16-4-2024 (SINGAPORE) A prime parcel of land on the idyllic island of Sentosa has been seized amidst a $3 billion money laundering probe, prompting OCBC Bank to initiate the sale of the property in a bid to recuperate over $20 million in outstanding loans owed by a Cambodian national, Su Baolin.
The news has sent ripples through the financial and real estate sectors, as the intricate web of transactions and alleged criminal conduct unfolds. In a dramatic turn of events, the 42-year-old Su, who was arrested on August 15, 2023, now faces a staggering 10 charges, casting a dark shadow over his financial dealings.
Tasked with executing the high-stakes sale, the renowned property consultancy firm Edmund Tie has been appointed to conduct an auction slated for April 24. The rectangular plot at 69 Ocean Drive in the coveted Sentosa Cove enclave has been listed with an asking price of $27.1 million, according to a sale listing in March.
An OCBC spokesperson revealed that the bank had initiated legal proceedings to recover the overdue home loan through the sale of the residential property in August 2023. This move followed a court judgment obtained on January 5, 2024, which ruled in OCBC’s favour.
Court documents unveiled the staggering sums owed by Su to the bank – approximately $19.7 million in housing loans and credit card debts. With accrued interest until full payment is made, the total amount is expected to surpass $20 million as of April 15.
In a shocking revelation, it was previously reported that police had seized assets worth a staggering $99 million, encompassing properties, cash, bank accounts, and cryptocurrencies under the names of Su and his wife.
Edmund Tie’s marketing efforts have highlighted the land’s prime seaside location, boasting “unblocked views of the sea and Central Business District”. The firm further noted that the 99-year leasehold tenure, commencing in July 2005, renders the plot suitable for the development of a luxurious seafront villa.
Su, originally hailing from China, had acquired the 19,550 square foot bungalow sitting on the land in March 2021 for a colossal sum of slightly over $39.33 million, equating to $2,012 per square foot (psf). Urban Redevelopment Authority data revealed that the median psf price for landed homes in Sentosa Cove was $1,762 during that month.
The seller, Mr Lim Chin Huat, is a seasoned property investor with business interests spanning the fresh fruit and vegetable supply, restaurants, and wine distribution domains.
Sentosa Cove, renowned as the sole enclave where foreigners can purchase landed property, subject to approval, has witnessed a flurry of high-profile transactions. In February 2024, an 8,674 square foot landed property changed hands at a staggering $16 million, or $1,844 psf.
Su had initially demolished the villa, intending to construct a two-storey detached house complete with a swimming pool, before his arrest alongside nine other foreigners in the wide-ranging probe that uncovered over $3 billion in cash and assets subjected to seizure or prohibition of disposal orders.
The planned construction was to be undertaken by Jiaxing Builders, owned by Singaporean Jiang Xiaomin, who, along with Su, are shareholders in a general contractor company incorporated in June 2023.
Among the charges levelled against Su are three counts of making false representations. One charge alleges that on or around December 24, 2020, Su had utilized $657,980 – his alleged benefits of criminal conduct – to fund the purchase of three properties at Scotts Square on Scotts Road, under the name of his wife, Ma Ning. Three cheques, each worth over $1.8 million, were issued in this transaction.
This Sentosa Cove sale follows closely on the heels of an earlier report detailing DBS Bank’s move to put up 13 shophouses for sale to recover loans amidst the same money laundering probe, further underscoring the far-reaching implications of this unfolding case.
