Seized Sentosa plot in S$3 billion money laundering probe goes on sale as OCBC seeks loan recovery

A PARCEL of land on Sentosa, seized amid the S$3 billion money laundering probe, will be sold by OCBC Bank as it attempts to recover over S$20 million in loans taken by Cambodian national Su Baolin.

The 42-year-old, who was arrested on Aug 15, 2023, faces 10 charges in total.

Property consultancy firm Edmund Tie has been appointed to execute the sale in an auction to be held on Apr 24.

In a sale listing in March, the real estate company posted an asking price of S$27.1 million for the rectangular plot at 69 Ocean Drive in Sentosa Cove.

A spokesman for OCBC told The Straits Times (ST) that the bank had commenced the legal process to recover the overdue home loan through the sale of the residential property in August 2023, with the court judgment obtained in OCBC’s favour on Jan 5, 2024.

Court documents obtained by ST showed Su owed the bank about S$19.7 million in housing loan and credit card debts. With interest incurred until full payment is made, the sums would have exceeded S$20 million as at Apr 15.

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It was previously reported that police seized about S$99 million worth of assets in properties, cash, bank accounts and cryptocurrencies in the names of Su and his wife.

Edmund Tie advertised the land as opening up to the seaside and “offering unblocked views of the sea and Central Business District”.

The plot, which has a 99-year leasehold tenure from July 2005, is suitable to be developed into a seafront villa, the firm added.

Su, who is originally from China, had paid slightly over S$39.33 million or S$2,012 per square foot (psf) for a 19,550 sq ft bungalow sitting on the land in March 2021.

Urban Redevelopment Authority data showed that the median psf price for landed homes in Sentosa Cove was S$1,762 that month.

The seller was Lim Chin Huat, a seasoned property investor who business records showed is involved in the fresh fruit and vegetables supply business, as well as restaurants and wine distribution.

Sentosa Cove is the only enclave where foreigners can buy landed property, subject to approval.

The villa, which offered unblocked sea views and faced Marina Bay Sands, was one of fewer than 10 sea-facing bungalows in Sentosa Cove with a land area exceeding 18,000 sq ft.

In February 2024, an 8,674 sq ft landed property changed hands at S$16 million or S$1,844 psf.

Su had demolished the villa with plans to build a two-storey detached house with a swimming pool, before he was arrested with nine other foreigners in a probe that saw more than S$3 billion in cash and assets seized or subjected with prohibition of disposal orders.

The builder of the planned house was Jiaxing Builders, owned by Singaporean Jiang Xiaomin.

Accounting and Corporate Regulatory Authority records showed that both Jiang and Su are shareholders of a general contractor company which was incorporated in June 2023.

Su’s charges include three for making false representations.

One of his charges alleges that on or around Dec 24, 2020, Su had used S$657,980 – his alleged benefits of criminal conduct – to fund the purchase of three properties at Scotts Square, in Scotts Road, in the name of his wife Ma Ning.

Three cheques were issued, each worth over S$1.8 million.

The Sentosa Cove sale follows an earlier report of DBS Bank putting up 13 shophouses for sale to recover loans amid the same money laundering probe. THE STRAITS TIMES