Singapore to auction luxury properties linked to multibillion-dollar money laundering case

Su Yongcan’s 6,727 sq ft penthouse comes with a massive open balcony overlooking the Esplanade and Marina Bay. — Picture via Facebook

By Malay Mail

First Published: Wednesday, 16 Sep 2026 11:19 AM MYT

SINGAPORE, Sept 16 — A luxury apartment owned by convicted money launderer Zhang Ruijin is among 26 properties linked to Singapore’s 2023 multibillion-dollar money laundering case that will go under the hammer from this week, The Straits Times (ST) reported.

The 1,991 sq ft four-bedroom unit at Wallich Residence, located on the 61st floor, has a guide price of S$6.78 million and features panoramic views towards Sentosa Cove and the future Greater Southern Waterfront, according to ST.

It is part of the first batch of more than 80 properties that will be auctioned as the Singapore Government moves to liquidate assets seized during investigations into the case. Knight Frank, SRI and ETC have been appointed to conduct the auctions on Sept 17 and 23.

According to the report, Singapore Land Authority records show the Wallich Residence unit is owned by Zhang, a Chinese national who was sentenced to 15 months’ jail after pleading guilty to money laundering and forgery charges.

Zhang’s lover, Lin Baoying, also received a 15-month jail sentence after pleading guilty to similar charges. The pair were deported to Cambodia in June 2024 after serving their sentences, ST reported.

Zhang and Lin were among 10 foreigners from Fujian, China, arrested in the probe. They had bought several luxury properties in prime Singapore developments, including Canninghill Piers, South Beach Residences and Gramercy Park.

The 10 suspects were subsequently jailed and ordered to forfeit their cash and assets. Authorities had targeted S$2.1 billion worth of assets linked to 17 suspects, with 15 of them agreeing to surrender assets valued at about S$1.85 billion in November 2024 in exchange for the withdrawal of Interpol notices against them, ST reported.

Another property on the auction block is a 6,727 sq ft four-bedroom penthouse at South Beach Residences owned by Su Yongcan, who fled Singapore before police operations related to the money laundering case began in August 2023, the report said. 

Su’s penthouse, designed by architect Norman Foster, has a guide price of S$25.3 million and will be auctioned on Sept 23. It features grey marble flooring, floor-to-ceiling windows and a large balcony overlooking the Esplanade and Marina Bay.

ST reported that four other Wallich Residence units on the 51st, 53rd, 54th and 61st floors are also being auctioned. The units feature expansive entertainment and family spaces, high-end furnishings and appliances and waterfront views, with three being sold with furnishings.

Other properties include six units at Martin Modern, four freehold units at Gramercy Park and two three-bedroom units at Sloane Residences. Guide prices for the Gramercy Park units range from S$3.8 million to S$7.6 million, while the Sloane Residences units are priced at between S$3.6 million and S$3.7 million.

Property analysts cited by ST said the properties could attract ultra-high-net-worth buyers given the limited supply of large luxury homes in Singapore’s prime districts, although some guide prices were slightly above recent transactions for comparable properties.