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SINGAPORE PROPERTY

DBS accepts offers totalling over S$100 million for 13 mortgaged shophouses linked to money launderers

The shophouses are in Telok Ayer Street, Amoy Street, Stanley Street and Geylang Road

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Kalpana Rashiwala

Kalpana Rashiwala

Published Wed, Jun 12, 2024 · 10:44 PM
    • DBS is said to have accepted an offer of about S$45 million for 4, 5 and 6 Stanley Street, which works out to S$4,192 per square foot on the estimated built-up area of 10,735 sq ft.
    • DBS is said to have accepted an offer of about S$45 million for 4, 5 and 6 Stanley Street, which works out to S$4,192 per square foot on the estimated built-up area of 10,735 sq ft. PHOTO: GOOGLE MAPS

    DBS is understood to have accepted offers for 13 mortgaged shophouses in Chinatown and Geylang owned separately by two individuals connected to the S$3 billion money laundering case.

    The two men – Su Fuxiang and Su Binghai – left Singapore abruptly amid the money laundering bust last year, The Straits Times reported previously. The duo are connected to Wang Dehai, one of the 10 people from Fujian, China, convicted in Singapore’s biggest money laundering case.

    DBS put the companies which held the shophouses into receivership in September last year. A receiver is appointed to take possession of and sell or liquidate assets in order to repay a company’s outstanding debt.

    Commercial & IndustrialSingapore propertyshophousesMoney laundering

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