{"id":4184,"date":"2016-01-21T04:00:19","date_gmt":"2016-01-20T20:00:19","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=4184"},"modified":"2022-07-01T03:59:45","modified_gmt":"2022-06-30T19:59:45","slug":"3-lessons-from-the-infamous-16-million-swee-kee-property-tussle","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/3-lessons-from-the-infamous-16-million-swee-kee-property-tussle\/","title":{"rendered":"3 lessons from the infamous $16 million \u201cSwee Kee property tussle\u201d"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><div id=\"contentsContainer\" contenteditable=\"true\">\n<div id=\"contents\">\n<p id=\"E42\"><span id=\"E46\" class=\"qowt-font3-Arial\">If you\u2019re in your early 20s, you may not know the significance of the name \u201cSwee Kee\u201d. From 1949 to 1997, Swee Kee pioneered Hainanese chicken rice from a shop along Middle Road. <\/span><span id=\"E47\" class=\"qowt-font3-Arial\">That\u2019s the type of chicken rice most commonly found in food courts, the difference being that people running Swee Kee could actually cook. Sadly, the other legacy of Swee <\/span><span id=\"E49\" class=\"qowt-font3-Arial\">Kee\u2019s<\/span><span id=\"E51\" class=\"qowt-font3-Arial\"> founder is now a multi-million-dollar legal battle:<\/span><\/p>\n<h3 id=\"E53\"><strong><span id=\"E54\" class=\"qowt-font3-Arial\">What\u2019s going on? <\/span><\/strong><\/h3>\n<p id=\"E55\"><span id=\"E56\" class=\"qowt-font3-Arial\">Mr. <\/span><span id=\"E58\" class=\"qowt-font3-Arial\">Moh<\/span><span id=\"E60\" class=\"qowt-font3-Arial\"> Lee Twee, the founder of Swee Kee chicken rice, bought a bungalow in <\/span><span id=\"E62\" class=\"qowt-font3-Arial\">Tanjong<\/span><span id=\"E64\" class=\"qowt-font3-Arial\"> <\/span><span id=\"E66\" class=\"qowt-font3-Arial\">Katong<\/span><span id=\"E68\" class=\"qowt-font3-Arial\"> in 1957. It sits on a massive 13,844 square feet of freehold land, and is a sign that you really should have go<\/span><span id=\"E69\" class=\"qowt-font3-Arial\">ne to culinary school instead. <\/span><\/p>\n<p id=\"E70\"><span id=\"E71\" class=\"qowt-font3-Arial\">In September <\/span><span id=\"E72\" class=\"qowt-font3-Arial\">2015<\/span><span id=\"E73\" class=\"qowt-font3-Arial\">, the property was auctioned for $16.3 million (the record high of the year.) <\/span><span id=\"E74\" class=\"qowt-font3-Arial\">At the time, the registered owners of the property were Mr. Moh\u2019s two sons, Mr. <\/span><span id=\"E76\" class=\"qowt-font3-Arial\">Moh<\/span><span id=\"E78\" class=\"qowt-font3-Arial\"> Tai Tong and Mr. <\/span><span id=\"E80\" class=\"qowt-font3-Arial\">Moh<\/span><span id=\"E82\" class=\"qowt-font3-Arial\"> Tai <\/span><span id=\"E84\" class=\"qowt-font3-Arial\">Suan<\/span><span id=\"E86\" class=\"qowt-font3-Arial\">, and the wife and child of his eldest son, Mr. <\/span><span id=\"E88\" class=\"qowt-font3-Arial\">Moh<\/span><span id=\"E90\" class=\"qowt-font3-Arial\"> Tai Sing, who passed away in 1987.<\/span><\/p>\n<p id=\"E91\"><span id=\"E92\" class=\"qowt-font3-Arial\">In November of the same year however, one of Mr. Lee <\/span><span id=\"E94\" class=\"qowt-font3-Arial\">Twee\u2019s<\/span><span id=\"E96\" class=\"qowt-font3-Arial\"> four sons, Mr. <\/span><span id=\"E98\" class=\"qowt-font3-Arial\">Moh<\/span><span id=\"E100\" class=\"qowt-font3-Arial\"> Tai Siang, filed a suit in the high court. He claims that he should receive a portion of the sale, as one quarter of the property was being held in trust for him by his brothers.