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 square foot 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 this 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.
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.
MS SUZIE MOK, senior director of Investment Sales at Savills Singapore.
It can potentially accommodate 11 landed houses comprising two detached houses, a pair of semi-detached and seven terraces.
Extolling the location of the site, Savills said that 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, and attract both local and foreign professionals. The site is also near Rosyth School, Lycee Francais De Singapour and Australia International School.
Ms Mok said she expects the site to draw interest from a diverse group of buyers, given the multiple redevelopment options.
"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," she said.
The tender for the property will close at 2.30pm on March 22.
Madam Chung was previously embroiled in a bitter dispute with former China tour guide Yang Yin over her assets, including the land.
After acting as Madam Chung's tour guide when she visited China in 2008, Yang moved into her bungalow a year later, brought his family subsequently and got the widow to make a will where he stood to inherit her assets. The will has since been thrown out by the courts.
Yang was sentenced to 11 years and two months' jail in 2016 for cheating the wealthy widow of $1.1 million and duping the authorities into granting him permanent residency.