Condo connected to S$3billion money laundering case sold at S$2.15M loss AURORATOTO GROUP

SINGAPORE: A condominium that was involved in Singapore’s biggest money-laundering case to date was recently sold, according to real estate portal 99.co, but at an eye-watering loss of more than S$2 million.

99.co reported on Tuesday (Aug 26) that the unit, located at New Futura in River Valley, was sold on July 31. It had belonged to Chen Qingyuan, one of the 10 foreign nationals who were arrested in a wide-ranging sweep on Aug 15, 2023.

At the time, prohibition of disposal orders were issued against 94 properties and 50 vehicles, with a total estimated value of over S$815 million. The police also seized over 35 related bank accounts with a total balance of over S$110 million, as well as other assets such as luxury bags and watches, electronic devices, jewellery, gold bars, and documents with information on virtual assets, plus cash in various currencies amounting to more than S$23 million.

It is believed to be one of the world’s biggest money laundering cases.

Chen was deported from Singapore to Cambodia on June 15, 2024, and all the others involved in the scheme have been removed from Singapore as well.

He had bought the luxury condominium unit in River Valley in May 2018, paying S$10.15 million for it. This means he paid S$3,772 per square foot (psf). 99.co noted that he paid about a 10% premium on the property, as units at New Futura were going for only S$3,415 psf on average at the time.

The property is a four-bedroom 2,691-sq ft freehold unit on the building’s 24th storey. It also has a helper’s bedroom, private lift access, a double-volume ceiling, and views of Orchard Road.

Its most recent sale price was a mere S$8 million, which means a capital loss of S$2.15 million in seven years. 99.co pointed out, however, that while it sold for S$2,973 psf, this price is still nearly 20% higher than the average for freehold condos in the area, S$2,512 psf.

Who is Chen Qingyuan?

According to a May 23, 2024, statement from the Singapore Police Force, more than 90% of Chen Qingyuan’s assets were forfeited, which amounted to a whopping S$21.3 million.

The Cambodian national was convicted of one count of fraudulently using a forged document and two counts of money laundering and sentenced to 15 months in jail. Seven additional charges were taken into consideration in his sentencing.

When he was arrested, he was found with cash and other assets suspected to be proceeds from his criminal conduct. /TISG

Read also: Last foreigner in $3B money laundering scandal deported; S$187 million in assets seized