Oversea-Chinese Banking Corp (OCBC) has accepted an offer of more than S$20 million (US$15 million or RM69.60 million) for a Sentosa Cove land plot that was seized from a convict involved in Singapore’s biggest money laundering case, the Straits Times reported without citing where it got the information.

Southeast Asia’s second largest bank is owed more than S$20 million in housing loan and credit card debts by Su Baolin, a Cambodian passport holder, the local newspaper said. Su is among 10 foreign-born individuals arrested in the city state for offences including money laundering and forgery.

The land plot transacted about 24.5% lower than a guidance price of S$26.5 million offered in May, underscoring a downturn in Singapore’s luxury property market due to high interest rates and government cooling measures. OCBC’s earlier attempt to auction the bungalow in May received no bids.

The lender accepted an offer for 69 Ocean Drive via private treaty and all overdue loans will be recovered upon completion of the sale, an OCBC spokesperson told the ST. OCBC declined to comment about the offer and the buyer’s identity.

  - Bloomberg