Luxury condos from $3bn laundering case auctioned

Singapore authorities are moving to sell another batch of assets forfeited in the city-state’s S$3 billion money-laundering case, with 16 luxury apartments and an office unit now slated for auction this month. The first 10 apartments, at Martin Modern in River Valley and Wallich Residence in Tanjong Pagar, will be auctioned by SRI on Sept. 23 at its Great World City office. Another six apartments — four at Gramercy Park and two at Sloane Residences — together with a Suntec Tower One office unit, are being marketed separately by Knight Frank for a Sept. 17 auction. The sales are part of a broader disposal process covering more than 80 real estate properties and more than 1,000 luxury items forfeited in the case. ### Which homes are going under the hammer first? Ten apartments at Martin Modern and Wallich Residence are scheduled for SRI’s Sept. 23 auction at 2:30 p.m. at 1 Kim Seng Promenade, #17-10, Great World City West Tower. CNA reported that the guide prices for those units range from S$2.238 million to S$6.78 million. Four of the units are at Wallich Residence, part of Guoco Tower in the central business district, with guide prices from S$4.42 million to S$6.78 million. CNA said those three- and four-bedroom apartments span about 1,313 square feet to 1,991 square feet. Six more units are at Martin Modern in River Valley, with guide prices from S$2.238 million to S$4.98 million. CNA said those two-, three- and four-bedroom apartments range from 764 square feet to 1,733 square feet. ### What else is being sold outside the SRI auction? The Straits Times reported that four Gramercy Park apartments, two Sloane Residences units and one 3,498-square-foot office at Suntec Tower One are also being put up for sale. Knight Frank has been appointed by Deloitte Singapore to market those assets. Guide prices for the Gramercy Park apartments range from S$3.8 million to S$7.6 million, according to The Straits Times. The two three-bedroom Sloane Residences units are listed at S$3.6 million and S$3.7 million, while the Suntec Tower One office has a guide price of S$11.5 million. Sept. 17 is the auction date for the Knight Frank sale, according to The Straits Times, which said the event is set for 2:30 p.m. at the firm’s Ocean Financial Centre office at 10 Collyer Quay. ### Who is running the wider asset sale? Deloitte said on Aug. 29 that more than 1,000 luxury items and 80 real estate properties forfeited in the case will be sold in phases from September 2026 to mid-2027. CNA reported that the audit firm was appointed by the Singapore Police Force in July 2025 to manage and realize the non-cash assets forfeited in the case. SRI, Edmund Tie & Company and Knight Frank have been appointed to conduct property auctions, while Hotlotz is handling luxury goods including jewellery, watches and handbags. CNA also reported that selected properties will be offered through an expression-of-interest process run by List International Realty. The Straits Times said proceeds from the asset sales will go to Singapore’s Consolidated Fund, with S$1.4 billion already paid in. ### How does this connect to the money-laundering case? August 2023 was when Singapore police carried out islandwide raids that exposed what authorities described as millions of dollars in proceeds from an illicit gambling ring based in Southeast Asia. CNA reported that the case became Singapore’s largest money-laundering probe. Ten offenders, all originally from China, have since been convicted and deported after serving their sentences, CNA said. The forfeited apartments and other assets are part of the property, luxury goods and cash recovery process that followed those convictions. ### When do the next auctions begin? Sept. 7 is when catalogues for the first two Hotlotz online auctions are due to be released, and bidding will open the same day, CNA reported. The first sale, closing on Sept. 20, will feature handbags and accessories, while a second sale closing on Sept. 27 will focus on jewellery. Sept. 17 and Sept. 23 are the next key dates for the real estate disposals, with Knight Frank’s auction scheduled first and SRI’s auction following six days later. Deloitte said the composition and number of items in each phase may still change as authentication and preparatory work continues.