Four luxury condominium units seized in Singapore’s S$3 billion money-laundering case have been sold for a combined S$16.28 million at auction, while most of the other properties offered failed to attract buyers.
The sales took place on Sept. 23, with two units at Martin Modern in River Valley and two at Wallich Residence in Tanjong Pagar finding buyers. The properties are among more than 80 real-estate assets forfeited in connection with Singapore’s largest money-laundering investigation.
At Martin Modern, a two-bedroom unit on the 26th floor sold for S$2.12 million after opening at S$2.238 million. Another two-bedroom unit on the 17th floor fetched S$2.08 million, also below its S$2.238 million opening price.
The Wallich Residence units attracted significantly higher prices. A 1,991 sq ft four-bedroom apartment on the 61st floor sold for S$6.6 million after opening at S$6.78 million, while another four-bedroom unit on the 53rd floor went for S$5.48 million against an opening price of S$5.55 million.
However, the auctions also showed how difficult it can be to sell high-value properties linked to a major criminal investigation. Six other units at Martin Modern and Wallich Residence did not sell, with bids either falling below reserve prices or failing to materialise.
A separate auction conducted by Edmund Tie & Company also ended without a completed property sale. Eight luxury residential units received no bids, while a factory unit at Shun Li Industrial Park drew a S$3.1 million offer that was below its S$3.63 million opening price.
The contrast was even more striking at South Beach Residences, where a three-storey, 6,727 sq ft penthouse with a private lift lobby and roof terrace carried a S$25.3 million guide price but received no bids.
The latest sales follow an earlier Sept. 17 auction by Knight Frank, where seven properties — including four apartments at Gramercy Park, two at Sloane Residences and an office unit at Suntec Tower One — were withdrawn after bids failed to reach their undisclosed reserve prices.
Singapore authorities are progressively selling the forfeited assets, with Deloitte Singapore appointed to manage and realise the non-cash properties and other assets connected to the money-laundering case. More than 80 properties are expected to be sold in phases through mid-2027. Proceeds from the forfeited assets will go to Singapore’s Consolidated Fund.
The latest auctions therefore mark only the beginning of a much larger disposal process. While four luxury homes have already changed hands for millions of dollars, the lack of buyers for many other properties shows that turning seized luxury assets into cash may take time, particularly when sellers are required to meet reserve prices.
