Four Seized Properties Sell for S$16.28 Million at 23 September Auctions While 15 Are Pulled

Four luxury apartments at Wallich Residence and Martin Modern were sold at the auction held at SRI’s Great World City office, out of ten prime properties listed.

The top sale was a four-bedroom apartment on the 61st floor of Wallich Residence, previously owned by foreign national Zhang Ruijin, who was convicted in the case and later deported in 2024. The 1,991 sq ft unit, which has high ceilings and sweeping views of the future Greater Southern Waterfront, sits directly below the super penthouse once owned by billionaire inventor James Dyson. It sold for S$6.6 million.

A second four-bedroom apartment on the 53rd storey of the same Tanjong Pagar development sold for S$5.48 million. The 1,658 sq ft unit opened at S$5.55 million and was met with a counter-offer of S$5.3 million before four other bids pushed it to S$5.48 million.

Two Martin Modern two-bedders in River Valley also sold, both below their guide prices. A 26th-storey apartment fetched S$2.12 million after four bids, and a 17th-storey unit sold for S$2.08 million after a single bid.

The six Martin Modern units offered comprised four two-bedroom apartments of about 764 sq ft each, a 1,087 sq ft three-bedroom unit and a 1,733 sq ft four-bedroom unit, with guide prices between S$2.238 million and S$4.98 million. The four Wallich Residence units comprised a 1,313 sq ft three-bedder and three four-bedders ranging from 1,658 to 1,991 sq ft, with guide prices between S$4.4 million and S$6.8 million.

A separate auction the same day at ETC’s office at the UIC Building in Shenton Way closed without any sale of the nine properties on offer, comprising eight luxury apartments and a factory. Together the nine had opening prices totalling S$64.93 million. The 42 people who attended included 11 registered bidders and 31 walk-ins.

The only bid of the session went to a four-storey strata terrace factory at 141 Shun Li Industrial Park in Kaki Bukit. It drew S$3.1 million, or about S$349 per square foot, against an opening price of S$3.63 million or S$409 psf, and the auctioneer subsequently withdrew it. The corner unit along Kaki Bukit Avenue 1 spans about 8,880 sq ft of strata floor area and was offered with vacant possession. Its 60-year lease began on 30 October 1996.

The priciest lot was a four-bedroom penthouse at South Beach Residences, unit 42-08, with an opening price of S$25.32 million or S$3,764 psf. It drew no bids. Spanning three levels, the penthouse measures about 6,727 sq ft including 151 sq ft of strata void, and has a private lift serving all levels and a roof terrace. It is owned by Su Yongcan, who fled Singapore before police operations began in August 2023 and was among 15 suspects linked to the case who agreed to surrender assets valued at around S$1.85 billion in exchange for the withdrawal of Interpol notices. The unit had eight viewings before the auction.

Four other South Beach Residences apartments also drew no bids. A three-bedroom unit 24-06 of about 1,744 sq ft opened at S$6.6 million or S$3,784 psf. Three two-bedders were offered between S$4.3 million and S$5.2 million: unit 26-03 of about 1,216 sq ft at S$4.6 million or S$3,783 psf, unit 37-02 of 1,087 sq ft with no balcony at S$4.3 million or S$3,955 psf, and unit 41-03 of 1,292 sq ft at S$5.2 million or S$4,025 psf.

Notably, three of those South Beach two-bedroom units were opened below their guide prices. The 26th-floor unit had a guide price of S$4.76 million but opened at S$4.6 million, the 37th-floor unit had a guide of S$4.45 million but opened at S$4.3 million, and the 41st-floor unit had a guide of S$5.32 million but opened at S$5.2 million. Despite the discounts, none received a bid.

South Beach Residences is in District 7, near Esplanade MRT station, with a 99-year lease that began on 10 December 2007. The remaining three apartments are freehold units in District 9. At 8 Saint Thomas, a 1,302 sq ft three-bedroom unit 20-09 opened at S$4.4 million or S$3,379 psf, and a 1,755 sq ft four-bedroom unit 29-03 with private lift access was priced at S$5.7 million or S$3,248 psf. The development by Bukit Sembawang Estates was completed in 2018 and is near Great World MRT station. At Paterson Suites, a 1,679 sq ft three-bedroom unit 20-06 opened at S$5.18 million or S$3,085 psf.

The opening prices were guides set by ETC, while vendor Deloitte set the reserve prices, which were not disclosed.

Enquiry numbers suggest the properties were not ignored. Su’s penthouse drew more than 10 enquiries from Singaporean buyers and received eight viewings. The Kaki Bukit factory and the Paterson Suites unit also attracted more than 10 enquiries each, and the two 8 Saint Thomas units drew more than 30 enquiries collectively. Joy Tan, head of auction and sales at ETC, said most enquiries came from Singaporeans.

Speaking about the eight luxury apartments that received no bids, Tan said buyers are “still doing final calculations or haven’t decided what to buy”. She said ETC will get instructions from Deloitte on whether to go into private treaty talks for the nine withdrawn properties.

At SRI, managing partner Mok Sze Sze said she was pleased with the outcome, noting a turnout of around 70 registered bidders in person. “I must say we were expecting more participation, based on the response from the viewings, but I heard there were a few potential buyers who were held up at work and couldn’t come to the auction, so that kind of affected the outcome,” she said. SRI will await instructions from Deloitte on the six unsold properties.

Under the auction terms, successful bidders would have had to pay a 10 per cent deposit and complete their purchases within 10 weeks.

These auctions follow the Knight Frank auction on 17 September, where all seven properties were withdrawn after bidding failed to meet undisclosed reserve prices. Those lots included six luxury apartments at Gramercy Park and Sloane Residences, and an office unit at Suntec Tower One. Private treaty negotiations are now under way for those seven properties, Tricia Tan, Knight Frank’s director of auction and sales, told The Straits Times.

The properties auctioned on 17 and 23 September are among the first batch of more than 80 to be sold as part of Deloitte’s mandate to manage, oversee and liquidate non-cash assets seized in the nation’s largest money laundering case. Deloitte was appointed by the Singapore Police Force in 2025.

The properties will be progressively put up for sale in phases between September 2026 and mid-2027, and will be open to the public for bidding. All proceeds will be paid into the Consolidated Fund, which is analogous to a bank account held by the Government.