Seized Sentosa Cove bungalows owned by money launderers Su Haijin and two others hit the market
All proceeds from the sale of the assets will go to the government’s Consolidated Fund
Three three-story bungalows with private yacht berths in Sentosa Cove, owned by convicted money launderer Su Haijin and his associates, are now being auctioned, according to Singapore Land Authority documents. Two additional bungalows at Ocean Drive are also up for sale, belonging to Lin Baoying and her lover Zhang Ruijin. The seized properties, valued at S$3 billion, are part of the assets recovered in a major money laundering investigation by Singapore's Commercial Affairs Department.
The auction process, an expression of interest sale, allows potential buyers to submit non-binding offers by a closing date. Su Haijin's vacant land in Sentosa Cove is on the market for S$23.65 million, while Zhang Ruijin's property in Pearl Island is listed for S$15.68 million. Lin Baoying's Ocean Drive bungalows are offered at S$22.8 million.
The auction process aims to attract serious buyers, but some may wait to see the level of interest before negotiating.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
