Sentosa Cove plot once owned by convict in S$3B money laundering case sold for S$22M

A Sentosa Cove plot at 69 Ocean Drive, once owned by convicted money launderer Su Baolin, has been sold for S$22 million.

This transaction was confirmed through documents obtained by The Straits Times. The sale price translates to approximately S$1,125 per sq ft (psf), given the plot’s total area of 19,550 sq ft, or 1,816.3 sq m.

The new owner is reported to be Mr Benedict Beh Wei Hao, according to ST.

With its 99-year leasehold tenure from 26 July 2005, this premium plot offers unblocked views of both the sea and Singapore’s Central Business District.

According to records, a caveat was lodged on 27 September 2024, sealing the deal.

The property had been listed for sale in April by OCBC Bank to recover over S$20 million in outstanding loans issued to Su.

Edmund Tie, a property consultancy firm, was entrusted with managing the auction, and details of the sale were publicised on social media and property platforms such as PropertyGuru.

Initially, the plot had been listed for S$27.1 million.

OCBC confirmed that it had pursued legal proceedings in August 2023 to recover Su’s outstanding housing loans.

A court decision on 5 January 2024 ruled in favour of OCBC, allowing the bank to proceed with the sale.

Su reportedly owed approximately S$19.7 million in home loans and credit card debt, with total dues exceeding S$20 million by 15 April due to accrued interest.

By July 2024, OCBC had accepted a private offer exceeding S$20 million for the property after two unsuccessful auctions.

Su Baolin, a 42-year-old Cambodian national originally from Xiamen in Fujian Province, China, was detained by Singapore authorities in August 2023.

He received a 14-month jail sentence on 29 April 2024 after pleading guilty to three of the 13 charges, including money laundering and making false representations to the Inland Revenue Authority of Singapore (IRAS).

Su was subsequently deported on 25 May 2024.

Authorities previously seized assets valued at around S$99 million, including properties, cash, bank accounts, and cryptocurrencies in Su and his wife’s names.

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.

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

The villa 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.