[SINGAPORE] Ten luxury apartments in River Valley and Tanjong Pagar – the first of more than 80 real estate properties linked to the S$3 billion money laundering case in Singapore – are being put up for sale at guide prices of between S$2.238 million and S$6.78 million.
Realtor SRI is the exclusive marketing agency to conduct the auction for the 10 properties, which will take place on Sep 23 at SRI’s Great World City office.
Apart from SRI, two other brokerages Edmund Tie & Company and Knight Frank, have also been appointed to conduct the property auctions, while selected properties will be marketed by List International Realty through an expression-of-interest process.
Accounting firm Deloitte Singapore, which was appointed by the Singapore Police Force in 2025 to manage and realise the non-cash assets forfeited in connection to Singapore’s largest money laundering case, said on Aug 29 that more than 80 properties tied to the probe will be progressively put up for auction.
SRI’s portfolio comprises six luxury apartments at Martin Modern across two, three, and four-bedroom units ranging from 764 to 1,733 sq ft, with prices starting from S$2,874 psf. Guide prices are between S$2.238 million and S$4.98 million.
Located in the heart of River Valley, Martin Modern is within walking distance to Great World City and the Great World MRT Station on the Thomson-East Coast Line.
The auction will also see four prime apartments at Wallich Residence, across three and four-bedroom configurations, listed for sale. They range from approximately 1,313 to 1,991 sq ft, with prices starting from S$3,347 psf.
Wallich Residence is located within the Central Business District and close to Tanjong Pagar Plaza. SRI said the listed apartments have guide prices ranging from S$4.42 million to S$6.78 million.
Local auction house Hotlotz previously said that 15 auctions are slated to run between September 2026 and May 2027. More than 1,000 items are expected to be listed for auction.
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Two auctions – one for jewellery and a separate one for handbags – will be held on Sep 7 as part of the first phase of the sales process. Online bidding will open on Sep 7 at 10 am in Singapore, and close at 4 pm on Sep 20.
The auction house said digital catalogues for the items being listed in the first two auctions will be published on its website at 10 am on Sep 7.
The first sales will include more than 300 luxury handbags and accessories by brands including Chanel, Louis Vuitton and Christian Dior, and more than 250 pieces of fine jewellery from brands including Graff, Bulgari and Van Cleef & Arpels.
All proceeds from the sale of the assets will be paid into the Consolidated Fund.
A police spokesperson previously told The Straits Times that some S$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.
The probe into the money laundering case saw police launch an initial islandwide raid on Aug 15, 2023, that led to the arrest of 10 foreigners. They have all since been convicted and deported from Singapore.
The police seized or took control of around S$1.25 billion in non-cash assets – including cars, properties, art, watches, jewellery, gold bars, handbags and bottles of alcohol – during the probe into the nation’s largest money laundering case.
In total, the Government confiscated 207 properties, 77 vehicles, more than S$1.45 billion in bank accounts and more than S$76 million in cash of various currencies.
Alongside these, thousands of bottles of liquor and wine, cryptocurrency worth more than S$38 million, 68 gold bars, 483 luxury bags, 169 branded watches and 580 pieces of jewellery were also seized. THE STRAITS TIMES
