Four condominium units seized in S$3b money laundering case sold at auction

Four condominium units seized in S$3b money laundering case sold at auction Most of the luxury properties that went under the hammer did not receive any offers, including a S$25.3 million penthouse at South Beach Residences. SINGAPORE: Four condominium units seized in Singapore's S$3 billion money laundering case were sold at auction on Wednesday (Sep 23), although most of the other 15 on offer received no interest. Notable properties that were up for sale included a four-bedroom penthouse at South Beach Residences that was listed at a guide price of S$25.3 million (US$19.8 million). Real estate agencies SRI and Edmund Tie and Company (ETC) conducted auctions at their respective offices on Wednesday. No photography or videography was allowed. MARTIN MODERN, WALLICH RESIDENCE SRI held its auction at its Great World City office and drew about 60 people. Six units at Martin Modern went under the hammer first, with four smaller than 1,000 sq ft. The first, a 764 sq ft unit on the 26th floor, opened at about S$2.24 million. After a long period of silence, a counter bid was made at S$2.05 million. This triggered another three bids, and the unit was eventually sold at S$2.12 million. A 29th-floor two-bedroom unit also opened at about S$2.24 million, but three bids later, the unit was withdrawn, with the highest offer at S$2.11 million. Another three units, between floors 26 and 29, measuring between 764 sq ft and 1,733 sq ft, went by with no interest. The final unit at Martin Modern, measuring 764 sq ft on the 17th floor, was sold at S$2.08 million - the only bid after it opened at about S$2.24 million. SRI also put four units at Wallich Residence up for sale. The units, much larger than those on offer at Martin Modern, were between 1,313 sq ft and 1,991 sq ft and drew considerable interest. The first and largest unit opened at S$6.78 million. Located on the 61st floor, it offered both sea and city views. The first bid came in at S$6.4 million, before this was raised to S$6.5 million. The unit was sold at the third bid, at S$6.6 million. Offers also flew in for a 1,658 sq ft unit on the 53rd floor. With an opening price of S$5.55 million, the unit received bids from S$5.3 million, before the fifth bid at S$5.48 million completed the sale. The final two units - 1,313 sq ft on the 51st floor and 1,755 sq ft on the 54th floor - did not receive any interest and were withdrawn. PENTHOUSE ETC held its auction at its office in UIC Building. More than 45 bidders had registered to take part in Wednesday's auction, but only 11 turned up. About 30 other bidders walked in, and those who attended were given a handout of the listings. Successful bidders had to sign an offer to purchase and put down a 10 per cent deposit on the day. The auction started with the most expensive unit on the list - a 6,727 sq ft, four-bedroom penthouse at South Beach Residences, with a guide price of S$25.3 million. Bidding started at the guide price, but drew no offers and was withdrawn. Four other units at the condominium also went under the hammer on Wednesday. All four, ranging from 1,087 sq ft to 1,744 sq ft, opened between S$4.3 million and S$6.6 million, and received no bids. Two units at 8 Saint Thomas, a condominium in River Valley, were up for grabs. The first, a 1,302 sq ft unit on the 20th floor, started at S$4.4 million while the second, a 1,755 sq ft unit nine floors higher, opened at S$5.7 million. Both received no interest. A 1,679 sq ft unit on the 20th floor of Paterson Suites, which is a 10-minute walk from Orchard MRT station, opened at S$5.18 million. Silence filled the room and there was no bid, and the unit was withdrawn. The only commercial unit at the auction, an 8,800 sq ft four-storey factory at Shun Li Industrial Park, opened at S$3.63 million and drew a counter-offer of S$3.1 million. The unit was withdrawn, although the auctioneer said they would speak with the bidder later. At Knight Frank’s auction last Thursday, the first properties seized in connection with Singapore's largest money laundering case went under the hammer, but none were sold. Among the offerings were six residential apartments and one office unit. Speaking to reporters after the auction, director of auction and sales at Knight Frank Singapore Tricia Tan said the real estate firm would have to get instructions from authorities on the next steps for the unsold properties. This includes whether the real estate company can get into private negotiations with bidders to sell the unit, or if it should repeat the auction. Deloitte was appointed by the Singapore Police Force in July 2025 to manage and realise the non-cash assets forfeited in the case. In response to CNA’s queries after the Knight Frank auction, Mr Justin Lim, performance improvement and restructuring partner at Deloitte Singapore, said there were no plans to revise the reserve prices of the properties scheduled for auction on Wednesday. More than 80 properties will be put up for sale from September to mid-2027. They are part of the S$3 billion worth of assets seized after islandwide raids in August 2023 uncovered millions of dollars earned from an illicit gambling ring in Southeast Asia.