SINGAPORE: A sprawling bungalow that a former tour guide nearly hustled from its elderly owner was sold for S $13 million less than the original asking price.<\/p>\n
The sale of the house and the death of the owner, Chung Khin Chun close the chapter on one of Singapore\u2019s most intriguing cases of cheating and criminal breach of trust.<\/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
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
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 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, 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 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 Chung, Yang moved into the Gerald Crescent bungalow saying the elderly woman, who was then 82, wanted him to become her grandson.<\/p>\n
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 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 32,000sq ft of land, was snapped up by a developer for $22 million in June.<\/p>\n
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, Hedy Mok, exposed Yang\u2019s exploitation of her aunt in 2014. 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
He was deported from Singapore in June 2022 and has been barred from re-entering the Republic. – The Straits Times\/ANN<\/p>\n
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