Li, according to the filing.
The two are children of Hiew Yoon Khong, The Business Times reported earlier. Yoon Khong is the chief executive officer of Mapletree Investments Pte, a property firm owned by Singapore state investor Temasek Holdings Pte.
The Tanglin Hill mansion, near Singapore’s main shopping belt along Orchard Road, sits on about 15,636 square feet (1,453 square meters) of land, and has a swimming pool and five bedrooms.
Spokespeople for Mapletree did not immediately respond to an emailed request for comment sent outside regular business hours, and the two younger Hiews could not be reached for comment.
OK Lim, as the disgraced tycoon is better known, owns the property along with his daughter. He was convicted in a Singapore court earlier this year of criminal charges related to cheating HSBC Holdings Plc and instigating a Hin Leong employee to forge documents. He is on bail and due to be sentenced later this year. He also faces a $3.5 billion civil suit from liquidators and creditors.
Singapore’s luxury market was roiled by a major money-laundering scandal a year ago. Despite a slate of mansion sales this year, prices remain under pressure for older assets.
Lim has already sold two other mansions, including most recently one in November in the Bukit Timah area, which sold at a 12% discount to its guide price.
--With assistance from Suvashree Ghosh.
©2024 Bloomberg L.P.
