3 Sentosa Cove bungalows seized in Singapore’s biggest money laundering case now on sale

Singapore's biggest money laundering case in 2023 saw the seizure of three valuable properties in Sentosa Cove, now up for sale. The high-end residential enclave on the island, developed in the early 2000s, was targeted by the authorities. Two of the seized properties are bungalows at 38 and 40 Ocean Drive, owned by Lin Baoying and Zhang Ruijin, respectively.

Both bungalows boast private yacht berths and a combined 1,468-square-meter site, with guide prices of $22.8 million and $15.68 million, respectively. The auction for these properties closes on Oct. 29 and Oct. 15, respectively. The third property seized is a 879.6-square-meter two-story house at 13 Pearl Island, owned by Zhang Ruijin.

It has a guide price of $15.68 million and bids close on Oct. 15. All three properties were among the S$3 billion in cash and assets seized in the probe, which involved 10 foreigners arrested and jailed for money laundering and forgery charges. Despite the seizure, the foreigners remain registered owners of their properties but cannot deal with them legally.

The listings of the seized properties come as villa prices on Sentosa Island have dropped by about 11% over the past decade. Another property in the area, a 1,741-square-meter plot at 143 and 145 Cove Drive owned by convicted money launderer Su Haijin, is also up for sale through an expression of interest sale with a guide price of $23.65 million, with bids closing on Nov.

12. The historic money laundering case has led to the forfeiture of over 1,000 luxury items and 80 real estate properties, which are set to be auctioned from September to mid-2027 by Deloitte.