Penthouse linked to $3 billion money laundering case goes under the hammer with guide price of $25m

SINGAPORE – A 42nd-floor penthouse at South Beach Residences, once owned by money laundering suspect Su Yongcan, is going under the hammer at 2.30pm on Sept 23 with a guide price of $25.3 million.

The apartment, in a development designed by English architect Norman Foster, is among 18 luxury units and a factory space to go under the hammer at brokerages ETC and SRI.

The 6,727 sq ft four-bedroom penthouse is the most expensive of 26 properties linked to the $3 billion-dollar money laundering case to be put up for sale in the first tranche of auctions.

Su, who fled Singapore before police operations in August 2023, was among 15 suspects linked to the case who agreed to surrender their assets, valued at around $1.85 billion in total, in exchange for the withdrawal of Interpol notices against them.

An earlier auction by Knight Frank on Sept 17 saw the realtor withdraw seven properties for failing to meet their reserve prices.

The properties comprise a total of six luxury apartments in Gramercy Park and Sloane Residences, and a Suntec Tower One office.

Private treaty negotiations are now underway for the seven properties, Tricia Tan, Knight Frank’s director of auction and sales, told The Straits Times.

The penthouse at South Beach, previously owned by Su, comes with grey marble flooring, a raindrop chandelier and a large open balcony overlooking the Esplanade and Marina Bay.

The auction at ETC’s UIC Building office in Shenton Way also includes a total of seven other luxury apartments in South Beach Residences, 8 Saint Thomas and Paterson Suites, and a 8,800 sq ft factory in Kaki Bukit.

Meanwhile, a total of 10 apartments in Wallich Residence and Martin Modern will go under the hammer at SRI’s Great World City office.

The six units at Martin Modern in River Valley come with guide prices of between $2.238 million and $4.98 million.

The four apartments at the Wallich Residence have guide prices of between $4.4 million and $6.8 million.

The largest of the units is a four-bedroom apartment on the 61st floor. It sits directly below the super penthouse once owned by billionaire inventor James Dyson.

The 1,991 sq ft unit, which boasts high ceilings and sweeping views of the future Greater Southern Waterfront, was previously owned by foreign national Zhang Ruijin, who was convicted and later deported in 2024.

The apartments and factory are among the first batch of more than 80 properties to be auctioned as the Government seeks to liquidate assets seized during investigations into the nation’s largest money laundering case.

The properties will be progressively put up for sale in phases between September 2026 and mid-2027 and will be open to the public for bidding.

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.