Bungalow in Yang Yin saga on market again with asking price slashed by $10m

The bungalow at the centre of the Yang Yin saga is up for sale again — this time with the asking price slashed by $10 million to $25 million.

Although it was put on the market in 2018, the property remained unsold as the two bids did not meet the expected price of $35 million.

The single-storey bungalow sits in the sprawling compound at Gerald Crescent. The land size is 31,882 sq ft — about half the size of a football field.

The property is on a 999-year leasehold and zoned for a three-storey mixed landed housing under URA’s Master Plan 2019.

Real estate consulting firm Edmund Tie, which is marketing the property, told Edgeprop that sizeable redevelopment sites for landed housing are rarely available.

They also noted that it's an opportunity for residential developers to subdivide the site into multiple landed homes, and added that they expect interest from "high-net-worth and multi-generational families looking to buy for their own stay".

The tender exercise for the property will close at 3pm on Feb 9.

Chung Khin Chun, a rich Singaporean widow, lived in the bungalow for over 50 years before she was embroiled in a public tussle for assets worth a total of $40 million.

The elderly woman, who suffers from dementia, was nearly swindled of her property by former Chinese tour guide Yang Yin in 2014. He was later sentenced to 11 years and two months in jail.

Since 2015, Chung has been living with her niece Hedy Mok in the latter's semi-detached house in East Coast, The Straits Times reported. Mok is the appointed deputy public trustee for the estate's administration.

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lamminlee@asiaone.com