New Reporter
24-01-24, 09:48
Licence of property agent who brokered S$26 million penthouse deal not renewed
Jan 24, 2024
THE property agent who facilitated a S$26 million South Beach penthouse deal involving money laundering suspect Su Yongcan is no longer a real estate agent, after her licence was not renewed last month.
Rochelle Chow Shuting’s real estate agent licence was not renewed by the Singapore Realtors Inc (SRI) after she was sentenced to 16 weeks’ jail and fined in November 2023 for behaving in a disorderly manner while drunk and kicking a police officer.
An SRI spokesperson told The Business Times that Chow’s licence was not renewed as she was deemed “no longer fit and proper” by the agency based on her conviction.
In September 2018, SRI announced in a Facebook post that “the largest penthouse in South Beach Residences” was brokered by its agent, Chow. This corresponds to the 6,728 sq ft super penthouse – the largest unit in the development – which Su owns.
Sold for S$26 million or S$3,864 per square foot, the five-bedroom unit spans three levels – 41, 42 and a rooftop – with a pool overlooking the Marina Bay area.
A warrant of arrest and an Interpol Red Notice have been issued against Su, who holds a Cambodian passport.
The police said last Friday (Jan 19) that they had seized more than S$16 million in cash and other foreign currencies and issued prohibition of disposal orders for seven properties and 10 vehicles. BT understands that only one of the seven properties was brokered by SRI.
In relation to Su, the police also froze bank accounts with a total balance of more than S$145 million.
Chinese-language daily Shin Min Daily News reported that Chow was a director and shareholder of two companies Su established.
Chow, a Singaporean, was appointed director of Argentavis Capital, which provided management consultancy services, in March 2019. In the same month, she also became a director of Argentavis Global, a software development company. Both companies have been struck off.
Chow’s registered address is a terrace house in Serangoon. The 1,733 sq ft house was transacted for S$3.48 million in April 2020.
BT understands that Chow has not brokered any transactions in the past two years.
When asked if any SRI agents were probed by the police, the spokesperson replied that he was not aware.
Referring to the transaction involving Su and Chow, he said: “There were no red flags at that point in time. Everything was above board, based on our records. He had an IT company and he paid for the purchase using Singapore bank cheques.”
Noting that anti-money laundering (AML) checks have since been tightened, the spokesperson said: “AML checks are very stringent now which is good for the industry.”
https://www.businesstimes.com.sg/property/licence-property-agent-who-brokered-s26-million-penthouse-deal-not-renewed
Jan 24, 2024
THE property agent who facilitated a S$26 million South Beach penthouse deal involving money laundering suspect Su Yongcan is no longer a real estate agent, after her licence was not renewed last month.
Rochelle Chow Shuting’s real estate agent licence was not renewed by the Singapore Realtors Inc (SRI) after she was sentenced to 16 weeks’ jail and fined in November 2023 for behaving in a disorderly manner while drunk and kicking a police officer.
An SRI spokesperson told The Business Times that Chow’s licence was not renewed as she was deemed “no longer fit and proper” by the agency based on her conviction.
In September 2018, SRI announced in a Facebook post that “the largest penthouse in South Beach Residences” was brokered by its agent, Chow. This corresponds to the 6,728 sq ft super penthouse – the largest unit in the development – which Su owns.
Sold for S$26 million or S$3,864 per square foot, the five-bedroom unit spans three levels – 41, 42 and a rooftop – with a pool overlooking the Marina Bay area.
A warrant of arrest and an Interpol Red Notice have been issued against Su, who holds a Cambodian passport.
The police said last Friday (Jan 19) that they had seized more than S$16 million in cash and other foreign currencies and issued prohibition of disposal orders for seven properties and 10 vehicles. BT understands that only one of the seven properties was brokered by SRI.
In relation to Su, the police also froze bank accounts with a total balance of more than S$145 million.
Chinese-language daily Shin Min Daily News reported that Chow was a director and shareholder of two companies Su established.
Chow, a Singaporean, was appointed director of Argentavis Capital, which provided management consultancy services, in March 2019. In the same month, she also became a director of Argentavis Global, a software development company. Both companies have been struck off.
Chow’s registered address is a terrace house in Serangoon. The 1,733 sq ft house was transacted for S$3.48 million in April 2020.
BT understands that Chow has not brokered any transactions in the past two years.
When asked if any SRI agents were probed by the police, the spokesperson replied that he was not aware.
Referring to the transaction involving Su and Chow, he said: “There were no red flags at that point in time. Everything was above board, based on our records. He had an IT company and he paid for the purchase using Singapore bank cheques.”
Noting that anti-money laundering (AML) checks have since been tightened, the spokesperson said: “AML checks are very stringent now which is good for the industry.”
https://www.businesstimes.com.sg/property/licence-property-agent-who-brokered-s26-million-penthouse-deal-not-renewed