Two good class bungalows linked to $2.8b money laundering probe vacated
A large landed property near Orchard Road, which was previously leased to alleged money laundering offender Su Baolin, is back on the market at $120,000 a month.
The good class bungalow (GCB) in Nassim Road was advertised for rent on Oct 16. The hilltop five-bed, five-bath residence sits on 15,000 sq ft of land and features a swimming pool that snakes through most of the second floor.
Su Baolin, 41, a Cambodian national, was one of the 10 foreigners arrested on Aug 15 in a Commercial Affairs Department-led anti-money laundering operation that involved about 400 officers. The accused are all originally from China.
The Straits Times understands his family has left the property, which is less than 500m from the Shangri-La Singapore hotel. However, a red Ferrari and several Japanese MPVs were still parked there earlier this week.
Those interested in renting the property will need to agree to a two-year contract with a two-month security deposit. GCBs in the area typically cost around $50 million.
She said: “(The owner) is an investor-owner. He is not staying there, so definitely, he would want to rent (the house) out.”
But so far, no one has expressed interest in viewing the house, said Ms Quek, adding that the current property market is “a bit quiet”.
She said she was not involved when the property was leased to Su Baolin, who faces two forgery charges, and his wife Ma Ning.
Ma Ning also lives in Gramercy Park, a condominium in Grange Road, the registered address of Su Haijin.
Meanwhile, the GCB Su Haijin rented has also been vacated. The 32,000 sq ft property at Ewart Park was dubbed “KTV Central” by neighbours when the 40-year-old, who was also arrested in the operation, moved in around July 2021.
“Before his arrest, he had visitors to the home almost every day,” said the domestic worker.
Su Haijin faces two charges - one for evading arrest, and another for possessing money from criminal offences.
A property report dated October 2021 showed the GCB previously commanded a rent of $100,000 a month.
Movers were also seen at another GCB in Bishopsgate. On Oct 18, The Straits Times saw items being removed from the 17,100 sq ft property, which was leased in 2020 at $150,000 a month.
The items, which included one pallet of around 50 bottles of Macallan 25 Years Sherry Oak whiskey, were loaded into an air-conditioned truck. Each bottle of the whiskey costs between $4,000 and $5,000.
The truck, which was escorted by a car, then travelled to Le Freeport Singapore, a high-security storage facility in Changi North Crescent, touted as the safest area in Singapore for wealth protection.
The wealthy are known to store fine art, precious gems and gold and silver there. According to its website, Le Freeport’s operations are conducted under the strict supervision of various government agencies.
Shin Min Daily News had reported on Friday that a number of other assets, including a Rolls-Royce and a Bentley, were also transported from the house.
Plain-clothes police officers were seen entering the house to conduct investigations. They remained there for about four hours.
Wang Ruiyan and two children were chauffeured to the house in a luxury vehicle while the police were there.
A 70-year-old man, who identified himself as Vang’s father, later stepped out of the property and said: “I’m very worried, but life still has to go on.”
The report noted that Vang’s family still lives in the house. His son and daughter are studying in international schools here and are tutored by a teacher who comes to the home.
Vang, a 42-year-old Turkish national, faces five charges - one for using a forged document, and the rest are related to money laundering.
Ms Christine Yu, a real estate agent for luxury homes, said there were fewer enquiries for GCBS from Chinese nationals compared to before August 2023.
“The market momentum has slowed down quite significantly. Landlords are also more realistic and negotiable on the (rental) pricing,” she added.
Mr Tony Fong, who is marketing a rental property in Ewart Park, said news of the money laundering probe has affected rentals and sales in the area.
He said: “The super rich don’t want to be associated with unwanted popularity... They want (to be) low key and low profile.”