A luxury mansion in one of Singapore’s prime residential districts has become the latest asset of former oil trader and shipowner Lim Oon Kuin to hit the sales lists.
Property broker Knight Frank has begun accepting tender offers for the three-storey home that sits on a plot fronting the prestigious Second Avenue.
With Singapore property prices at sky-high levels, it could net as much as one of the large tankers of Lim’s shipowning company Xihe Holdings has sold under its liquidation process.
According to local property newspaper EdgeProp, the the mansion could sell for as much as SGD 40m ($28.8m), although most estimates are in the mid-$30m range.
The estimates match the $26.2m price tag VesselsValue pegs on Xihe’s oldest remaining unsold VLCC, the 309,000-dwt Sea Latitude (built 2001).
Any buyer will get to live in a home with a gross floor area of 10,000 square feet that boasts five en suite bedrooms, a large swimming pool and a basement squash court.
By Singapore standards, it is huge.
The master suite boasts a study, generous-sized walk-in wardrobe and large bathroom. Glass doors open onto a balcony overlooking the swimming pool and the garden.
The driveway has room for eight cars.
Last renovated in 2014, the pad is described in marketing material as ideal for owners who like to entertain at home.
And the buyer, like most shipowners, should also be able to engage in a bit of asset play activity if that is their want. EdgeProp noted property values in the area have increased by 48.7% since 2018.
Fortunately, the auction sale will not leave Lim and his family in search of new digs. The home was used as a rental property but is currently vacant.
Tender submissions for the property will close on September 30, and any sale is subject to approval by the liquidators of Hin Leong Trading, Lim’s failed oil trading company.
