This is the second property put up for sale among several Singapore properties under a High Court-ordered freeze of the Lim family’s assets to recoup US$3.5bil in debt from the collapsed oil trading firm.
The freehold property sits on a 14,576 sq ft plot with a total gross floor area of about 10,000 sq ft. Knight Frank Singapore executive director of capital markets Mary Sai said of the 20 Third Avenue listing: “We expect this listing to draw strong interest, given the scarcity of prime landed homes and strong demand from foreign ultra-high-net-worth families.”
Transaction values for GCBs jumped to S$369.5mil in the second quarter of 2023 from S$54.8mil in the first quarter, following a 51.8% drop between the first quarter of 2023 and fourth quarter of 2022, Knight Frank said, citing Urban Redevelopment Authority data. Located in the Belmont Park GCB area near Holland Village, the two Belmont Road freehold GCBs sit on two separate land lots with a total land area of about 41,741 sq ft.