Convicted Singapore oil tycoon’s mansion sold at US$3mil discount; Tanglin Hill bungalow much wanted by many parties

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.