Nine Luxury Homes Linked to the S$3 Billion Money Laundering Case Go Unsold, but The Marq Gets a New Counter Offer

This was the fourth auction session of properties linked to the S$3 billion case since September, with nine units offered. The first unit was a five-bedroom unit at The Marq on Paterson Hill with an area of 6,232 sq ft and a starting price of S$26.8 million, or about S$4,300 psf. The first-round counter offer was only S$21.8 million, about 18 per cent below the starting price. Another buyer then joined the bidding, and after six rounds the price rose to S$24 million. As it was still below the reserve price, the auctioneer withdrew the unit.

After the auction, a representative of a buyer who had attended the session discussed the unit with Knight Frank’s auction and sales director, and about an hour later submitted a counter offer higher than S$24 million. She told media that she would pass the offer to the authorities handling the properties and wait for their decision. She added that large units in this project are very rare in the market, and that some high net worth buyers may be looking for such rare units.

Another large unit was the duplex penthouse at Gramercy Park, with a starting price of S$15.6 million, or S$2,816 psf. Only one buyer made a counter offer, at S$12.5 million, which also did not reach the reserve price. Knight Frank decided to withdraw the unit and will negotiate privately with that buyer. The three smaller Gramercy Park units, two one-bedroom units at Scotts Square and two three-bedroom units at Sloane Residences drew no interest, and all were unsold.

The director said that in the first auction in September, although all units were unsold, some of the properties were later sold through private treaty, and other purchase proposals are still awaiting a decision from the authorities.

Two further auctions linked to the case are scheduled this month, conducted by ETC, a unit of Realion Group, together with SRI, on Wednesday (28 October) and Thursday (29 October). ETC will auction six South Beach units and one St Thomas Suites unit. The largest, a four-bedroom penthouse at South Beach, is being auctioned for the second time, with its guide price kept at S$25.32 million. The other five South Beach units have guide prices from S$4.3 million to S$6.85 million, and the three-bedroom unit at St Thomas Suites has a guide price of S$4.3 million.