OCBC to recover over S$20 million from sale of Su Baolin’s Sentosa property

A vacant plot of land in Sentosa Cove, acquired by one of the 10 foreigners arrested in Singapore’s biggest money laundering case, has finally been sold via private treaty for over S$20 million. This follows two rounds of auction that failed to secure a buyer. 

“Upon the completion of the sale, all overdue loans will be recovered,” said an OCBC spokesperson. 

The 99-year leasehold site, which was advertised at a reserve price of S$26.5 million or S$1,355 per square foot (psf), was put on the block by OCBC.

An auction for the property in April saw just one bid at S$20 million. The bid was not accepted as it was below the site’s reserve price, said Joy Tan, executive director of auctions and sales at Edmund Tie, which conducted the auction.

The second auction in May did not receive any bids.

The Sentosa Cove site was among hundreds of residential and commercial units seized by the police, after an August 2023 raid and subsequent investigations uncovered over S$3 billion worth of assets believed to be acquired with illicit funds. These include luxury properties, gold bars, designer handbags, cash, crypto assets and cars. 

Banks, including OCBC and DBS, have since started the process of recovering funds owed from mortgages extended on properties connected to the case.

According to earlier reports by The Business Times, Su Baolin took a loan of S$19.5 million from OCBC for his purchase of the house in 2021. He also incurred over S$220,000 in credit card payments. 

Overall, Su owed OCBC more than S$20 million in mortgage, credit card debt and interest. 

In January, OCBC obtained a court judgement to recover the overdue home loan through the sale of his property at 69 Ocean Drive. 

BT reported in 2021 that Su bought the Ocean Drive house from fruit and vegetable tycoon Lim Chin Huat for slightly over S$39.3 million, or nearly S$2,012 psf based on the land area of 19,550 square feet (sq ft). The villa was one of fewer than 10 sea-facing bungalows on Sentosa Cove with a land area exceeding 18,000 sq ft.

As part of Singapore’s largest money laundering case, Su and nine other foreign nationals were sentenced to between 13 and 17 months’ jail each. They have forfeited about S$944.5 million in assets to the state so far.

Source: Business Times © SPH Media Limited. Permission required for reproduction.

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