Units in 3 luxury condo developments linked to money-laundering associates up for sale

The developments in question are Gramercy Park in Grange Road, The Marq on Paterson Hill and South Beach Residences in Beach Road

Jun 13, 2024

SEVERAL prime properties linked to the S$3 billion money laundering case have been put up for sale, including four properties at Gramercy Park and units at The Marq on Paterson Hill and South Beach Residences.

The units at Grange Road condominium Gramercy Park, which range from the 13th floor to the 22nd floor, are being marketed with a guide price of between S$6.8 million and S$9.05 million, Chinese language daily Lianhe Zaobao reported on Thursday (Jun 13).

Checks by The Business Times showed that the 13th floor unit was owned by Su Baolin, who was sentenced to 14 months’ jail for forgery, money laundering and fraud, while another one of the Gramercy units was held in the name of his wife, Ma Ning.

Court documents showed Su Baolin had financed an apartment in the Grange Road area valued at S$7.5 million. The unit has an outstanding loan of S$5 million. UOB is currently taking action against Su Baolin for the mortgaged property on the 13th floor of Gramercy Park, to recover about S$3.5 million owed, together with interest.

When declaring his source of funds to purchase the property, Su Baolin had claimed he was a director of a company known as Great Trillion Technology in Hong Kong, and had received dividends and drawn a director’s salary as well as received fees totalling about S$5.1 million since 2016.

One Su Jianhua, who was identified by the Ministry of Law as one of 34 individuals who could be linked to the case, owns a 14th-floor unit at Gramercy Park. The four-bedroom unit was bought as recently as April 2022, for S$9.05 million which translates to S$3,377 per square foot (psf).

Another unit on the 21st floor that belonged to Su Lihong, one of the associates involved in the case, has been listed on PropertyGuru. Su Lihong bought the unit for S$6.37 million, or S$3,253 psf according to URA Realis.

Meanwhile, a unit on the 22nd floor was purchased by Su Shuiming in 2018, for S$6.43 million, or S$3,298 psf. Su Shuiming is one of the 17 individuals who fled the country, with The Straits Times reporting that he is wanted in China for his involvement in an online gambling syndicate.

At least one unit at The Marq on Paterson Hill purchased by persons of interest in Singapore’s largest money laundering case is also on the market.

A 10th-floor unit was listed on Jun 12 on PropertyGuru at a guide price of S$29.8 million, or S$4,738.25 psf. The 6,308 square foot unit is part of a bank sale, the listing said. It is registered under the name of Su Binghai, who had taken a mortgage on the property.

Wang Dehai, who was handed 16 months of jail last Friday, had bought an 11th-floor unit at The Marq on Paterson Hill using S$23 million in criminal proceeds.

BT also understands that several units at South Beach Residences, where Lin Baoying owned a 31st-floor unit, are also available for sale.

A 35th-floor unit listed at S$20 million, or S$4,891 psf, in the 99-year leasehold integrated development was advertised on PropertyGuru on Jun 10. The unit comprises two smaller ones which were amalgamated together, the listing said.

BT found that the unit belonged to one Wu Meiqiong, whose address was listed as the Gramercy Park unit on the 22nd floor that is also up for sale.

These properties are being marketed after offers of more than S$100 million for 13 shophouses in Chinatown and Geylang, which are owned separately by Su Fuxiang and Su Binghai, were understood to be accepted by DBS.The two men left Singapore last year and are connected to Wang Dehai.

https://www.businesstimes.com.sg/pro...ssociates-sale