Luxury condos linked to $3bn laundering

Singapore’s latest asset sale in its S$3 billion money-laundering case is now moving into the prime residential market. Ten forfeited apartments in River Valley and Tanjong Pagar are scheduled to be auctioned on Sept. 23 at SRI’s Great World City office, with guide prices ranging from S$2.238 million to S$6.78 million. The units are the first batch from more than 80 real estate properties tied to the case that authorities plan to sell. Deloitte, which was appointed by the Singapore Police Force in July 2025 to manage and realize forfeited non-cash assets, said the broader disposal program began this week and will run in phases into mid-2027. ### Which apartments are going under the hammer first? SRI said the Sept. 23 auction will cover six units at Martin Modern in River Valley and four units at Wallich Residence in Tanjong Pagar. The Martin Modern units include two-, three- and four-bedroom apartments ranging from 764 square feet to 1,733 square feet, while the Wallich Residence homes are three- and four-bedroom units of about 1,313 square feet to 1,991 square feet. (channelnewsasia.com) Guide prices start at S$2.238 million for the Martin Modern units and rise to S$4.98 million there, while the Wallich Residence homes are priced from S$4.42 million to S$6.78 million. CNA reported the Martin Modern units start from S$2,874 per square foot, while the Wallich Residence units start from S$3,347 per square foot. (channelnewsasia.com) ### Why are these apartments being sold now? Deloitte said on Aug. 29 that more than 1,000 luxury items and 80 real estate properties forfeited in the case would go to auction from Sept. 7. The firm said the assets would be sold in phases between September 2026 and mid-2027, and that the mix of items in each phase could still change as authentication and preparatory work continued. (channelnewsasia.com) The Singapore Police Force appointed Deloitte in July 2025 to manage and realize the non-cash assets forfeited in connection with the case, according to Deloitte and local media reports. Apart from SRI, Edmund Tie & Company and Knight Frank were appointed to conduct other property auctions, while selected properties will be marketed through an expression-of-interest process by List International Realty. (channelnewsasia.com) ### How does this fit into the wider laundering case? August 2023 raids across Singapore uncovered millions of dollars linked to an illicit gambling ring based in Southeast Asia, according to CNA. The case became Singapore’s largest money-laundering probe, with authorities eventually tying more than 80 properties and over 1,000 luxury goods to forfeited assets being prepared for sale. (channelnewsasia.com) Ten offenders, all originally from China, have been convicted and deported after serving their sentences, CNA reported. The Straits Times said S$1.4 billion had already been paid into Singapore’s Consolidated Fund from earlier asset recoveries and sales. ### Why are Martin Modern and Wallich Residence drawing attention? (channelnewsasia.com) Wallich Residence sits within Guoco Tower in the Central Business District and is directly linked to Tanjong Pagar MRT station, while Martin Modern is in River Valley near Great World City and Great World MRT station. Those locations put the first auction squarely in two of Singapore’s best-known central residential districts. The Straits Times reported that additional units linked to the case are also being prepared for sale in Orchard Road and River Valley, alongside an office unit in Suntec Tower One. That suggests the Sept. 23 event is an opening tranche rather than the full property pipeline. ### What happens next in the asset sales? (channelnewsasia.com) Sept. 7 is the start date Deloitte gave for the wider auction program covering luxury goods and property linked to the case. Hotlotz is handling timed online auctions for items such as jewelry, watches and handbags, while property sales are to continue through auctions and selected expression-of-interest exercises. (sg.news.yahoo.com) Sept. 23 at 2:30 p.m. is the next named milestone for the real estate disposals, when SRI is due to conduct the sale of the 10 apartments at its Great World City office. Deloitte said the overall sale program will continue in phases until mid-2027. (channelnewsasia.com) (deloitte.com)