S$3b money laundering case: Ten luxury apartments to be auctioned on Sep 23

S$3b money laundering case: Ten luxury apartments to be auctioned on Sep 23 Guide prices for the properties at Martin Modern and Wallich Residence range from S$2.238 million to S$6.78 million. SINGAPORE: Ten luxury apartments forfeited in Singapore’s S$3 billion (US$2.4 billion) money laundering case will go under the hammer at guide prices of betweenS $2.238 million and S$6.78 million. The apartments, located at River Valley and Tanjong Pagar, are among more than 80 real estate properties forfeited in connection with Singapore’s largest money laundering case. Real estate agency SRI will conduct the auction for the 10 properties at its Great World City office on Sep 23 at 2.30pm. Four apartments are at Wallich Residence, located in the Central Business District, with guide prices ranging from S$4.42 million to S$6.78 million. The 3- and 4-bedroom apartments range from approximately 1,313sqft to 1,991sqft, with prices starting from $3,347 psf. Wallich Residence forms part of the integrated development at Guoco Tower, and is directly served by Tanjong Pagar MRT Station. The other six apartments are at Martin Modern in River Valley, with guide prices starting from $2.238 million to $4.98 million. The apartments are 2-, 3-, and 4-bedroom units ranging from 764 sqft to 1,733 sqft, with prices starting from $2,874 psf. Apart from SRI, Edmund Tie & Company and Knight Frank have also been appointed to conduct auctions of other forfeited properties. Some selected properties will also be offered for sale through an expression of interest process run by List International Realty, outside the auction process. Auditing firm Deloitte said on Aug 29 that more than 1,000 luxury items and 80 real estate properties forfeited in Singapore's S$3 billion (US$2.4 billion) money laundering case will go to auction from Sep 7. The assets will be sold in phases between September 2026 and mid-2027. Deloitte, appointed by the Singapore Police Force in July 2025 to manage and realise the non-cash assets forfeited in the case, said the composition and number of items in each phase are still being finalised and may change as authentication and preparatory work continues. The money laundering case emerged after islandwide raids in August 2023 uncovered millions of dollars earned from an illicit gambling ring based in Southeast Asia. The 10 offenders, all originally from China, have since been convicted and deported after serving their sentences.