The 19,550 sq ft plot at 69 Ocean Drive was put on the block by OCBC Bank - which is owed more than $20 million in loans by Su - at an opening price of $26.5 million, or $1,355 per sq foot (psf).
But there were no bids for the plot at the second auction that was held at Amara Singapore hotel in Tanjong Pagar.
In comparison, a sole counteroffer of $20 million was submitted on April 24 at the first auction of the 99-year leasehold site, which had been advertised at a guide price of $27.1 million, or $1,386 psf.
But the counter-offer was not accepted by OCBC, and the property was withdrawn at the time because the guide price was not met.
Among those at the May 21 auction were a local businessman and his wife, who were part of a group of four individuals who had submitted the $20 million counter-offer in the first auction.
When approached by The Straits Times on May 21, the couple declined to comment.
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