$120m of tycoon's assets frozen

The authorities here have frozen some $120 million of funds and properties related to businessman Low Taek Jho and his family.

This is likely to include his two apartments in the upscale TwentyOne Angullia Park, including a penthouse which he bought for $42.91 million in 2013, a check by The Straits Times has found.

Any dealing in the units has been prohibited since February, owing to caveats lodged by the Registrar of Titles and Deeds forbidding the registration of any dealing regarding estate and interest in the units.

Mr Low is said to have bought the units on June 19, 2013, via Angullia Park (Singapore) - incorporated in the British Virgin Islands.

His purchase of the 7,718 sq ft triplex penthouse at a price equal to $5,560 per sq ft (psf) was a record for one the priciest properties here.

Mr Low is said to have bought the units on June 19, 2013, via Angullia Park (Singapore) - incorporated in the British Virgin Islands.

His purchase of the 7,718 sq ft triplex penthouse at a price equal to $5,560 per sq ft (psf) was a record for one the priciest properties here.

Apart from the penthouse on the 34th floor, he bought a 2,260 sq ft unit just below that for $11.53 million, or $5,099 psf.

The prices for the two units are the highest psf prices commanded so far at the Orchard Boulevard project. Developer China Sonangol Land has sold just 10 of 54 units there.

Jho Low's luxury portfolio includes $43m S'pore penthouse

  • His portfolio of coveted real estate includes a plush condominium and towering penthouse in New York, a mansion in Beverly Hills and a "high rise lair" in Hong Kong.
  • And in Singapore, Malaysian tycoon Low Taek Jho has snapped up two prized apartments for a cool S$54 million.
  • He picked up two units at the posh TwentyOne Angullia Park, including a sprawling triplex penthouse, in June 2013.
  • The 36-storey, 54-unit tower along exclusive Orchard Boulevard is in the vicinity of luxury hotels St Regis and Four Seasons and close to the Orchard shopping strip.
  • Both the properties, one above the other, were purchased on June 19, 2013, by Angullia Park (Singapore) Ltd, according to records. The project, developed by China Sonangol Land, was completed in the middle of last year.
  • The 7,718 sq ft triplex penthouse - one of two penthouses at TwentyOne Angullia Park (the other is held by the developer) - cost Mr Low some S$42.9 million, or a heady S$5,560 per sq ft, making it one of the priciest properties sold in Singapore. After Hong Kong, the Republic now has Asia's most expensive luxury homes.
  • Hong Kong-based Mr Low, better known as Jho Low, who helms private equity firm Jynwel Capital, has been in the news back in Malaysia and abroad for his alleged links to 1MDB, a state-controlled firm wobbling on RM42 billion (S$15.7 billion) debt and crippled by poor cash flow, which has crimped its debt repayment ability.
  • Despite Mr Low's efforts through several media interviews abroad to clear his name and distance himself from 1MDB - he says he is being made a scapegoat for 1MDB's debt woes and losses - the allegations have continued to pour in.
  • The attacks and exposes on 1MDB from the media and opposition politicians are taking place amid an audit by Malaysia's Auditor General to verify 1MDB's accounts.

Mr Low has also displayed a taste for posh property elsewhere. A shell company associated with him bought a 76th floor penthouse at the Time Warner Centre in Manhattan for US$30.55 million (S$41 million) in early 2011, The New York Times reported last year. This was one of the highest prices ever paid there. He told the paper the unit was owned by his family's trust.

The investment fund which he heads, Jynwel Capital, reportedly agreed to sell its 41 per cent stake in the Park Lane Hotel in Manhattan to Greenland Group in April.


This article was first published on July 22, 2016.
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