Seven luxury properties seized in connection with Singapore’s S$3 billion money laundering case failed to sell at their first auction after none of the bids reached the undisclosed reserve prices.
The properties were put up for auction on Sept 17 at Knight Frank’s office at Ocean Financial Centre, attracting 65 attendees, including 30 registered bidders.
The properties comprised four apartments at Gramercy Park, two apartments at Sloane Residences and a premium office unit at Suntec Tower One.
The most active bidding was for a two-bedroom apartment with a study at Gramercy Park. The 1,292 sq ft freehold unit had an opening price of S$3.82 million.
Bidding rose from S$3.5 million in increments of about S$25,000 before reaching S$3.75 million. The property was withdrawn after the highest offer fell short of the reserve price.
Another Gramercy Park apartment, a renovated four-bedroom unit measuring 2,659 sq ft, opened at S$7.55 million. Bidding eventually reached S$6.7 million, but the property was also withdrawn.
Two other Gramercy Park units received little or no bidding interest. The two apartments at Sloane Residences similarly failed to attract bids that met their reserve prices.
The 3,498 sq ft office unit at Suntec Tower One, marketed as a premium Grade A office space, opened at S$11 million. It received a counter-offer of S$8 million before being withdrawn.
The properties were among more than 80 real estate assets connected to the money laundering case that are expected to be progressively sold from September 2026 through mid-2027.
Deloitte Singapore was appointed by the Singapore Police Force to manage and realise the forfeited non-cash assets. The properties were seized during investigations into Singapore’s largest money laundering case, which came to light following major islandwide raids in August 2023.
The auction team said it was not unusual for properties to be withdrawn when bids failed to meet reserve prices, particularly when an auction attracts a mixture of serious buyers and people attending out of curiosity.
Knight Frank will have to receive further instructions from the authorities on what happens to the unsold properties. Options could include private negotiations with interested bidders or putting the properties up for auction again.
The first auction comes as authorities begin the wider process of liquidating properties and other luxury assets linked to the case, with proceeds from forfeited assets ultimately going to the Government’s Consolidated Fund.
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