SINGAPORE: More properties linked to Singapore’s landmark money laundering case will be put up for sale through auctions in late-September.
They include a total of eight luxury condominium units at Paterson Suites, 8 Saint Thomas and South Beach Residences, and a 8,800sq ft office space at Shun Li Industrial Park.
The auction for the nine properties on Sept 23 will be held at Edmund Tie & Company’s UIC Building office.
At South Beach Residences, five units, including a 42nd floor penthouse spanning over 6,700sq ft, will be auctioned off with guide prices of between S$4.45 million and $25.3 million.
At 8 Saint Thomas in River Valley, two units will be auctioned off with guide prices between $4.4 million and $5.7 million. The one unit at Paterson Suites in Orchard has a guide price of $5.2 million.
The Shun Li Industrial Park office space located at Kaki Bukit has a guide price of $3.6 million.
A total of 26 properties linked to the 2023 multi-billion dollar money laundering case will be put up for sale in September.
They include 10 luxury condo units at Wallich Residence and Martin Modern that The Straits Tmes reported on Sept 2 as going to auction with guide prices of between $2.2 million and $6.8 million.
The sale by realtor SRI will take place on Sept 23 at its Great World City office.
Knight Frank has been separately appointed to auction off four units at Gramercy Park with guide prices of between $3.8 million and $7.6 million, two units at Sloane Residences with guide prices between $3.6 million and $3.7 million, and one 3,498 sq ft office space at Suntec Tower One at a guide price of $11.5 million.
Knight Frank will hold its auction on Sept 17 at its Ocean Financial Centre office.
Professional services firm Deloitte said in a statement on Aug 29 that more than 80 properties and 1,000 assets such as jewellery and luxury watches tied to the probe will be progressively put up for auction.
“Apart from auctions, certain assets may also be realised through alternative sale methods such as limited tender, expression of interest or direct selling,” said Justin Lim, performance improvement and restructuring partner at Deloitte.
A series of 15 such auctions for the smaller assets has been planned.
Local auction house Hotlotz said they are slated to run between September 2026 and May 2027, with the first two auctions in the series opening for online bidding on Sept 7 at 10am in Singapore, and closing at 4pm on Sept 20.
All proceeds from the sale of the assets will be paid into the Consolidated Fund.
A police spokesperson told ST that some $1.4 billion comprising cash held in seized bank accounts and other liquidated proceeds have already been paid into the Consolidated Fund as of the close of the 2025 financial year.
In total, the police seized or took control of around $1.25 billion in non-cash assets – including cars, properties, art, watches, jewellery, gold bars, handbags and bottles of alcohol – during its probe into the nation’s largest money laundering case.
The items were progressively seized after an initial islandwide raid on Aug 15, 2023, led to the arrest of 10 foreigners, all of whom have since been convicted and deported from Singapore.
ST had reported in January 2024 that the Government confiscated 207 properties, 77 vehicles, more than $1.45 billion in bank accounts and more than $76 million in cash of various currencies.
Alongside these, thousands of bottles of liquor and wine, cryptocurrency worth more than $38 million, 68 gold bars, 483 luxury bags, 169 branded watches and 580 pieces of jewellery were also seized. - The Straits Times/ANN
