Money Launder forced to sell a rare piece of land he owns in Sentosa Cove to pay back his mountain debts

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

The transaction was confirmed through documents obtained by The Straits Times. The latest price of that particular piece translates to around $1,125 per sq ft, based on the total land area of 19,550 sq ft.

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

Rare piece of land facing the sea

This rare piece of land offers unblocked views of the sea and the Central Business District has a 99-year leasehold tenure from July 26, 2005.

This is also among the 10 sea-facing plots in Sentosa Cove, making it one of the rarity among the 250 bungalow plots in the vicinity, excluding terrace and strata-landed plots.

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

The property was listed for sale in April by OCBC Bank to recover over $20 million in outstanding housing loans and credit card debts issued to Su.

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

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

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

Su Baolin case

Su along, with nine others, were arrested in an islandwide police operation against money laundering offences in August 2023.

Su pleaded guilty to three out of 13 charges; one for possessing $777,220.50 in cash which was suspected to be benefits of their criminal conduct; he was also alleged to have been part of unlawful remote gambling operation and using the benefits from his criminal activity to buy himself a car; thirdly, he allegedly made false statement to the Controller of Work Passes in October 2022 stating that his spouse MaNIng would be employed as a sales and marketing director at SG-Gree.

All 10 suspects have been sentenced to 14 months jail on April 29,2024.