Singapore police seize S$39 million from sale of building tied to Cambodia money-laundering probe
Singapore police confiscated S$39 million from the sale of a Bukit Merah commercial building linked to the Prince Group money-laundering investigation.
A commercial building in Singapore’s Bukit Merah district, owned by 2JKB—a firm established by Tan Yew Kiat’s daughter—was sold to automotive company Jackspeed Holdings for S$39 million. Police seized the entire amount as part of an ongoing investigation into money-laundering connections between Tan, the Cambodia-based Prince Group, and its chairman Chen Zhi, who was recently arrested in Phnom Penh and extradited to Beijing.
The property had previously been listed for S$50 million in December 2025, but a court-ordered caveat halted the transaction after Tan’s November 2025 arrest. Authorities later lifted the caveat, allowing the sale to proceed, but seized the proceeds, citing suspicion that the funds stem from criminal activity. Lawyers note the seizure can be contested, though no challenge has been filed. The case also involves other entities flagged by a US Treasury sanctions list that remain registered at the same address.
Why it matters
It demonstrates law enforcement’s power to block suspected illicit money from real-estate deals linked to transnational fraud.
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