Key facts
- Seven luxury properties seized in Singapore's largest money laundering case were offered at auction on September 17.
- The opening prices for the seven properties totaled over S$43 million (US$33.6 million).
- No bids met the reserve prices for any of the seven properties, leading to their withdrawal.
- The properties included luxury apartments in Gramercy Park and Sloane Residences, and a Suntec Tower One office.
- Deloitte Singapore was appointed by the Singapore Police Force to manage the forfeited assets.
- Knight Frank is seeking guidance on whether private treaty talks or another auction can be held.
Seven luxury properties seized in connection with Singapore's largest money laundering case failed to attract buyers at an auction held on September 17. The properties, with opening bids totaling over S$43 million (US$33.6 million), were withdrawn after not meeting their reserve prices.
The auction, held at Knight Frank's Ocean Financial Centre office, saw significant public interest with over 60 attendees, including 30 registered bidders. However, when bidding commenced for a luxury unit at Gramercy Park, an upscale condominium near Orchard Road, no offers were made. Similar outcomes followed for other units.
One four-bedroom unit at Gramercy Park, measuring 2,659 sq ft and with an opening price of S$7.55 million, received nine bids, with the highest reaching S$6.7 million, but this was below the reserve price and drew laughter from the audience. Another two-bedroom unit with a study, 1,292 sq ft, also failed to meet its reserve price despite 11 bids, with the highest bid at S$3.75 million.
Two other four-bedroom and three-bedroom apartments at Gramercy Park, along with two units at Sloane Residences and a 3,498 sq ft office at Suntec Tower One, were also withdrawn. The Suntec office received one bid of S$8 million against an opening price of S$11.5 million.
Knight Frank, which was appointed by Deloitte Singapore to market the properties, stated that they will seek instructions from the authorities and Deloitte on how to proceed. This includes exploring options for private treaty sales or conducting another auction.
Deloitte Singapore was appointed by the Singapore Police Force in 2025 to manage and realize the non-cash assets forfeited in connection with the S$3 billion money laundering case, which involved 10 convicted China-born launderers and other foreign nationals.