<\/span><\/p>\n<p id=\"E101\"><span id=\"E102\" class=\"qowt-font3-Arial\">However, Tai Tong and Tai <\/span><span id=\"E104\" class=\"qowt-font3-Arial\">Suan<\/span><span id=\"E106\" class=\"qowt-font3-Arial\"> claim that Tai Siang had already sold his one quarter share of the property. They <\/span><span id=\"E107\" class=\"qowt-font3-Arial\">have documents to show that<\/span><span id=\"E108\" class=\"qowt-font3-Arial\">, in 1985, Tai Siang <\/span><span id=\"E109\" class=\"qowt-font3-Arial\">had<\/span><span id=\"E110\" class=\"qowt-font3-Arial\"> sold <\/span><span id=\"E111\" class=\"qowt-font3-Arial\">it<\/span><span id=\"E112\" class=\"qowt-font3-Arial\"> to them for a sum of $200,000.<\/span><\/p>\n<p id=\"E113\"><span id=\"E114\" class=\"qowt-font3-Arial\">Tai Tong and Tai <\/span><span id=\"E116\" class=\"qowt-font3-Arial\">Suan<\/span><span id=\"E118\" class=\"qowt-font3-Arial\"> also all<\/span><span id=\"E119\" class=\"qowt-font3-Arial\">e<\/span><span id=\"E120\" class=\"qowt-font3-Arial\">ge<\/span><span id=\"E121\" class=\"qowt-font3-Arial\">d<\/span><span id=\"E122\" class=\"qowt-font3-Arial\"> that Tai Siang had waited until the death of their mother in April, before taking legal action. This is to prevent the possibility of <\/span><span id=\"E123\" class=\"qowt-font3-Arial\">their mother refuting Tai Siang\u2019s claim.<\/span><\/p>\n<p id=\"E124\"><span id=\"E125\" class=\"qowt-font3-Arial\">The case is still ongoing.<\/span><\/p>\n<h3 id=\"E127\"><strong><span id=\"E128\" class=\"qowt-font3-Arial\">Some lessons we can pick up from this incident:<\/span><\/strong><\/h3>\n<\/div>\n<\/div>\n<div id=\"contentsContainer\" contenteditable=\"true\">\n<div id=\"contents\">\n<h3 id=\"E129\" class=\"qowt-li-0_0 qowt-list qowt-stl-ListParagraph\"><span id=\"E130\" class=\"qowt-font3-Arial\">1. Look in the long term when it comes to property values<\/span><\/h3>\n<p id=\"E132\"><span id=\"E133\" class=\"qowt-font3-Arial\">The $16 million estate was divided into four even parts (approximate value is $4 million each.) <\/span><\/p>\n<p id=\"E134\"><span id=\"E135\" class=\"qowt-font3-Arial\">In 1985, Tai Siang sold his quarter for just $200,000. Assuming this was the correct valuation at that point in time, <\/span><span id=\"E136\" class=\"qowt-font3-Arial\">that\u2019s a 1,900 per cent increase in 30 years. Usually, the only kind of \u201cinvestment\u201d that can beat that involves pills you smuggle through an airport.<\/span><\/p>\n<p id=\"E137\"><span id=\"E138\" class=\"qowt-font3-Arial\">Granted, we can\u2019t count on a similar performance by every property (we have to factor in things like the land space being freakishly large, its freehold nature, etc.) But the numbers still speak for themselves: Singapore property is wildly rewarding when held on to in the long term. Children who inherit from their parents shouldn\u2019t be too quick to sell, regardless of how good the market may seem at the time. <\/span><\/p>\n<h3 id=\"E140\" class=\"qowt-li-0_0 qowt-list qowt-stl-ListParagraph\"><span id=\"E141\" class=\"qowt-font3-Arial\">2. Get everything in writing, especially when dealing with family members<\/span><\/h3>\n<p id=\"E142\"><span id=\"E143\" class=\"qowt-font3-Arial\">Things get a bit messy when deals are made within a family. In this case, there are documents to show that an agreement was made for the $200,000. But even then, the dispute is still happening.<\/span><\/p>\n<p id=\"E144\"><span id=\"E145\" class=\"qowt-font3-Arial\">Now imagine how bad things get if there\u2019s <\/span><span id=\"E146\" class=\"qowt-font3-Arial\">no <\/span><span id=\"E147\" class=\"qowt-font3-Arial\">documentation. <\/span><\/p>\n<p id=\"E148\"><span id=\"E149\" class=\"qowt-font3-Arial\">When a family member makes this kind of deal (e.g. giving up their share of a house for immediate payment), there may be some temptation to do things \u201coff the record,\u201d or with another family member as a witness.