Three Seized Sentosa Cove Waterfront Bungalows Listed for $30 Million
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Three waterfront bungalows in Sentosa Cove are up for sale via expression of interest with combined guide prices of S$38.48 million ($30 million). Authorities seized the properties during Singapore’s S$3 billion money laundering crackdown.
List Sotheby’s International Realty is handling the sales. All three homes include private yacht berths. A separate 1,741-square-metre vacant plot in the same waterfront district is also on the market for S$23.65 million.
Breakdown of the Sentosa listings
Two adjoining bungalows at 38 and 40 Ocean Drive occupy a combined 1,468 square metres. Registered to Lin Baoying, the joint parcel carries a guide price of S$22.8 million. Bids close on Oct. 29.
A third residence at 13 Pearl Island covers 879.6 square metres across two storeys. Registered to Zhang Ruijin, the detached house features marble flooring, five en-suite bedrooms, an entertainment suite, a wine cellar, a private swimming pool, and a home lift. The guide price is S$15.68 million, with submissions closing on Oct. 15 at 3pm.
Nearby at 143 and 145 Cove Drive, an amalgamated 99-year leasehold site spans 18,740 square feet with an asking price of S$23.65 million. Su Haijin is the registered owner of the plot, which previously held two bungalows. Bids for that land parcel close on Nov. 12 at 3pm.
Legal title and asset liquidation terms
Singapore Land Authority records show the convicted individuals remain registered titleholders. However, statutory enforcement orders have stripped their rights to deal with or transfer the properties. Sale proceeds will go directly into the Government’s Consolidated Fund.
“Nearby at 143 and 145 Cove Drive, an amalgamated 99-year leasehold site spans 18,740 square feet with an asking price of S$23.65 million.”
The expression of interest process lets receivers test buyer demand confidentially without committing to public reserve auctions. Bidders lodge formal offers before designated deadlines. That gives liquidators room to negotiate transaction terms lot by lot.
Sentosa pricing drag tests market appetite
Sentosa Cove enters the sale under prolonged pricing pressure. Villa values fell roughly 11 per cent across the residential enclave during the decade ending in 2025. Many secondary transactions remain underwater.
Demand has stayed selective because of high maintenance fees, 99-year lease terms, and steep stamp duties on foreign buyers. Luxury buyers in Singapore consistently prefer mainland freehold parcels over island leaseholds. Releasing several waterfront assets at once will establish a clear clearing price for Sentosa Cove landed property.
The wider asset recovery schedule
Sales follow the August 2023 police sweep that snared 10 foreign nationals. Both Zhang and Lin received 15-month prison sentences after pleading guilty to money laundering and forgery charges. Courts ordered Su to forfeit over S$165 million in assets.
Deloitte is coordinating the phased sale of more than 80 forfeited property assets and 1,000 luxury goods through mid-2027. Real estate disposals have started slowly. A late September auction cleared four of 26 listed condominiums for S$16.28 million. Luxury goods moved faster, generating more than $6 million across two digital auctions in late September.
Attention now turns to Oct. 15, when bids close for the Pearl Island villa, followed two weeks later by the deadline for the Ocean Drive residences.
Questions & Answers
Q.Who owns the bungalows on Ocean Drive and Pearl Island, and the vacant plot on Cove Drive, according to the records?
Who owns the bungalows on Ocean Drive and Pearl Island, and the vacant plot on Cove Drive, according to the records?
The Singapore Land Authority records show Lin Baoying is the registered titleholder for the Ocean Drive bungalows. Zhang Ruijin is registered for the Pearl Island residence, and Su Haijin for the vacant plot on Cove Drive.
Q.Why are these specific properties being sold?
Why are these specific properties being sold?
Authorities seized these properties during Singapore’s S$3 billion money laundering crackdown. The individuals registered as owners were convicted, leading to the liquidation and sale of these assets.
Q.What is the expected timeline for these particular property sales?
What is the expected timeline for these particular property sales?
Bids for the Pearl Island villa close on Oct. 15. The deadline for the Ocean Drive residences is Oct. 29. The vacant land parcel on Cove Drive closes for bids on Nov. 12 at 3pm.
Q.Where will the money from these sales ultimately go?
Where will the money from these sales ultimately go?
The sale proceeds from these properties will go directly into the Government’s Consolidated Fund. This is part of the wider asset recovery schedule from the money laundering crackdown.
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