GCB turned urban farm: URA looking into use of Three Arrows co-founder Zhu Su's property

THE Urban Redevelopment Authority (URA) is looking into the activities being carried out at a Good Class Bungalow (GCB) linked to Zhu Su, co-founder of failed crypto fund Three Arrows Capital.

The Business Times (BT) reported on Oct 2 that the GCB, located at Yarwood Avenue, is now the site of an urban farm managed by Abundant Cities, a company co-founded by Zhu's wife.

"URA is engaging the operators at the premises to ascertain the nature and scale of the activities, and will determine the next course of action," its spokesperson told BT on Tuesday (Oct 10), in response to queries.

The backyard of the 31,862 square-foot property has been turned into an urban farm known as Yarwood Homestead — with rows of crops, a space for chickens and a fish pond converted from a swimming pool, BT found.

The company has also been hosting guided tours and private dining sessions at the Yarwood Avenue site since at least the early part of the year.

Home-based businesses are allowed in private residential premises and do not require the URA's approval. But this is provided they are kept small in scale and the premises remain primarily for residential use, the URA spokesperson said.

"Private home owners who wish to conduct small-scale farming activities in their homes can write in to URA to enquire if the proposal qualifies under the home-based business guidelines," she added.

Zhu and his wife Evelyn Tao bought the GCB — the most prestigious form of landed housing in Singapore — for S$48.8 million, under a trust arrangement for a child. The purchase was completed in March last year.

The property attracted discussion in mid-2022 after Singapore-based Three Arrows imploded, taking a large part of the crypto market down with it.

However, BT understands liquidators for Three Arrows have been focused on recovering assets that are either the property of the company, or were acquired using the company's funds. The Yarwood GCB is under the couple's control.

Separately, Zhu was arrested at Changi Airport on Sep 29, while attempting to travel out of Singapore. He was sentenced to four months' prison under a committal order granted by the Singapore Courts.

ALSO READ: Three Arrows co-founder Zhu Su gets harassment protection order against BitMEX co-founder

This article was first published in The Business Times. Permission required for reproduction.