26 Money Laundering Case Properties Head to Auction in September With Guide Prices From S$2.2m to S$25.3m

Nine properties will be auctioned at Edmund Tie and Company’s UIC Building office on 23 September. They include eight luxury condominium units at Paterson Suites, 8 Saint Thomas and South Beach Residences, and an 8,800 sq ft office space at Shun Li Industrial Park.

At South Beach Residences, five units including a 42nd-floor penthouse spanning over 6,700 sq ft will be auctioned with guide prices of between S$4.45 million and S$25.3 million.

At 8 Saint Thomas in River Valley, two units will be auctioned with guide prices of between S$4.4 million and S$5.7 million. The single unit at Paterson Suites in Orchard has a guide price of S$5.2 million. The Shun Li Industrial Park office space in Kaki Bukit has a guide price of S$3.6 million.

The 26 properties include 10 luxury condominium units at Wallich Residence and Martin Modern, previously reported as going to auction with guide prices of between S$2.2 million and S$6.8 million. That sale by realtor SRI will take place on 23 September at its Great World City office.

Knight Frank has been separately appointed to auction four units at Gramercy Park with guide prices of between S$3.8 million and S$7.6 million, two units at Sloane Residences with guide prices of between S$3.6 million and S$3.7 million, and one 3,498 sq ft office space at Suntec Tower One at a guide price of S$11.5 million. Knight Frank will hold its auction on 17 September at its Ocean Financial Centre office.

Professional services firm Deloitte said on 29 August 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 7 September at 10am in Singapore, and closing at 4pm on 20 September.

All proceeds from the sale of the assets will be paid into the Consolidated Fund. A police spokesperson said 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 at the close of the 2025 financial year.

In total, 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 its probe into the nation’s largest money laundering case.

The items were progressively seized after an initial islandwide raid on 15 August 2023 led to the arrest of 10 foreigners, all of whom have since been convicted and deported from Singapore.

The Straits Times reported in January 2024 that 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 and 580 pieces of jewellery were also seized.