OCBC to recover over $20m from selling Sentosa Cove plot linked to money laundering probe
Source: Straits Times
Article Date: 19 Jul 2024
Author: Grace Leong
The offer for the plot of land at 69 Ocean Drive in Sentosa Cove has been accepted by OCBC via private treaty.
OCBC Bank has accepted an offer of more than $20 million for a plot of land in Sentosa Cove that once belonged to Cambodian money launderer Su Baolin, after two attempts to auction the property.
Su, one of the 10 foreigners implicated in a $3 billion money laundering probe, had owed the bank more than $20 million in housing loan and credit card debts.
The Straits Times reported earlier that OCBC took legal action to recover the overdue home loan through the sale of Su’s 69 Ocean Drive property in August 2023. The court ruled in the bank’s favour on Jan 5, 2024.
An OCBC spokesperson told ST on July 17 that the bank had “accepted an offer for 69 Ocean Drive via private treaty. Upon completion of the sale, all overdue loans will be recovered”. OCBC declined to comment on the offer and the buyer’s identity.
ST understands that an option to purchase was signed on July 17 between the bank and the buyer.
The 19,550 sq ft plot had been put on the auction block twice by OCBC, which had been owed about $19.7 million in housing loan and credit card debts. Including interest, Su’s debts exceeded $20 million as at April 15.
At the first auction on April 24, a sole counter-offer of $20 million was submitted for the 99-year leasehold site, which had been advertised at a guide price of $27.1 million, or $1,386 per square foot (psf).
The offer was not accepted by OCBC, and the property was withdrawn because the guide price was not met.
No bids were submitted at the second auction on May 21 despite a lower opening price of $26.5 million, or $1,355 psf.
Su, 42, who was arrested on Aug 15, 2023, and faced 13 charges related to forgery, fraud and money laundering, was sentenced to 14 months’ jail after forfeiting about $65 million, or 90 per cent, of his seized assets. He has since been deported.
It was earlier reported that police seized about $99 million worth of assets in properties, cash, bank accounts and cryptocurrencies in the names of Su and his wife.
The land parcel, located at the northern tip of Sentosa Cove, had housed one of the few sea-facing bungalows there with a land area exceeding 18,000 sq ft.
It has a 99-year leasehold tenure from July 2005 and offers unblocked views of the sea and the Central Business District.
Source: Straits Times © SPH Media Limited. Permission required for reproduction.
333