No bid for money launderer’s Sentosa plot despite lower opening price

The Sentosa Cove plot previously owned by Cambodian national Su Baolin, who was arrested with nine other foreigners in a $3 billion money laundering probe, did not snag any bids despite a lower opening price at a second public auction held on May 21.

- Grace Leong

The 19,550 sq ft plot at 69 Ocean Drive was put on the block by OCBC Bank - which is owed more than $20 million in loans by Su - at an opening price of $26.5 million, or $1,355 per sq foot (psf).

But there were no bids for the plot at the second auction that was held at Amara Singapore hotel in Tanjong Pagar.

In comparison, a sole counteroffer of $20 million was submitted on April 24 at the first auction of the 99-year leasehold site, which had been advertised at a guide price of $27.1 million, or $1,386 psf.

But the counter-offer was not accepted by OCBC, and the property was withdrawn at the time because the guide price was not met.

Among those at the May 21 auction were a local businessman and his wife, who were part of a group of four individuals who had submitted the $20 million counter-offer in the first auction.

When approached by The Straits Times on May 21, the couple declined to comment.