1MDB saga

$120m of Jho Low's assets frozen

Authorities have frozen some $120 million of funds and properties related to businessman Low Taek Jho and his family.
Authorities have frozen some $120 million of funds and properties related to businessman Low Taek Jho and his family. PHOTO: SOUTH CHINA MORNING POST
TwentyOne Angullia Park in Orchard Boulevard, where Mr Low owns a penthouse bought for $42.91 million in 2013, and another unit bought for $11.53 million. Any dealing in the units has been prohibited since February.
TwentyOne Angullia Park in Orchard Boulevard, where Mr Low owns a penthouse bought for $42.91 million in 2013, and another unit bought for $11.53 million. Any dealing in the units has been prohibited since February.BT FILE PHOTO

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.

TwentyOne Angullia Park in Orchard Boulevard, where Mr Low owns a penthouse bought for $42.91 million in 2013, and another unit bought for $11.53 million. Any dealing in the units has been prohibited since February.
TwentyOne Angullia Park in Orchard Boulevard, where Mr Low owns a penthouse bought for $42.91 million in 2013, and another unit bought for $11.53 million. Any dealing in the units has been prohibited since February. BT FILE PHOTO

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.

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.

A version of this article appeared in the print edition of The Straits Times on July 22, 2016, with the headline '$120m of tycoon's assets frozen'. Print Edition | Subscribe