These include two at 38 and 40 Ocean Drive and one at 13 Pearl Island, all of which have private yacht berths, The Straits Times reported, citing listings by luxury residential brokerage List Sotheby’s International Realty.
Both of the Ocean Drive bungalows, owned by Lin Baoying, occupy a 1,468-square-meter site and carry a guide price of $22.8 million. The closing date for bid submission is on Oct. 29.
The Pearl Island property, a 879.6-square-meter two-story detached house owned by Lin’s lover Zhang Ruijin, has a guide price of $15.68 million, with bids closing on Oct. 15.
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Aerial view of Sentosa Cove in June 2015. Photo by SPH Media via AFP |
The properties were among the S$3 billion in cash and assets seized as part of the city-state’s biggest money laundering case in 2023.
Zhang was sentenced to 15 months in prison after pleading guilty to money laundering and forgery charges in Singapore, while Lin received the same sentence. They were among 10 foreigners arrested in the probe who were subsequently jailed and ordered to forfeit their cash and assets.
Singapore Land Authority records show that the foreigners remain the registered owners of their respective properties, but their rights to deal with the properties have been disenfranchised by law.
The listings come amid weaker villa prices on Sentosa Island, which fell about 11% over the decade through 2025, Bloomberg reported.
Sentosa Cove occupies the eastern end of the 5-square-kilometer island and was developed in the early 2000s as a high-end residential enclave aimed at wealthy foreign buyers.
Another property in the area linked to the money laundering case has also been put on the market.
An amalgamated 99-year leasehold plot spanning 1,741 square meters at 143 and 145 Cove Drive owned by convicted money launderer Su Haijin is up for expression of interest sale at a guide price of $23.65 million, with bids closing on Nov. 12.
More than 1,000 luxury items and 80 real estate properties forfeited in the historic money laundering case are set to be auctioned from September to mid-2027 as part of Deloitte’s strategy to manage and liquidate the non-cash assets seized during the investigations, Channel News Asia reported.
Between Sept. 17 and 23, some 26 properties went under the hammer but only four condominium units were sold for a total of S$16.28 million.
Luxury goods have fared better, with two online auctions closing on Sept. 20 and 27 attracting around $1.1 million and $5 million in bids, respectively.