$20m auction bid for Sentosa Cove land parcel not accepted

Sole bid for property seized in money laundering probe did not meet reserve price of 27.1m

- Grace Leong

A sole bid of $20 million for a land parcel in Sentosa Cove seized in a $3 billion money laundering probe was not accepted by OCBC Bank, and the property was withdrawn because it did not meet the reserve price of $27.1 million.

The $20 million bid for the 19,550 sq ft plot in 69 Ocean Drive - formerly owned by Cambodian national Su Baolin before he was arrested with nine other foreigners in the probe was submitted by a group of four local individuals, according to property consultancy firm Edmund Tie.

The firm was appointed to execute the sale in an open auction held at Amara Singapore hotel in Tanjong Pagar on April 24.

An OCBC spokesperson told The Straits Times: "The outcome of the first sales exercise for 69 Ocean Drive at today's auction is not unexpected, given the size of the property and current market sentiment.

"There was serious interest expressed by a few people, and conversations are ongoing. We will continue with the process to recover the overdue loans." Ten parties, including at least one local developer, had registered to bid in the auction for the plot located at the northern tip of Sentosa Cove sold by OCBC, which is owed over $20 million in loans by Su.

An earlier ST report said Su, who is originally from China, owed the bank about $19.7 million in housing loan and credit card debts. With interest incurred until full payment is made, his debt has exceeded $20 million as at April 15.

Ms Joy Tan, Edmund Tie's executive director and head of auction and sales, said: "We have to wait for OCBC's instructions, but the marketing process is still ongoing.