31 people claim share of $4m bungalow in Katong

[Ringo33]

So often we are hearing forummers saying they want to keep their landed property for next generation, but what you dont hear most of the time is that, there are also other siblings who wants to keep their shares of landed property for their own children.

So what happen when the rightful owner of the landed property past away? Everyone will rush in to cash out..



http://www.straitstimes.com/sites/straitstimes.com/files/imagecache/story-gallery-featured/20140105/ST_20140105_IPESTATE05_3986505e.jpg

Many of them have never met, yet all can trace their heritage to a small, rundown bungalow in Katong.

Bearing different family names - including Chin, Goh, Koh and Tan - they are descendants of Madam Wan Chin Neo, the late Peranakan matriarch who bought the house for $1,900 in 1937.

These 31 of her descendants will soon meet for the first time to discuss the distribution of her estate. This includes the house in Katong, which was sold last year for $4 million.

Joining them is Madam Wan's great-great-granddaughter, Madam Agnes Yeo, who applied for a share on behalf of her 76-year-old mother, Madam Goh Kim Choon.

[leesg123]

How was it sold in the first place? By who?

[Ringo33]

How was it sold in the first place? By who?

Must be by those who think they are the sole owner to the estate. Nether vultures are coming for their bones.

[radha08]

What a closely knit family:sleep:

[sherlock]

End up with just over $100k each :banghead:

[Ringo33]

This sort of things is very common for families who are assets rich but cash poor. As family size grow, the pie will get smaller and eventually one camp will want to sell while they other wants to stay but unwilling to pay.

For those really rich family, they will usually preserve their forefather's home for sentimental value. Sometimes when they rebuild the site, they will still preserve some of the designs, while others will just keep it as it is.