SINGAPORE: A good class bungalow (GCB) linked to Zhu Su, co-founder of failed crypto fund Three Arrows Capital, is now the site of an urban farm managed by a company co-founded by his wife.
The company has been hosting guided tours and private dining sessions at the Yarwood Avenue site since at least the early part of 2023, The Business Times (BT) has found.
Zhu and his wife, Evelyn Tao, bought the bungalow – the most prestigious form of landed housing in Singapore – for S$48.8mil under a trust arrangement for a child. The purchase was completed in March 2022.
The property attracted discussion in mid-2022 after Singapore-based Three Arrows imploded, taking a large part of the crypto market down with it.
The hedge fund’s bankruptcy stoked speculation of a potential sale of the house.
An unverified text message had circulated among property agents in June last year, claiming an urgent sale for a Yarwood GCB.
Liquidators for Three Arrows declined to comment on the matter of the property.
BT understands their focus is on recovering assets that are either the property of Three Arrows or acquired using the firm’s funds. The Yarwood GCB is under the couple’s control.
Checks by BT showed that the backyard of the 31,862-sq-ft 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.
It serves as a research and development site for Singapore-based company Abundant Cities, co-founded by Tao and Sarah Lewis, a project management and marketing professional.
Tao, who has a PhD in biology, serves as chief science officer. She previously worked at Temasek Life Sciences Laboratory and the Agency for Science, Technology and Research. Lewis is chief executive of Abundant Cities, the company’s website shows.
Regulatory filings show that the company was incorporated in September 2022, with the Yarwood GCB as its registered address.
Abundant Cities, through its research, aims to develop ways for agriculture to be sustainable and efficient in urban settings.
It is unclear whether Zhu is involved in the company’s operations. The 36-year-old crypto evangelist was arrested at Changi Airport last Friday while attempting to travel out of Singapore.
He faces four months in prison under an order granted by the Singapore courts, a result of his failure to cooperate with liquidators’ investigations. Three Arrows owes more than US$3bil to creditors, with liquidators reportedly seeking to recover US$1.3bil from its co-founders.
Abundant Cities did not immediately respond to a request for comment.
The company’s website does not disclose the exact address of Yarwood Homestead, but notes that the site was built together with the permaculture community. Development of the site began in April 2022, Abundant Cities’ social media posts show.
The lawn was converted into 36 beds of crops such as okra, brinjal and radishes, the website said. The swimming pool was retrofitted into a natural pond with water plants, a flowing stream, and small fish and shrimp.
“We dug out an aquaculture pond at the back for large valuable fish such as giant gourami, snakehead and marble goby, as well as crustaceans like crayfish,” the website added.
It noted that giant gourami is the most expensive cultivated fish in Indonesia.
In a social media post in April, Abundant Cities said it has hosted 52 work parties and welcomed hundreds of visitors.
Paid-for private dining at the Yarwood bungalow is organised regularly with a resident chef, BT understands.
The service is part of Abundant Cities’ food research, the company’s website stated.
It added that Abundant Cities collaborates with partners for permaculture research and development. — The Straits Times/ANN