--- title: "Once priced at 300 million yuan, the estate of real estate tycoon Zhong Yizhuang's former residence is being sold by the industry administrator for one-seventh of its equity | Lianhe Zaobao" type: "News" locale: "en" url: "https://longbridge.com/en/news/276869874.md" description: "Located in the luxury residential area on Orchard Road, the estate administrator will sell a one-seventh stake, with the specific asking price not disclosed. The area covers approximately 151,205 square feet and currently features a two-story villa and ancillary outbuildings, which were once the residence of a historical celebrity. The villa is jointly owned by the seven children of the late real estate tycoon Zhong Yizhuang. In 2022, this luxury estate was listed for approximately 300 million. ERA Realty is responsible for the exclusive marketing of this administrator sale" datetime: "2026-02-25T10:22:17.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276869874.md) - [en](https://longbridge.com/en/news/276869874.md) - [zh-HK](https://longbridge.com/zh-HK/news/276869874.md) --- # Once priced at 300 million yuan, the estate of real estate tycoon Zhong Yizhuang's former residence is being sold by the industry administrator for one-seventh of its equity | Lianhe Zaobao A permanent leasehold luxury property located in the Oxley Rise area along Orchard Road is set to sell a one-seventh stake in the land, although the asking price has not been disclosed. ERA Realty, responsible for the exclusive sale, announced on Wednesday (February 25) that the plot at 5 Oxley Rise spans approximately 151,205 square feet. The site currently features a two-story bungalow and an outhouse. This bungalow was once the residence of several local historical figures, including early Jewish businessman Manasseh Meyer and the late real estate tycoon, founder of Hong Fok Corporation, Choo Keng Kwang. It is understood that the bungalow is currently co-owned by seven children of Choo Keng Kwang. Previously, the luxury property was put on the market in 2022 with an asking price of around SGD 300 million. When asked by Lianhe Zaobao, ERA Realty stated that corporate restructuring advisory firm Alvarez & Marsal's Joshua James Taylor and Chew Ee Ling appointed ERA Realty as the exclusive marketing agent for the receiver's sale, responsible for selling the one-seventh ownership stake in the land. Generally, when property owners default on loans or face severe financial difficulties, the court initiates a receiver's sale process. A receiver appointed by the court takes over the assets, manages and stabilizes the asset condition, and conducts the sale to repay creditors. The company did not disclose the identity of the holder of the one-seventh stake. It also mentioned that the remaining six-sevenths stake is not part of this tender, and the company cannot comment on how the holders will handle their respective land interests. According to the Urban Redevelopment Authority's master plan for 2025, this plot is designated for "two-storey mixed landed residential" use and can be redeveloped into a large luxury home, strata-titled property, or mixed landed project, or several Good Class Bungalows (GCBs), subject to the relevant authorities' approval. ERA Realty's Director of Capital Markets and Investment Sales, Mark Liao, said, "This sale presents a rare opportunity for interested parties to acquire a stake in one of the last premium properties in District 9. With its prime location and strong future development potential, this plot is an attractive investment proposition." The tender for the Oxley Rise luxury property will close on April 9 ### Related Stocks - [CLN.SG](https://longbridge.com/en/quote/CLN.SG.md) ## Related News & Research - [Marketing Alliance sells Empire Construction assets, related real estate](https://longbridge.com/en/news/286616900.md) - [Investor interest in global proptech solutions surged last year. Here are three emerging opportunities to watch in 2026](https://longbridge.com/en/news/286681577.md) - [More young Singaporeans rushing into private property in 2026, but not for the reasons you might think](https://longbridge.com/en/news/286709534.md) - [TwentyTwo Real Estate to Acquire Terhills Resort in Belgium from LRM](https://longbridge.com/en/news/286777893.md) - [ZAWYA: Century 21 brings the world's largest real estate franchise to Dubai](https://longbridge.com/en/news/286887584.md)