Six More Luxury Units Linked to the S$3 Billion Money Laundering Case Go to Auction on 28 October at Nouvel 18 and New Futura

The auction will be held at the corporate office of Realtor SRI, one of three brokerages appointed to conduct the property auctions. Five apartments at Nouvel 18 near Orchard Road and a four-bedroom apartment at New Futura in Leonie Hill Road are on the block.

The Nouvel 18 units range from 1,335 sq ft to 6,125 sq ft and include two-bedroom plus study, three-bedroom, three-bedroom plus study and four-bedroom layouts. Guide prices range from S$2,939 to S$3,558 psf. The development has two 36-storey blocks with 156 units in total, eight sky gardens, and is near Orchard MRT station.

At New Futura, the 2,691 sq ft four-bedroom apartment has a guide price of S$9.8 million, or S$3,642 psf. The 124-unit development has six themed sky terraces and is near Somerset MRT station and the River Valley and Orchard areas. Mok Sze Sze, managing partner of SRI Auction, said Nouvel 18 offers freehold tenure in a sought-after Ardmore Park enclave, while New Futura combines space, privacy and connectivity in a District 9 location with limited units.

Of the 26 properties put on the auction block on 17 and 23 September, only four luxury apartments, in Wallich Residence and Martin Modern, were sold, for a combined S$16.28 million. The other 22, including the most expensive lot, a 42nd-floor penthouse at South Beach Residences, were withdrawn because they failed to meet their reserve prices or drew no bids.

Mok said the remaining six unsold units at Wallich Residence and Martin Modern are “still attracting a healthy level of interest”. The brokerage is waiting for instructions from the authorities on whether they will be offered again.

Separately, three Sentosa Cove properties linked to the case have been offered by List Sotheby’s International Realty through an expression of interest (EOI) exercise, in which buyers submit non-binding offers by a closing date. They are a vacant 99-year leasehold plot and two sets of bungalows held by people convicted in the case.

Source: The Straits Times, citing Singapore Land Authority documents. The bungalows have private yacht berths and the Cove Drive plot has sea views.

Those convicted in the case were jailed, made to forfeit their cash and assets, and deported after serving their sentences. The liquidation of the seized assets is being overseen by professional services firm Deloitte.