Yahoo Finance Accused money launderer funded Singapore luxury apartments
By Chanyaporn Chanjaroen, Natalie Choy and Yi Wei Wong
(Bloomberg) — A Turkish national arrested in Singapore’s S$1.8 billion (US$1.3 billion) money laundering case had financed the purchase of 11 luxury condominium units in upscale neighborhoods of the city-state, according to an affidavit by a police investigator.
Vang Shuiming had financed 10 units at Canninghill Piers, which is being built by City Developments Ltd and CapitaLand Development, and one unit at Shun Tak Holdings’ Park Nova. The units are currently under construction and have been served with prohibition of disposal orders.
Spokespeople for CapitaLand Development and City Developments said the firms are not able to comment as investigations are ongoing. Shun Tak did not immediately respond to requests for comment.
Investigations so far have established that Vang is closely associated with at least two other accused persons under probe, according to the affidavit.
Canninghill Piers is an integrated development that is expected to be completed in 2024, and will comprise 700 homes, a hotel, commercial units and a serviced residence, according to the property’s website. The website touts its prime location, that is “highly demanded by wealthy foreigners and Singaporeans” and “famous for its luxurious lifestyle.”
The project previously made local headlines in 2022 when a buyer from Fujian province in China bought 20 units for more than S$85 million.
Park Nova is a 54-unit development located close to Singapore’s prime shopping district and marketed on its website as a place “where luxury is an understatement”. As Hong Kong-listed Shun Tak’s first residential property launch in the city-state, the project made a splash when the sale of its largest penthouse set a record in 2021.
In the first quarter of this year, the number of luxury condominium units bought by foreigners rose to the highest in almost a decade before Singapore doubled taxes on purchases by the demographic.
© 2023 Bloomberg L.P.
