Eric and Amy & Silk Palace's post
16Apr2026
Three Bombshells” Revealed in the Shanmugam v. Bloomberg Defamation Case
The Buyer’s Identity Unknown
1,The buyer purchased the property under a trust company’s name, but Shanmugam admitted he did not know who the real buyer was and confirmed in person that he had no duty to verify the buyer’s identity.
(Note: Shanmugam is the highest-ranking official in Singapore’s Anti-Money Laundering division under the Ministry of Home Affairs.)
2,The buyer named in the contract was UBS Trustees (Singapore), with the transaction completed through the Jasmine Villa Settlement trust structure.
The true buyer’s identity remains unknown.
All-Cash Payment Hidden Behind a Trust
1,The buyer paid Shanmugam S$88 million in full cash.
2,Shanmugam is unsure whether the buyer had paid S$57.2 million in taxes. In total, the buyer paid S$145.2 million
3. “3.22 Times ”More Expensive Than Comparable GCBs
4,Shanmugam sold his GCB for 3.22 times the price of a comparable GCB bought by Tan See Leng, located in the same prime area and sold in the same period, which cost S$27.3 million.
(Tan See Leng’s S$27.3 million GCB transaction was completed via a non-caveated method, with no public filing.)
5,That means the mystery buyer could have bought three identical GCBs for the same S$88 million, yet chose to buy only Shanmugam’s property.
So what’s so special about Shanmugam’s GCB? Why could it fetch such a high price?
1,The most special thing is that Shanmugam is Singapore’s Minister for Home Affairs (and former Law Minister), in charge of the Singapore Police Force, the Immigration & Checkpoints Authority, and a host of other powerful departments, including as the top anti-money laundering official.
2,So, did Shanmugam “take the money and play dumb”? “I don’t know who the buyer is… my phone messages are auto-deleted…” Shanmugam’s excuses are endless.
3,So, do you think there’s something fishy going on?
Below is a comparison of the two GCBs:
1. Both GCBs were transacted in 2023
2. Location: Both in District 10, Singapore
Tan See Leng’s GCB: Brizay Park
Shanmugam’s GCB: Astrid Hill
3. Tan See Leng’s GCB has a larger area – approx. 28,000–30,000 sq ft (approx. 2,601–2,787 sq m) – purchased for S$27.3 million.
4. Shanmugam’s GCB is slightly smaller – approx. 27,600–28,000 sq ft (approx. 2,564–2,601 sq m) – purchased by a mystery buyer for S$88 million in full cash.
A quick fact: What is the average residential space per person in Singapore?
According to the latest authoritative market data (2023–2025):
· National average residential space per person (resident population): approx. 27–28 m² per person (approx. 290.63–301.39 sq ft per person).
· HDB (housing over 80% of the population): approx. 27 m² per person (approx. 290.63 sq ft per person).
· Private condominiums: approx. 30–35 m² per person (approx. 322.92–376.74 sq ft per person), and shrinking in recent years.
These figures refer to usable internal space (including bedrooms, living rooms, etc.), excluding public/common areas.
based on the above facts, Bloomberg raised questions about transaction transparency and money laundering risks.
Does that count as defamation? You be the judge!