A prime piece of land in Singapore’s Sentosa Cove linked to an alleged S$3 billion money laundering scheme failed to find a buyer at auction on Wednesday.
The vacant plot at 69 Ocean Drive, previously owned by Cambodian national Su Baolin, attracted ten interested parties but only received a single bid, according to property consultancy firm Edmund Tie. The S$20 million offer fell short of the reserve price set by OCBC Bank, which was seeking S$27.1 million (S$1,386 per square foot) to recover a loan on the property.
Su Baolin is one of ten foreigners arrested in August 2023 as part of a major anti-money laundering operation. Authorities seized hundreds of properties and other assets believed to be linked to the illicit funds. The 69 Ocean Drive plot was among those seized by authorities.
The property’s leasehold status – 99 years remaining – may have been a deterrent for some potential buyers. Sentosa Cove is known for its luxurious sea-facing bungalows with freehold titles, offering greater ownership longevity.
While the auction wasn’t successful, OCBC is likely to continue seeking a buyer for the land. The bank may adjust its asking price or relaunch the auction at a later date. The case highlights the challenges authorities face in recouping assets linked to financial crimes.
