Geylang Condos: DBS Bank Sells 10 Shophouses Linked to Money Laundering Case

Geylang 10 Shophouses Linked to Money Laundering Case

DBS Bank is selling 10 shophouses owned by two Chinese nationals who were reportedly linked to a $3 billion money laundering case, according to a report by The Sunday Times. The bank is seeking to recover repayments of its loans from the owners, who failed to make debt payments and left Singapore abruptly amid the police probe in 2023.

The properties - estimated by observers to be valued at more than $100 million combined - were separately bought under Singapore-incorporated companies - Jiasheng Amoy and Suyh - wholly owned by Mr Su Binghai and Mr Su Fuxiang, respectively. Both men are of interest to the police, who launched investigations into the use of suspected forged documents to substantiate sources of funds in bank accounts in Singapore in 2021.

DBS placed both firms into receivership in September 2023, and appointed Mr Martin Wong of FTI Consulting as the receiver of both firms. On Dec 1, 2023, FTI placed three separate advertisements in The Business Times, calling for expression of interest for 10 shophouses in Telok Ayer Street (one unit), Amoy Street (four units) and Geylang Road (five units).

Why Geylang Condos Are Attractive Investments

The units in Geylang are currently occupied by a coffeeshop, a hairdressing salon, a Chinese restaurant and a tattoo shop. The units in Telok Ayer and Amoy Street are located in prime areas with high foot traffic and heritage value. Mr Wong of FTI declined to comment on the receivership or status of the properties, citing confidentiality.

Geylang condos are attractive investments for several reasons. First, they are located in a strategic location, close to the city centre and various amenities. Second, they offer a high potential for capital appreciation and rental yield, as the demand for Geylang condos is expected to increase in the future. Third, they offer a unique and diverse living experience, as Geylang is known for its rich culture, history, and cuisine.

Also Read: LIV @ MB: A Geylang New Condo Launch in District 15.

How to Buy or Invest in Geylang Condos

This is a rare opportunity to own shophouses in strategic locations, with a high potential for capital appreciation and rental yield. If you are interested in buying or investing in Geylang condos, you can contact us today for a free consultation. We have a team of experienced and professional agents who can help you with the process and provide you with the best advice. Don't miss this chance to own a piece of history and wealth in Singapore.

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