SINGAPORE \u2013 A sprawling bungalow that a former tour guide nearly hustled from its elderly owner was sold for $13 million less than the original asking price.<\/p>\n
The sale of the house and the death of the owner, Madam Chung Khin Chun close the chapter on one of <\/p>\n Singapore\u2019s most intriguing cases of cheating and criminal breach of trust.<\/p>\n <\/a><\/p>\n Located in Seletar Hills, the Gerald Crescent property, occupying nearly 32,000 sq ft of land, was snapped up by a developer for $22 million in June.<\/p>\n Madam Chung, a retired physiotherapist, died in October aged 98, just four months after the conclusion of the sale.<\/p>\n A title deed seen by The Straits Times showed the property \u2013 with a 999-year lease commencing from 1879 \u2013 was purchased by local developer Teambuild Properties. <\/p>\n A private residential property transaction, lodged with the Urban Redevelopment Authority, showed the 31,882.7 sq ft Gerald Crescent home was sold in June. <\/p>\n ST understands the developer has submitted plans to tear down the bungalow to build six units of semi-detached houses and three terrace houses in its place. <\/p>\n The property was put up for sale twice \u2013 for $35 million in 2018 and $25 million in 2021. Both auctions failed to attract buyers who could meet the minimum asking price. <\/p>\n Mr Nicholas Mak, chief research officer at property portal Mogul.sg, said the property was sold at the current price due to its size, shape and redevelopment potential. <\/p>\n He said Madam Chung\u2019s property sits on significantly larger land, adding that houses in the Gerald Crescent vicinity typically ranged between 1,500 sq ft and 4,000 sq ft. <\/p>\n But the larger size of the land plot in this case meant it commanded a drastically higher asking price \u2013 nearly seven times that of landed houses in the vicinity, Mr Mak said. <\/p>\n This would price out those looking to buy a place to live in instead of snatching up the property for redevelopment. <\/p>\n \u201cThe subject property has been in the market for the past seven years. After at least two tenders that closed without any buyers, selling the property at $22 million, which is 12% off the $25 million asking price in 2021, is not unreasonable,\u201d said Mr Mak. <\/p>\n Chinese national Yang Yin, who became close to the widow after acting as her tour guide in China in 2008, almost cheated her of all her assets, including the property.<\/p>\n One year after meeting Madam Chung, Yang moved into the Gerald Crescent bungalow saying the elderly woman, who was then 82, wanted him to become her grandson. <\/p>\n Madam Chung\u2019s husband, Dr Chou Sip King, died in 2007. The couple had no children.<\/p>\n In 2011, Yang obtained permanent residency, and moved his wife and two young children to Singapore to live in the bungalow with him. <\/p>\n Around the same time, he coaxed Madam Chung into willing all her assets to him. <\/p>\n The wealthy physiotherapist had nearly $40 million worth of assets, including the bungalow, at the time.<\/p>\n Located in Seletar Hills, the Gerald Crescent property, occupying nearly 32,000 sq ft of land, was snapped up by a developer for $22 million in June.<\/p>\n ST PHOTO: GAVIN FOO<\/p>\n<\/figcaption><\/figure>\n Madam Chung, who was later diagnosed with dementia in 2014, had even applied to grant Yang a Lasting Power of Attorney (LPA) to manage her financial affairs. <\/p>\n Her niece, Madam Hedy Mok, exposed Yang\u2019s exploitation of her aunt in 2014. Madam Mok then started a series of legal actions, including moves to evict Yang from the bungalow, and revoke the LPA and the will.<\/p>\n The police later investigated the case and charged Yang with criminal breach of trust.<\/p>\n During the trial, it was revealed that the widow\u2019s cash savings of $2.7 million had dwindled to just $10,000 in the four years that Yang was living with her.<\/p>\n Despite that, Yang fought the new will, which did not leave any assets to him. However, his application was thrown out in a Court of Appeal decision. <\/p>\n In 2016, the swindler was sentenced to 11 years and two months\u2019 jail after pleading guilty to misappropriating $1.1 million from the widow.<\/p>\n In all, he pleaded guilty to a total of 120 charges including falsifying receipts to stay in Singapore to obtain permanent residency. <\/p>\n<\/picture><\/div>