Seized Super-Luxury Condos From the Money Laundering Case Go Under the Hammer on 17 and 23 September

The 26 properties are the first batch of more than 80 going under the hammer as the Government seeks to liquidate assets seized during investigations. Real estate companies Knight Frank, SRI and ETC have been appointed to conduct the 17 and 23 September auctions.

Knight Frank will hold an auction on 17 September at its Ocean Financial Centre office, including four Gramercy Park condominium units. Two auctions will be held on 23 September, by ETC and SRI at their respective offices at the UIC Building at 5 Shenton Way and Great World City.

Also on the auction block on 17 September are two freehold three-bedroom units with private lifts at Sloane Residences in Balmoral Road, at guide prices of between S$3.6 million and S$3.7 million, and a 3,498 sq ft Grade A office space at Suntec Tower One at a guide price of S$11.5 million.

A four-bedroom apartment on the 61st floor of Wallich Residence comes with a guide price of S$6.78 million. Singapore Land Authority records show it is owned by Chinese national Zhang Ruijin, who was sentenced to 15 months’ jail along with Lin Baoying after they pleaded guilty in Singapore to money laundering and forgery charges. The pair were deported to Cambodia in June 2024 after serving their sentences. The 1,991 sq ft unit has a high ceiling, and from its wrap-around glass windows Sentosa Cove is visible in the distance, with the future Greater Southern Waterfront on the horizon. Directly above is the super penthouse once owned by billionaire investor James Dyson.

Going under the hammer at a guide price of S$25.3 million on 23 September is a 42nd-floor, four-bedroom penthouse at the Norman Foster-designed South Beach Residences. The Straits Times reported that a property ownership search identified the owner as Su Yongcan, who fled Singapore before police operations relating to the money laundering case began in August 2023. The 6,727 sq ft penthouse has grey marble flooring in the living and dining areas and a large open balcony overlooking the Esplanade and Marina Bay. Most rooms have floor-to-ceiling windows, including one with a floor-to-ceiling library bookcase.

Based on SLA records, Su and Zhang are the registered owners of their respective properties, but their right to deal with them is now disenfranchised by the law, said Robson Lee, a partner at Kennedys Law.

The four Wallich Residence units going under the hammer at SRI are located on the 51st, 53rd, 54th and 61st floors, and all feature large entertainment and family spaces, high-end furnishings and appliances, and panoramic waterfront views. Three are sold with furnishings, according to videos of the listings on PropertyGuru.

At Martin Modern, the six units also under SRI feature grey marble flooring and floor-to-ceiling windows in most rooms. At a guide price of S$4.98 million, a 1,733 sq ft four-bedder on the 26th floor comes with private lift access. A three-bedder with a guide price of S$3.2 million features a long horizontal letterbox window built above a dark stone countertop, looking into the living room.

The four freehold Gramercy Park units with private lifts have guide prices of between S$3.8 million and S$7.6 million, and come with marble flooring and floor-to-ceiling windows.

ETC’s portfolio includes five South Beach properties with views of Suntec City, the Esplanade, Gardens by the Bay or Midtown and Marina Bay Sands, two at 8 Saint Thomas in River Valley, one at Paterson Suites, and an 8,800 sq ft factory at Shun Li Industrial Park. Guide prices range between S$4.45 million and S$25.3 million for the South Beach properties. A four-storey terrace factory at Shun Li Industrial Park in Kaki Bukit is up at a guide price of S$3.63 million.

Zhang and Lin were among 10 foreigners arrested in the probe, all from Fujian, China. They had bought several luxury units at some of Singapore’s most sought-after prime district projects, including Canninghill Piers, South Beach Residences and Gramercy Park, which were launched between 2017 and 2021. The 10 were given jail sentences and made to forfeit their cash and assets.

The authorities went after S$2.1 billion worth of assets linked to 17 suspects. In November 2024, police said that 15 of them, including Su, agreed to surrender their assets, valued at around S$1.85 billion, in exchange for the withdrawal of Interpol notices against them.

Alan Cheong, executive director of research and consultancy at Savills Singapore, said the word out on the street is that those involved liked to acquire super-luxury properties that gave them privacy and shielded them from prying eyes in neighbouring condominiums. “Having said that, legitimate ultra-high-net-worth Chinese buyers also have the same preference,” he added. On why commercial and industrial property featured, Cheong cited the absence of additional buyer’s stamp duty.

Analysts believe the properties are of interest to ultra-high-net-worth individuals as there is a limited supply of such homes in the prime districts, particularly those with a large floor plate.

“Some may see it as a value buy as the price, location and property-related attributes such as size, layout and tenure may be more important than the history of the properties. Furthermore, the process of sale is straightforward,” said Mark Yip, chief executive of Huttons Asia.

Yip also noted that guide prices for most of the 26 luxury apartments are slightly higher than recent transacted prices of similar properties in these projects. “Buyers should not expect that these properties will be sold for a song as there is public accountability with all proceeds from the sale paid into the Consolidated Fund. Hence, the properties will be sold at a fair value,” he said.

Cheong added that it could be a value buy for those not put off by the history of the properties. Nicholas Mak, chief research officer at Mogul.sg, said: “Offering the properties in manageable batches allows the seller to gauge demand, and adjust the reserve and guide prices and the size of future batches for sale.”