Sentosa Cove land in S$3B money laundering case on sale, bank pursues debt repayment

SINGAPORE: A plot of land situated in Sentosa Cove, previously acquired by one of the accused in a S$3 billion money laundering case, is now set for sale by OCBC Bank in a bid to recover over S$20 million in loans extended to the accused.

The accused, Su Baolin, a 42-year-old Cambodian national originally hailing from Fujian, China, was apprehended by Singapore authorities in August 2023 and currently faces a total of 10 charges.

Property consultancy firm Edmund Tie has been entrusted with managing the auction, scheduled for 24 April at 2:30 PM, to be held in the Club Boardroom on Level 17 of Amara Hotel Singapore.

The auction details have been shared on the firm’s social media platforms and a listing on Property Guru.

The real estate company has listed the rectangular plot at 69 Ocean Drive in Sentosa Cove with an asking price of S$27.1 million.

The firm promotes this as an opportunity for potential buyers to “build dream home from ground up that will come with absolute privacy and unparalleled breathtaking views for you to unwind daily.”

According to The Straits Times, a spokesperson for OCBC disclosed that the bank initiated legal proceedings to recover the outstanding home loan by selling the residential property in August 2023. The court ruled in favour of OCBC on 5 January of this year.

A prior report indicated that Su owed the bank approximately $19.7 million in housing loans and credit card debts. When factoring in the accrued interest until 15 April, the total exceeded $20 million.

Purchased for S$39.33M, Su Baolin demolished the Sentosa Cove bungalow for new construction prior to arrest

In April 2021, Su reportedly paid S$39.33 million for the Sentosa Cove bungalow with a sea-facing view.

A search on Facebook source revealed that Su, originally from Xiamen City in Fujian Province, holds stakes in two Singapore-incorporated companies, one in software development/programming and the other in e-commerce.

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 Mr Lim Chin Huat, a seasoned property investor whose 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 $16 million or $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 Fujian-born foreigners as part of the S$3 billion money laundering probe.

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

Accounting and Corporate Regulatory Authority records showed that both Mr 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 24 Dec 2020, Su had used $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.

Su Baolin is the founder of Xiamen Xinbao Investment Holdings (厦门新宝投资控股) and Meinin E-Commerce (美宁电子商务), and made a director of Sg-Gree on June 1, 2021, the same day his brother Su Haijin was appointed a shareholder of the company.

A search for Su’s company, Xinbao Investment, revealed that the website has already been taken down.