Singapore to auction 25 properties in money laundering case
Singapore will hold auctions on September 17 and 23 to sell the first 25 properties seized as part of a major money laundering case. The lots include a Grade A office in Suntec Tower 1 with an indicative price of S$11.5 million and a four-bedroom penthouse at South Beach Residences with an indicative price of S$25.32 million, Channel NewsAsia reports.
These properties are among more than 80 real estate assets planned for sale from September 2026 through mid-2027. Assets with a total value of about S$3 billion, or US$2.4 billion, were seized following islandwide raids in August 2023. The investigation concerned funds obtained from an illegal gambling network in Southeast Asia.
Lots at the auctions
The Knight Frank auction will take place on September 17 at Ocean Financial Centre. It will feature four apartments at Gramercy Park with indicative prices ranging from S$3.8 million to S$7.6 million, two apartments at Sloane Residences for S$3.6 million to S$3.7 million, as well as an office in Suntec Tower 1.
On September 23, Edmund Tie and Company will hold bidding at UIC Building. The company will offer five properties at South Beach Residences with indicative prices ranging from S$4.45 million to S$25.32 million, two apartments at 8 Saint Thomas, and one property at Paterson Suites. On the same day, SRI will hold an auction at Great World City, offering four apartments at Wallich Residence and six at Martin Modern.
More current news is available on the UA.News Telegram channel Telegram.
Terms of sale
During the auction, participants raise their bids until no new offers are made. Once a bid is accepted, the buyer must immediately sign the documents and pay the required deposit, which usually amounts to about 10% of the sale price. If the buyer fails to fulfill the terms of the deal, the deposit may be forfeited under the terms of sale, and legal consequences are also possible.
The indicative price is a guide and does not necessarily match the reserve price — the minimum amount accepted by the seller. If there are no bids or if they do not reach the reserve price, the property remains unsold. It may be put up for auction again or sold through private negotiations.
In August 2025, Singapore police transferred the seized assets to audit firm Deloitte for liquidation. According to Senior Minister K. Shanmugam, the proceeds are to be paid into the government's consolidated fund.
