One of the accused in the money laundering case, Su Baolin, stayed in a good class bungalow in Nassim Road.
“The recent anti-money laundering blitz by the Singapore Police Force has tainted the luxury property market,” said Mr Lewis Cha, executive director for List Sotheby’s International Realty. “It will take a while for the dust to settle and for the market to forget this negative image of luxury real estate.”
The owner of a so-called good class bungalow rejected a potential tenant from China’s Fujian province despite the person’s offer to pay five years of rent upfront on the $100,000-a-month home, said a person familiar with the matter, asking not to be named discussing private information. The authorities have revealed that most of the suspects arrested in the money laundering case hail from Fujian.
A reserve for the uber-rich, GCBs refer to bungalows that have plot sizes of at least 1,400 sq m, and are often situated in the most exclusive neighbourhoods. At least half of the 10 arrested took up such dwellings. Among them,Movers seen with pallets of sealed items after they were removed from accused Vang Shuiming’s GCB in Bishopsgate on Oct 18. PHOTO: ST FILE
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