SINGAPORE – A 32,000 sq ft commercial building linked to Cambodia’s Prince Group has been taken over by a local automotive firm in a private deal, but proceeds from the sale have been seized by the authorities.

The Straits Times understands that 2 Jalan Kilang Barat, located in the Bukit Merah vicinity, changed hands for $39 million in a deal brokered in June and completed in September.

The buyer is Jackspeed Holdings – a regional automotive company involved in motor financing, retail, leasing insurance and leather upholstery for motor vehicles and aircraft.

The 99-year lease for the property has at least 36 years left in its tenure. It was purchased in 2023 by 2JKB, a firm set up by the daughter of local businessman Tan Yew Kiat.

Tan, whom police arrested in November 2025 over his suspected involvement in money laundering offences, is said to have been involved in activities linked to Cambodia-based Prince Group and its chairman Chen Zhi.

The authorities in the US had described Prince and its affiliated entities as part of a transnational cyber fraud and money laundering syndicate.

A police spokesperson told ST that investigations in Singapore into entities and individuals linked to Chen Zhi are ongoing.

“As part of ongoing investigations, police had seized the proceeds from the sale of the commercial property at 2 Jalan Kilang Barat. We are unable to comment further given ongoing investigations,” said the spokesperson.

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