HomeLand SalesShophouses in Largest Money Laundering Case Sold For Over S$100m
DBS accepted offers of over 100m for 13 shophouses linked to largest money laundering case

Shophouses in Largest Money Laundering Case Sold For Over S$100m

The shophouses are located in Telok Ayer Street, Amoy Street, Stanley Street and Geylang Road

DBS has accepted offers for the 13 shophouses mortgaged to the bank, which are located in Tanjong Pagar, Chinatown and Geylang. These shophouses are owned separately by two individuals connected to the S$3 billion money laundering case.

The two men – Su Fuxiang and Su Binghai – left Singapore abruptly amid the money laundering bust last year. The duo are connected to Wang Dehai, one of the 10 people from Fujian, China, convicted in Singapore’s largest money laundering case.

Stanley Street Shophouses

Market chatter is that DBS has accepted an offer of about S$45 million for 4, 5 and 6 Stanley Street, which works out to S$4,192 psf on the estimated built-up area of 10,735 sqft.  Su Fuxiang was the sole owner of the shophouses.

Geylang Road Shophouses

Su Fuxiang was also the sole owner of a row of five adjoining three-storey freehold shophouses at 236, 238, 240, 242 and 244 Geylang Road. DBS is understood to have accepted an offer of about S$37 million for these properties. This works out to around S$1,626 psf on a floor area of around 22,756 sqft. 

Telok Ayer Street Shophouse

In another round of market chatter, DBS is said to have accepted an offer of S$16.5 million for the shophouse on 182 Telok Ayer Street. The price works out to nearly S$4,800 psf on a floor area of 3,440 sqft for the 999-year leasehold shophouse. The shophouse has three storeys and a mezzanine level. The property is understood to have been bought by two Malaysians. This property was owned by Su Binghai. 

Amoy Street Shophouses

DBS is said to have accepted an offer of about S$21 million for 55, 56, 57 and 58 Amoy Street. This works out to around S$4,600 to S$4,800 psf on a floor area of about 4,570 sqft. The four adjoining two-storey shophouses are on 999-year leasehold tenures. This property was also owned by Su Binghai. 

Mosque Street and South Bridge Road Shophouses Put Up For Sale

The appointed receiver, FTI Consulting has also put other shophouses on the market owned by entities connected to Su Binghai. These include 6 Mosque Street and 22 and 23 Mosque Street. In February and March, FTI advertised these two assets, along with 202 and 204 South Bridge Road. Potential buyers had to submit their offers by 27 March. 

In all, assets worth more than S$3 billion have been seized by the state in the money laundering bust. These assets were held by the 10 convicted as well as another 17 who fled Singapore.