Luxury Homes Seized in the S$3 Billion Money Laundering Case Prove a Hard Sell at Auction
A freehold four-bedroom unit at New Futura on Leonie Hill Road, owned by the wife of one of the suspects in the S$3 billion money laundering case, was sold at auction on 28 October for S$8.5 million. That was 13 per cent below its S$9.8 million guide price. It is only the fifth of 47 properties put up for auction since 17 September to find a buyer.
Auctioned Properties Sold
New Futura Unit, 2,691 sq ft
Below Guide Price
ABSD for Foreign Buyers
The Sales So Far
More than half of the 80 or so properties released by the Commercial Affairs Department are now being sold through three brokerages appointed by Deloitte. Results have been mixed. Two units at Wallich Residence and Martin Modern sold on 23 September for a combined S$16.28 million. SRI has sold five of its 16 properties, and ETC sold a Kaki Bukit factory after the auction. Knight Frank has not sold any of its 16 properties at two auctions, and its 6,232 sq ft Marq on Paterson Hill apartment, guided at S$27 million, is now in private negotiation.
The New Futura result was still S$500,000 above the S$8 million paid for a similarly sized unit in the project in July 2025, and below a reported bank valuation of S$10 million.
Why These Homes Are Hard to Sell
- Price. Most are in the prime districts and priced from about S$5 million to S$25 million, which limits the pool of buyers.
- Who can buy. Most foreigners pay 60 per cent Additional Buyer’s Stamp Duty. Foreign buyers made up about 26 per cent of prime non-landed purchases in 2023, before the increase, and about 20 per cent after it.
- New launch competition. New projects in the prime and city fringe areas, such as River Modern at an average of about S$3,130 psf, offer buyers a fresh alternative.
- Expectations. Many buyers expect bargains, while guide prices are based on valuations. Savills research head Alan Cheong noted that the Government has a duty of care and cannot be seen to sell seized assets at any price.
Frequently Asked Questions
How many seized properties have been sold at auction?
Five of the 47 properties put up for auction since 17 September 2026, as of 28 October.
What did the New Futura unit sell for?
S$8.5 million for 2,691 sq ft, 13 per cent below its S$9.8 million guide price.
Why are these properties hard to sell?
High prices, the 60 per cent ABSD for most foreigners, competition from new launches and a gap between buyer expectations and guide prices.
Are auction properties cheaper than the market?
Not necessarily. Guide prices are based on valuations, so compare with recent transactions in the same project before bidding.
Considering an auction or prime property?
I can check recent transactions in the project and help you set a sensible ceiling.