Bungalow site at Seletar Hills, owned by victim of financial scam, for sale at $25 mil
By Charlene Chin
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - A sprawling site of 31,882 sq ft, located at 2F Gerald Crescent, nestled within the Seletar Hills landed housing estate is on the market for $25 million ($785 psf).
2F Gerald Crescent (Credit: Edmund Tie)
Check out the latest listings near Gerald Crescent, and Seletar Hills Estate
The land currently houses a vacant bungalow, which used to be the home of Chung Khin Chun, a victim in a highly publicised financial abuse case in 2016.
The land currently houses a vacant bungalow, which used to be the home of Chung Khin Chun, a victim in a highly publicised financial abuse case in 2016.
Chung, who was then in her 80s, was reported to suffer from dementia and was cheated off millions by a Chinese tour guide, Yang Yin. Yang has since been sentenced to jail for 11 years and two months.
The property on the market is on a 999-year leasehold, and is zoned for a three-storey mixed landed housing under URA’s Master Plan 2019. It was put up for sale in 2018 for $35 million, but had no takers.
“Sizable redevelopment sites for landed housing are rarely available. The property, which is held by a single owner, also presents an exceptional opportunity for immediate redevelopment,” says Swee Shou Fern, executive director of investment advisory at Edmund Tie, which is marketing the property.
“Besides residential developers who will be keen to subdivide the site into multiple landed homes, we also expect interest from high-net-worth and multi-generational families looking to buy for their own stay,” Swee added.
The tender exercise for the property will close on Feb 9, at 3pm.
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For price trends, recent transactions, other project info, check out these projects' research page: Gerald Crescent, Seletar Hills Estate
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