No sale at first auction of luxury properties seized in $3b money laundering case

SINGAPORE – Bidding for a two-bedroom plus study unit at Gramercy Park, seized in the $3 billion money laundering case, was spirited at an auction held on Sept 17 but the offers did not meet the reserve price.

The unit, which had an opening price of $3.75 million, was among seven properties withdrawn after they all failed to meet their reserve prices at the auction held at Knight Frank’s Ocean Financial Centre office.

The properties - comprising six luxury apartments with private lifts in Gramercy Park and Sloane Residences and a Suntec Tower One office - were seized during investigations by the Commercial Affairs Department.

The apartments and office unit are among a total of 26 properties up being put up for sale in September by different realtors.

They are the first batch of more than 80 properties going under the hammer as the Government seeks to liquidate assets seized during investigations.

A total of 65 members of the public including 30 registered bidders had turned up for the auction of the multi-million dollar properties.

The four apartments at Gramercy Park, near the Orchard Road shopping belt, comprised two four-bedroom units, one three-bedder and the one two-bedroom plus study unit.

They were marketed at guide prices of between $3.8 million and $7.6 million.

The condos come with marble flooring, spacious living and dining areas, and floor-to-ceiling windows. One unit has two large wagon-wheel-style chandeliers in the living room, according to the listing on PropertyGuru.

The two apartments at Sloane Residences, a 52-unit luxury freehold condominium in Balmoral Road, had guide prices of between $3.6 million and $3.7 million.

The 3,498 sq ft Premium Grade A office space at Suntec Tower One had a guide price of $11.5 million.

Knight Frank’s auction and sales team was appointed by accounting firm Deloitte Singapore to market the properties.

Deloitte Singapore itself was appointed by the Singapore Police Force in 2025 to manage and realise the non-cash assets forfeited in connection to Singapore’s largest money laundering case.

All proceeds from the sale of the assets will be paid into the Consolidated Fund, which is analogous to a bank account held by the Government.

Apart from Knight Frank, ETC and SRI were appointed to conduct the property auctions. Selected properties will be marketed by List Sotheby’s International Realty (List SIR) through an expression-of-interest process.

ETC and SRI are putting up a total of 19 other properties for auction on Sept 23.

ETC’s portfolio comprise a total of eight luxury condominium units at South Beach Residences, 8 Saint Thomas and Paterson Suites,and a 8,800 sq ft factory space at Shun Li Industrial Park.

At South Beach Residences in Beach Road, five units, including a 42nd-floor penthouse spanning over 6,700 sq ft, are being marketed at guide prices of between $4.45 million and $25.3 million.

The two units at 8 Saint Thomas in River Valley will be auctioned at guide prices of between $4.4 million and $5.72 million. The sole unit at Paterson Suites in Orchard has a guide price of $5.18 million.

The four-storey corner strata terrace factory at Shun Li industrial park in Kaki Bukit has a guide price of $3.6 million.

The auction will be held at its UIC Building office in Shenton Way.

SRI’s portfolio comprise four luxury condo units at Wallich Residence and six at Martin Modern. The apartments are marketed at guide prices of between $2.238 million and $6.8 million.

The sale by realtor SRI will take place at its Great World City office.