<\/span><\/p>\n<p id=\"E150\"><span id=\"E151\" class=\"qowt-font3-Arial\">That\u2019s clearly not a good idea \u2013 in this case, for example, the mother of the four brothers is no longer around to substantiate or refute any claims. <\/span><\/p>\n<p id=\"E152\"><span id=\"E153\" class=\"qowt-font3-Arial\">Even if the witness is still around, it\u2019s a traumatic experience to take the side of one family member over another in court. <\/span><\/p>\n<p id=\"E154\"><span id=\"E155\" class=\"qowt-font3-Arial\">So to make things simple, put everything in writing. And have the right legal professional oversee everything, rather than use another family member.<\/span><\/p>\n<\/div>\n<\/div>\n<div id=\"contentsContainer\" contenteditable=\"true\">\n<div id=\"contents\">\n<h3 id=\"E157\" class=\"qowt-stl-ListParagraph qowt-li-0_0 qowt-list\"><span id=\"E158\" class=\"qowt-font3-Arial\">3. As a last resort, you may just want to leave in cash<\/span><\/h3>\n<p id=\"E159\"><span id=\"E160\" class=\"qowt-font3-Arial\">This isn\u2019t always possible of course (especially if your spouse is still living there.) But if you suspect this kind of quarrel is likely, divvying up your inheritance in cash can be a lot neater than dividing up the house.<\/span><\/p>\n<p id=\"E162\"><span id=\"E163\" class=\"qowt-font3-Arial\">For example, say you divide the house between your three children. What happens if one wants to sell, another one doesn\u2019t, and the third one just refuses to get involved? And this isn\u2019t even getting into issues like property taxes, which are going to end up at your beneficiaries\u2019 collective doorstep.<\/span><\/p>\n<p id=\"E164\"><span id=\"E165\" class=\"qowt-font3-Arial\">You\u2019ll want to find a professional wealth manager (someone whom you\u2019re also comfortable disclosing potential family conflicts to), so they can recommend alternatives to splitting up home ownership.<\/span><\/p>\n<h3 id=\"E167\"><strong><span id=\"E168\" class=\"qowt-font3-Arial\">Your property should benefit your family, not tear rifts between them<\/span><\/strong><\/h3>\n<p id=\"E169\"><span id=\"E170\" class=\"qowt-font3-Arial\">Property can swing between being an asset, to being a liability. Most investors already know that. But look beyond the dollars: without proper estate planning, your property is only going to be asset to your children\u2019s lawyers. <\/span><\/p>\n<p><span class=\"qowt-font3-Arial\">That being said, you don\u2019t want to leave them with a zinc roofed hut either. Check out some of Singapore\u2019s\u00a0<\/span><a href=\"https:\/\/www.99.co\/\">better property listings<\/a>\u00a0<span id=\"E177\" class=\"qowt-font3-Arial\">on 99.co right now, and build a legacy for your children.<\/span><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re in your early 20s, you may not know the significance of the name \u201cSwee Kee\u201d. From 1949 to 1997, Swee Kee pioneered Hainanese chicken rice from a shop along Middle Road. That\u2019s the type of chicken rice most commonly found in food courts, the difference being that people running Swee Kee could actually&hellip;<\/p>\n","protected":false},"author":21,"featured_media":54128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53593,53589,57131],"tags":[],"persona":[],"class_list":{"2":"type-post","10":"entry","11":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Swee Kee property: lessons from the infamous $16m tussle<\/title>\n<meta name=\"description\" content=\"Here are some lessons to learn from the Swee Kee founder legacy; 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