SINGAPORE – A Sentosa Cove plot at 69 Ocean Drive that once belonged to Cambodian money launderer Su Baolin has been sold for $22 million to Mr Benedict Beh Wei Hao, according to documents seen by The Straits Times.
The latest price works out to about $1,125 per sq ft (psf), based on the total land area of 19,550 sq ft or 1,816.3 sq m.
In February 2024, an 8,677 sq ft landed property at 258 Ocean Drive changed hands for $16 million or $1,844 psf.
The 1,816.3 sq m site, which offers unblocked views of the sea and the Central Business District, has a 99-year leasehold tenure from July 26, 2005, according to a caveat lodged on Sept 27, 2024.
Mr Steve Tay, executive director of Steve Tay Real Estate, believes that this is a good deal in terms of value for the buyer.
“There are less than 10 sea-facing plots above 15,000 sq ft in size in Sentosa Cove. So, this plot is a rarity among the 350 bungalow plots, excluding terrace and strata-landed plots in the area,” he noted.
“From 2020 to 2022, big plots above 15,000 sq ft were sold at between $33 million and more than $43 million. In today’s market, if we look at the available listings for sale, plots above 9,000 sq ft are already going for above $20 million, regardless of the view.
“So $22 million for a plot with views of Marina Bay is a value deal for the buyer,” Mr Tay said.
Mr Samuel Eyo, managing director of Lighthouse Property Consultants, noted that there “has not been any transaction for just land alone in Sentosa Cove for years”.
“So this will set a new benchmark price for seafront-facing land in the area. And the buyer will have to foot another $16 million or more to build a new bungalow,” he added.
An earlier ST report said that Su had demolished a bungalow on the site, with plans to build a two-storey detached house with a swimming pool, before he was arrested with nine other foreigners in a probe that saw more than $3 billion in cash and assets seized or subjected to prohibition of disposal orders.
Su, who had owed OCBC Bank more than $20 million in housing loan and credit card debts, had paid around $39.33 million or $2,012 psf for the bungalow in March 2021.
In July 2024, OCBC said it had accepted an offer of more than $20 million for 69 Ocean Drive via private treaty after two attempts to auction the property.
The bank, which had taken legal action in August 2023 to recover unpaid debts from Su, had declined to reveal the price and the buyer’s identity. OCBC told ST in July 2024 that all overdue loans will be recovered upon completion of the sale.
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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 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.
According to an August report by Singapore Realtors, property sales in Sentosa Cove, which is part of the prime district, jumped to 101 transactions in the first half of 2024, from 58 in the same period a year ago.
This came as median prices on the island moderated slightly to $1,801 psf in the second quarter, from $1,999 psf in the first quarter.
This article was first published in The Straits Times. Permission required for reproduction.
