The property at 2 Jalan Kilang Barat is on the market for $50 million or nearly $700 psf based on strata area (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Update (Dec 6, 2025): After this story was published on Dec 4, all online listings for the property at 2 Jalan Kilang Barat were removed on Dec 5.
The industrial building at 2 Jalan Kilang Barat had been listed for sale at $50 million on Dec 2. According to a property title search, the building is owned by 2JKB Pte Ltd, which US authorities have identified as being linked to Cambodian tycoon Chen Zhi, the 37-year-old founder and chairman of Prince Holding Group, a Cambodia-based conglomerate.
The nine-storey industrial building is located at the junction of Jalan Bukit Merah and Jalan Kilang. It occupies a 32,971 sq ft site and has a strata area of 71,462 sq ft. The land has a 99-year lease from 1963, with 37 years remaining. According to the listing, the property was valued at $54 million based on a January 2024 valuation report.
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The nine-storey industrial building at 2 Jalan Kilang Barat has a 99-year lease from 1963, with 37 remaining years (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Chen Zhi is alleged to be the mastermind behind a scam network described by US authorities as one of the largest financial frauds in history, with the US Department of Justice reporting the seizure of US$15 billion worth of Bitcoin in an Oct 14 release.
According to CNA, 14 of the 17 Singapore-registered entities sanctioned by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) listed 2 Jalan Kilang Barat as their registered address.
Following the US sanctions, Singapore police launched their own investigations, seizing or freezing over $150 million in assets tied to Chen and his associates, including properties and luxury vehicles. The Monetary Authority of Singapore also withdrew tax incentives previously granted to two family office funds linked to Chen’s group.
The building was acquired by 2JKB Pte Ltd in May 2022 (Map: EdgeProp Landlens)
An ACRA search shows that 2JKB Pte Ltd was incorporated in May 2022, with Chen Xiaoxuan, a 25-year-old Singapore citizen, as its sole director and $500,000 in paid-up capital. The company was formerly known as Cars & Coffee Holding Pte Ltd before being renamed 2JKB in November 2022. Its registered address is 2 Jalan Kilang Barat #01-01A.
The property was previously owned by ESR-REIT, which disclosed in a September 2022 announcement that it had sold the building for $35.3 million—a 21.7% premium to its valuation of $29 million at the time.
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