Two luxurious good class bungalows (GCBs) in Singapore, connected to a major S$2.8 billion money laundering investigation, have been vacated and are now available for rent. The GCB located on Nassim Road, previously leased to alleged money laundering suspect Su Baolin, is listed for S$120,000 per month. This expansive property features five bedrooms, five bathrooms, and a swimming pool that elegantly winds through most of the second floor.

Su Baolin, a 41-year-old Cambodian national, was arrested during a comprehensive anti-money laundering operation that involved approximately 400 officers. Following his arrest, reports indicate that his family has moved out of the Nassim Road property, which is situated less than 500 meters from the Shangri-La Singapore hotel. Despite their departure, luxury vehicles, including a red Ferrari, were observed parked at the residence earlier this week.

The property agent managing the rental emphasized that the owner of the Nassim Road GCB had not imposed any restrictions regarding its rental following its previous ties to the money laundering case. However, there has been little interest in viewing the property, leading to speculation about how the investigation may be affecting demand in the luxury rental market.

Additionally, another GCB previously occupied by Su Haijin, a 40-year-old Cypriot national, has also been vacated. This property, which spans 32,000 square feet, was referred to by neighbors as “KTV Central” due to the numerous parties held there. Su Haijin is facing charges related to his involvement in the ongoing money laundering investigation, including possessing money from criminal activities.

Movers were seen clearing items from a third GCB in Bishopsgate, which had been rented by Vang Shuiming, also known as Wang Shuiming. Reports suggest that high-value items, including Macallan 25 Years Sherry Oak whiskey, were being moved to a high-security storage facility. Vang is facing five charges, including using forged documents and money laundering.

The impact of the ongoing investigation has extended to the luxury property market in the area, with a noticeable decline in inquiries for GCBs, particularly from Chinese nationals. Real estate agents have reported that the demand for these exclusive properties has significantly decreased since the investigation began, prompting landlords to adjust rental prices accordingly.

As the high-profile investigation continues, industry experts note that the reputational risks associated with renting properties linked to money laundering cases are causing the wealthy to adopt a more cautious approach to their investments. This shift in the luxury rental market reflects broader concerns about the implications of the ongoing legal proceedings and the potential impact on property values in the region.