A commercial building at 2 Jalan Kilang Barat in Singapore, previously linked to Cambodia-based Prince Group and its chairman Chen Zhi, was sold in a private transaction for S$39 million, but its proceeds have been seized by authorities amid ongoing investigations.
The nine-storey, 32,000-square-foot property, located in the Bukit Merah area, officially changed ownership in September following a deal brokered in June with Jackspeed Holdings, a regional automotive company. The building is under a 99-year lease with at least 36 years remaining.
The property was acquired in 2023 by 2JKB, a company incorporated by Chen Xiaoxuan, the 25-year-old daughter of local businessman Tan Yew Kiat. Tan was arrested in November 2025 for suspected money laundering linked to the Prince Group and Chen Zhi, who has been described by U.S. authorities as leading a transnational cyber fraud and money laundering syndicate. Chen Zhi, originally from China, was arrested in Phnom Penh earlier this year and extradited to Beijing. Singapore police have ongoing investigations related to individuals and entities connected to Chen Zhi, with a warrant still outstanding for Singaporean Karen Chen Xiuling, reportedly in Cambodia.
Before 2JKB’s ownership, the property was held by ESR-LOGOS REIT, which divested it for S$35.3 million in November 2022. After less than three years, 2JKB attempted to sell the building in December 2025 for S$50 million, shortly after Tan’s arrest, but the listing was withdrawn within days and a legal caveat was filed to block the sale. Authorities later lifted the caveat to allow the sale to Jackspeed Holdings, but the proceeds from the transaction were seized as part of the ongoing probe.
A police spokesperson confirmed that the sale proceeds for the building had been frozen but declined further comment due to active investigations. According to veteran criminal lawyer S.S. Dhillon, law enforcement agencies can seize assets if there is suspicion that the funds are derived from criminal activities, with ownership able to contest such actions in court. It is understood that the seizure has not been challenged.
Jackspeed Holdings’ chairman Yap Kian Peng said the company considered leasing the building at the end of 2025 before deciding to purchase it to prevent potential competitors from acquiring the site. Jackspeed, which has its headquarters in Bukit Merah, incorporated Carazee, a premium used-car dealership subsidiary, in January 2026 and has taken over the ground floor space previously occupied by Supreme Cars, a high-end used-car dealership that employed Chen Xiaoxuan as a marketing director.
Supreme Cars’ former directors Eric Chua and Devin Koo have joined Carazee in sales, marketing, and purchasing roles. Chua indicated that although Chen Xiaoxuan collaborated with Supreme Cars to leverage its network, she was never a shareholder, and the dealership operates independently from companies she has incorporated. Chen Xiaoxuan and her father remain involved in several businesses registered at the 2 Jalan Kilang Barat address, including Supreme Cars Financial Services, Supreme Autocare, and Cars and Coffee Leasing. Efforts to contact Chen Xiaoxuan were unsuccessful.