$35 million price tag expected for rich widow's bungalow in Yang Yin case
The house at the centre of a bitter high-profile dispute between a former China tour guide and a rich Singaporean widow has been put up for sale with an expected price of above $35 million or $1,100 per sq ft on land.
Madam Chung Khin Chun's bungalow in Gerald Crescent sits on a plot of land that is about the size of half a football field.
Her niece Hedy Mok, the appointed deputy public trustee for the estate's administration, had reportedly said before that the bulk of the proceeds from the land sale would go to charity.
An old single-storey bungalow now sits on the freehold site spanning 31,882 sq ft.
Handling the sale is Ms Suzie Mok, senior director of Investment Sales at Savills Singapore.
"A substantial 999-year or freehold landed residential pocket such as 2F Gerald Crescent is a scarce find in the Seletar area given that such plots are tightly held, and seldom made available for sale," she said.
"It is also a rare opportunity to secure a decent size plot under single ownership for immediate redevelopment."
Nestled in the landed neighbourhood in Seletar Hills, the site is zoned for three-storey mixed landed residential use.
It can accommodate 11 landed houses comprising two detached houses, a pair of semi-detached and seven terraces.
Savills said Seletar Hills is fast transforming and gaining popularity, given the nearby amenities along Jalan Kayu and Seletar Aerospace Park, Seletar Mall and Greenwich V, and also recreational options such as The Punggol Park Connector.
The Seletar Aerospace Park is expected to boost demand for housing. The site is also near Rosyth School, Lycee Francais De Singapour and Australian International School.
Ms Mok said of the site: "It will appeal to developers for potential sub-division into landed conventional housing schemes, Singaporean families for their own stay or multi-generational living and wealth preservation for future generations, investors or high net-worth buyers."
The tender will close at 2.30pm on March 22.
Madam Chung was previously embroiled in a dispute with Yang Yin over her assets.
After acting as her tour guide when she visited China in 2008, Yang moved into her bungalow a year later, brought his family and got the widow to make a will where he stood to inherit her assets. It has since been thrown out by the courts.
Yang was sentenced to jail in 2016 for cheating her of $1.1 million and duping the authorities into granting him permanent residency.