This article was first published on PropertyGuru
2F Gerald Crescent, a sprawling single-storey bungalow in Seletar Hills that has been the subject of much controversy, has been put up for sale by tender, with an asking price of about S$35.07 million. This works out to around $1,100 psf on the land.
Nestled on a 31,882 sq ft site, the house was previously owned by an elderly widow who was duped by ex-China tour guide Yang Yin.
According to court reports, Yang charmed his way into the life of affluent 86-year-old widow Chung Khin Chun. He had first served as Chung’s tour guide during a 2008 trip to Beijing, China and subsequently grew close to her, calling her up over the phone several times after the vacation.
Their relationship grew to the point that Yang moved into her sprawling bungalow the following year. After obtaining Singapore permanent residency in 2011, he brought his wife and two young children to live with him. During the four years Yang lived with the dementia-ridden Chung, the widow’s cash savings dwindled from $2.7 million to $10,000. In a will made in 2010, the man stood to inherit all of Chung’s assets.
In 2014, Yang was arrested for criminal breach of trust after police reports were lodged against him. With the help of the widow’s niece, Yang was convicted of criminal breach of trust and sentenced to an extended jail term of nine years, reported The Straits Times. The niece succeeded in revoking Yang’s lasting power of attorney and crafted a new will that left most of Chung’s assets to charity, with no mention of the convict at all.
Marketing agent Savills Singapore noted that the site, which was zoned for three-storey mixed landed residential use under the 2014 Master Plan, can potentially “accommodate 11 landed homes comprising two detached houses, a pair of semi-detached and seven terraces”.
“A substantial 999-year/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. It is also a rare opportunity to secure a decent size plot under single ownership for immediate redevelopment,” said Savills Singapore investment sales senior director Suzie Mok.
She expects the site to attract the interest of a diverse group of buyers considering its multiple redevelopment options.
“It will appeal to developers for potential subdivision into landed conventional housing schemes, Singaporean families for own stay/multi-generational living and wealth preservation for future generations, investors/high network buyers for land banking and capital appreciation not excluding the likes of philanthropists,” she noted.
The tender for 2F Gerald Crescent will close on 22 March.
Story by Romesh Navaratnarajah via PropertyGuru, additional reporting by Coconuts Singapore
