# Do property auctions deliver bargains? Condo sales linked to money laundering case offer a mixed answer

- **Source:** EdgeProp Singapore
- **Published:** 2026-09-30T03:35:47.000Z
- **Author:** EdgeProp Singapore
- **Original:** https://www.edgeprop.sg/property-news/do-property-auctions-deliver-bargains-condo-sales-linked-money-laundering-case-offer-mixed-answer
- **Topics:** Private Residential, Transactions & Deals

## Featured rationale

The mixed results signal that below-opening-price auction purchases are not necessarily bargains, potentially encouraging buyers to assess recent same-stack comparables, condition and unit-specific attributes.

## AI summary

Four condos linked to Singapore’s $3 billion money laundering case sold for $16.28 million, but only Martin Modern #26-10 showed a clear 4.4% comparable-market discount.

## Original article

Four of 19 condo units linked to Singapore’s $3 billion money laundering case sold for a combined $16.28 million at SRI’s auction on Sept 23.

All four changed hands below their opening prices. But did their buyers pay less than market value?

A comparison with resale transactions at Martin Modern and Wallich Residence suggests the answer varies by unit.

One Martin Modern apartment appears to have sold at a modest discount after allowing for floor differences. The other fetched a price close to comparable sales.

Read also: Four condo units seized in money laundering case sold at auction for $2.08 mil to $6.6 mil

At Wallich Residence, the size of the discount depends on which past sale is used for comparison and when it took place.

For this analysis, comparable transactions were adjusted by 0.4% for each floor separating them from the auction unit. This is a working assumption within the broad 0.3%–0.5% guide we have previously used. Same-stack and same-size transactions were prioritised.

These comparisons do not account for differences in condition or renovation needs. Some buyers may also be put off by a property’s links to the money laundering case.

Table: Transacted prices at auction vs. estimated market values

[object Object]

Table: SRI, URA, EdgeProp Research

Martin Modern: #26-10

At Martin Modern, the strongest evidence of a discount comes from unit #26-10.

Its auction price was $39,300, or 1.8%, below its last purchase price from the developer in 2020, before stamp duties and other costs.

A unit 13 floors below it, #13-10, sold for $2.1 million in August 2026. Another apartment in the same stack, #17-10, changed hands for $2.15 million in December 2025. All three have the same floor area.

Adjusting those transactions to the 26th floor produces benchmarks of about $2.209 million and $2.227 million. Their average is $2.218 million, putting the auction result about $98,000, or 4.4%, below it.

Read also: Two-bedroom loft at Tanjong Pagar’s Icon heads to auction at $2.2 mil

This buyer therefore appears to have secured a relatively attractive price for the higher floor, assuming comparable condition.

Martin Modern: #17-06

The other Martin Modern sale, unit #17-06, gives a different result.

Its auction price was $63,000, or 3.1%, above its last purchase price from the developer in 2020, before stamp duties and other costs.

The closest floor comparisons are #18-06, which sold for $2.058 million in October 2025, and #15-06, which fetched $2.1 million in September 2025. Adjusted to the 17th floor, they imply values of approximately $2.050 million and $2.117 million.

Their average of $2.083 million is just $3,000 above the auction result. More recent same-stack sales support a similar reading: after floor adjustments, #11-06’s July 2026 transaction implies about $2.107 million, while #13-06’s March sale implies $2.032 million.

On this evidence, #17-06 sold broadly in line with the market. Its auction sale does not show a meaningful discount or premium.

Wallich Residence: #53-01

At Wallich Residence, #53-01 initially looks like a more substantial bargain.

The same-sized #55-01, two floors above, fetched $6.03 million in May 2025. Adjusting that price down two floors gives a benchmark of $5.982 million, against which the auction unit sold about $502,000, or 8.4%, lower.

Read also: Two units at Haus on Handy in Dhoby Ghaut listed for auction at $2.3 mil and $3.1 mil

However, that transaction preceded the auction by about 16 months. A more recent sale points to a much smaller gap. In December 2025, the 1,722 sq ft #57-08 sold for $5.7 million. Applying its psf price to #53-01’s area, then adjusting down four floors, produces a benchmark of about $5.4 million. The auction price was 1.5% higher.

