A convicted oil tycoon’s mansion is being sold for nearly S$4mil (RM13.4mil) 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$39.2mil (RM131.3mil), according to a property filing. That compares to a listing price of S$43mil 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 1,453 sq m of land.
Spokespeople for Mapletree did not immediately respond to an emailed request for comment, 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 US$3.5bil (RM15.3bil) civil suit from liquidators and creditors. — Bloomberg
