None of the seven luxury properties seized in Singapore’s S$3 billion money laundering case were sold at their first auction on Thursday (17 September).
The properties were withdrawn after bids failed to meet their undisclosed reserve prices, despite interest from members of the public and registered bidders at the auction held by Knight Frank at Ocean Financial Centre.
Gramercy Park Unit Received Highest Bid
The auction featured four apartments at Gramercy Park, two apartments at Sloane Residences, and an office unit at Suntec Tower One. The properties were seized during investigations into Singapore’s largest money laundering case.
The strongest bidding activity was seen for a two-bedroom-plus-study apartment at Gramercy Park.
The 1,292 sq ft freehold unit had an opening price of S$3.82 million. Three bidders competed for it, with the highest offer reaching S$3.75 million, but the property was withdrawn as the bid remained below the reserve price.
Another four-bedroom Gramercy Park apartment also attracted bids, but the offers did not reach the required reserve price.
Auction Drew 65 Attendees
The auction attracted 65 attendees, including 30 registered bidders. Some attendees were observers who came to view the auction process.
Knight Frank’s head of auctions and sales Tan Tee Khoon said it was not unusual for properties to be withdrawn at auctions when bids do not meet sellers’ expectations, even when there is strong attendance.
The properties are part of a larger group of assets being sold after being forfeited in connection with the S$3 billion money laundering case. Deloitte Singapore was appointed to manage and realise the non-cash assets, which include more than 80 real estate properties and over 1,000 luxury items such as jewellery, watches and handbags.
More Seized Properties to Be Auctioned
The first auction was only one phase of the planned sale process.
More properties, including luxury condominium units and commercial spaces, are expected to go under the hammer in stages from September 2026 to mid-2027.
The proceeds from the sale of forfeited assets will go into the Government’s Consolidated Fund as part of the asset recovery process.
