S$3b money laundering case: Another 14 luxury apartments, 1 office unit up for auction
One of the apartments is a 4-bedroom penthouse at South Beach Residences that has been listed at a guide price of S$25.3 million.
South Beach is a commercial and residential complex at Beach Road. (Photo: iStock)
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SINGAPORE: Another 14 luxury condominium units and a Grade A office at Suntec Tower One forfeited in connection with Singapore’s largest money laundering case will be put up for sale at auctions this month.
The properties, located in prime areas such as River Valley and Orchard, will be auctioned by real estate firms Edmund Tie & Company (ETC) and Knight Frank.
As of Thursday morning (Sep 3), a total of 25 properties have been listed for auction.
ETC will auction units at South Beach Residences, 8 Saint Thomas and Paterson Suites at UIC Building on Sep 23, according to checks by CNA.
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Five units at South Beach Residences at Beach Road will be put up at guide prices of between S$4.45 million (US$3.5 million) and S$25.32 million.
They include three 2-bedroom units, one 3-bedroom unit, and a 6,727 sq ft 4-bedroom penthouse on the 42nd floor.
A 3-bedroom unit and a 4-bedroom unit at 8 Saint Thomas, a freehold development in River Valley, will also go under the hammer at guide prices of S$4.4 million and S$5.72 million, respectively.
At Paterson Suites, a freehold property near Orchard MRT, a 3-bedroom unit will be put up at a guide price of S$5.18 million.
Knight Frank will hold the auction for the Suntec Tower One office, as well as units at Sloane Residences and Gramercy Park, on Sep 17 at its office at Ocean Financial Centre.
The 3,498 sq ft office at Suntec has a guide price of S$11.5 million. The agency described the space as a premium Grade A office space that is fitted and ready for occupation.
Two 3-bedroom units at Sloane Residences, a freehold property at Balmoral Road, have guide prices of between S$3.6 million and S$3.7 million.
Meanwhile, one 2-bedroom and study, one 3-bedroom and two 4-bedroom units at Gramercy Park at Grange Road will be put up at guide prices of between S$3.8 million and S$7.6 million.
Apart from Knight Frank and ETC, SRI has also been appointed to conduct auctions of 10 luxury condominium units at Martin Modern and Wallich Residence so far, with guide prices ranging from S$2.238 million to S$6.78 million.
Some selected properties will also be offered for sale through an expression of interest process run by List International Realty, outside the auction process.
They are among more than 80 real estate properties and 1,000 luxury items forfeited in Singapore’s S$3 billion money laundering case.
Auditing firm Deloitte said on Aug 29 that the assets will go to auction from Sep 7 and be sold in phases between September 2026 and mid-2027.
Deloitte, appointed by the Singapore Police Force in July 2025 to manage and realise the non-cash assets forfeited in the case, said the composition and number of items in each phase are still being finalised and may change as authentication and preparatory work continues.
The money laundering case emerged after islandwide raids in August 2023 uncovered millions of dollars earned from an illicit gambling ring based in Southeast Asia.
The 10 offenders, all originally from China, have since been convicted and deported after serving their sentences.
Source: CNA/er(mi)
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