Seized Sentosa Cove bungalows of money launderers Su Haijin and two others hit the market
All proceeds from the sale of the assets will go to the government’s Consolidated Fund
[SINGAPORE] Three bungalows with private yacht berths in Sentosa Cove linked to the nation’s biggest money laundering case are on the market, The Straits Times has learnt.
An amalgamated 99-year leasehold plot at 143 and 145 Cove Drive has also been listed for sale.
According to Singapore Land Authority (SLA) documents, the plot which two bungalows previously occupied is owned by convicted money launderer Su Haijin.
Two other bungalows at 38 and 40 Ocean Drive are owned by Lin Baoying, and one bungalow at 13 Pearl Island is owned by her lover Zhang Ruijin.
Based on SLA records, the three foreigners are the registered owners of their respective properties, but their right to deal with them is now disenfranchised by the law.
These properties in Singapore’s premier waterfront residential enclave are among S$3 billion in cash and assets seized in the Commercial Affairs Department probe.
Checks by ST showed that the bungalows and Su Haijin’s seaview plot have been put up for expression of interest (EOI) sale by luxury residential brokerage List Sotheby’s International Realty (ListSIR).
In an EOI sale, potential buyers submit non-binding offers indicating their interest in buying a property by a set closing date.
“The EOI process is transparent and confidential, allowing sellers to gauge market interest while reaching a wider pool of potential investors,” Nicholas Ng, executive director and head of land and collective sales at JLL Singapore, said.
Spanning 18,740 sq ft, Su Haijin’s vacant land is up for EOI sale at a guide price of S$23.65 million, with the closing date for bid submission on Nov 12 at 3 pm.
The Cypriot national was arrested in August 2023.
In April 2024, the State Courts ordered the forfeiture of more than S$165 million of S$174 million worth of assets, consisting of cash, properties, jewellery, luxury items and alcohol seized from Su Haijin, his wife and his companies.
According to a listing, Zhang’s 879.6 sq m two-storey detached house in Pearl Island comes with marble floors, five bedrooms ensuite, entertainment room, wine cellar, basement and attic, a swimming pool and a home lift.
Pearl Island comprises 19 leasehold bungalows developed by Ximeng Land, a unit of Chinese real estate group Ximeng Asset Holdings.
Featuring an island-within-an-island design concept, the bungalows are surrounded by a man-made waterway and come with private yacht berths.
Zhang’s property is up for EOI sale at S$15.68 million and the closing date for bid submission is Oct 15 at 3 pm.
Zhang was sentenced to 15 months’ jail after he pleaded guilty in Singapore to money laundering and forgery charges.
Lin was handed the same sentence. The pair are among 10 foreigners arrested in the probe, given jail sentences and made to forfeit their cash and assets.
All 10 have since been deported after serving their sentences and are barred from re-entering Singapore.
SLA documents show that Lin, a Chinese national who holds passports from Cambodia, Dominica and Turkey, is the owner of the bungalows at 38 and 40 Ocean Drive.
According to a listing, both properties, which sit on a 15,798 sq ft site, are up for EOI sale at a guide price of S$22.8 million. The closing date for bid submission is Oct 29 at 3pm.
According to JLL’s Ng, the EOI process is “frequently used to market high-quantum-value properties because it makes the decision-making process easier for sellers, as all interested buyers submit offers for consideration” by a firm cut-off date.
However, he noted that this can have mixed results.
“While it attracts serious buyers, some parties who are interested in the property may choose to remain on the sidelines, preferring to wait and see the level of market interest before entering negotiations,” he added.
Also seized
Checks by ST also found other Sentosa properties linked to the money laundering case.
They include a bungalow at 97 Cove Drive. It is owned by Wang Bingang, a cousin of Wang Baosen, who was convicted in the same case.
Among the 10 foreigners convicted in the case, a number had bought luxury units at some of Singapore’s most sought-after prime district projects, including Canninghill Piers, South Beach Residences and Gramercy Park, which were launched between 2017 and 2021.
The authorities also went after S$2.1 billion worth of assets linked to 17 suspects, including Wang Bingang.
In November 2024, police said that 15 of them agreed to surrender their assets, valued at around S$1.85 billion, in exchange for the withdrawal of Interpol notices against them.
Wang Bingang, who was the founder of the Hongli gambling syndicate in China, had been convicted in Beijing in 2015 for his involvement in a criminal organisation.
Besides the Sentosa Cove bungalow, Zhang also owned a 185 sq m luxury four-bedroom apartment on the 61st floor of Wallich Residence.
The apartment was sold at an auction for S$6.6 million on Sep 23 by realtor SRI, one of three brokerages appointed to conduct the property auctions.
Of 26 properties put on the auction block on Sep 17 and 23, only four luxury apartments in Wallich Residence and Martin Modern totalling S$16.28 million in value were sold.
These properties are among more than 80 properties to be put up for sale as part of Deloitte’s strategy to oversee and liquidate non-cash assets seized during investigations by the Commercial Affairs Department.
The properties are being progressively put up for sale in phases between September 2026 and mid-2027 and are open to the public for bidding.
All proceeds from the sale of the assets will be paid into the Consolidated Fund, which is analogous to a bank account held by the Government.
The EOI sale of the Sentosa Cove bungalows comes amid reports that few landed homes in Pearl Island and Ocean Drive have changed hands recently.
Based on caveats lodged, the sole deal in 2026 was transacted in January at S$13.6 million for a property located at 225 Ocean Drive, Samuel Eyo, managing director of Lighthouse Property Consultants, noted.
“The main reason is the 60 per cent Additional Buyer’s Stamp Duty that foreigners pay on residential property in Singapore.
“Permanent residents and foreigners also need SLA approval to buy landed homes in Sentosa Cove, and these homes are generally intended for owner occupation rather than investment. So, that keeps speculative buying out,” he added. THE STRAITS TIMES
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