The different stack could account for differences in layout and view, so this is a less direct comparable. Nevertheless, it shows why the 8.4% gap should be described as a discount to a particular earlier transaction, rather than a proven discount to current market value.

Wallich Residence: #61-02

The same issue affects #61-02 at Wallich Residence.

Using #57-08’s December 2025 transaction, adjusted for area and up four floors, gives a benchmark of about $6.696 million. The auction result was only 1.4% lower.

Using #55-01’s May 2025 sale instead produces a much higher benchmark of $7.415 million after area and floor adjustments. Against that figure, the auction price was 11% lower.

Both comparisons involve smaller apartments in different stacks. Their wide spread makes it difficult to assign a precise current-market discount to #61-02. Adjusting for floor alone cannot resolve differences in layout or the price buyers are willing to pay for a larger home.

Conclusion

The four completed sales show where buyers’ offers and sellers’ acceptance levels met. They do not establish whether the auction process itself increased or reduced the price compared with other methods of sale.

The strongest evidence of a discount among those that went under the hammer, is at Martin Modern #26-10. The other Martin Modern unit traded close to its comparable benchmark.

Wallich Residence’s results sit nearer to the more recent resale evidence than some older transactions might suggest.

For buyers, a useful question is how an auction price compares with genuinely similar homes. For sellers, competitive bidding can improve an offer, but these four sales provide no evidence of a consistent premium from choosing an auction.

## Chinese translation

> Translation model: openai_codex_cli

### 房产拍卖能带来笋盘吗？与洗钱案相关的公寓销售给出复杂答案

Martin Modern 和 Wallich Residence 的拍卖销售显示，低于开标价并不一定意味着市场笋盘。

与新加坡新币30亿元洗钱案相关的19个公寓单位中，有4个单位于9月23日在 SRI 拍卖会上售出，总成交价为新币1,628万。

全部4个单位的成交价均低于其开标价。但买家是否低于市场价值购入？

与 Martin Modern 和 Wallich Residence 的转售交易进行比较后显示，答案因单位而异。

Martin Modern 的其中一个公寓单位在考虑楼层差异后，似乎以小幅折扣售出。另一个单位的成交价则接近可比销售。

相关阅读：洗钱案中被扣押的四个公寓单位以新币208万至新币660万在拍卖中售出

在 Wallich Residence，折扣幅度取决于用哪一宗过往交易作比较，以及该交易发生的时间。

本分析中，可比交易按与拍卖单位相隔每一层0.4%进行调整。这是在我们此前使用的0.3%至0.5%大致指引范围内作出的工作假设。优先采用同叠和同面积交易。

这些比较并未计入单位状况或装修需求的差异。一些买家也可能因房产与洗钱案有关而却步。

表：拍卖成交价与估计市场价值

[object Object]

表：SRI、URA、EdgeProp Research

Martin Modern：#26-10

在 Martin Modern，折扣最有力的证据来自 #26-10 单位。

其拍卖价比该单位2020年向发展商购入的最后购买价低新币39,300，或1.8%，未计印花税及其他成本。

同一叠、低13层的 #13-10 单位于2026年8月以新币210万售出。另一套同叠公寓 #17-10 于2025年12月易手，成交价为新币215万。三者建筑面积相同。

将这些交易调整至第26层后，得出的基准约为新币220.9万和新币222.7万。两者平均为新币221.8万，使拍卖结果比该水平低约新币98,000，或4.4%。

相关阅读：丹戎巴葛 Icon 两房阁楼单位以新币220万拍卖

因此，假设单位状况相当，该买家似乎以相对有吸引力的价格买入了较高楼层单位。

Martin Modern：#17-06

Martin Modern 的另一宗成交，即 #17-06 单位，给出了不同结果。

其拍卖价比该单位2020年向发展商购入的最后购买价高新币63,000，或3.1%，未计印花税及其他成本。

最接近的楼层比较为 #18-06，该单位于2025年10月以新币205.8万售出；以及 #15-06，该单位于2025年9月售得新币210万。调整至第17层后，它们隐含的价值约为新币205.0万和新币211.7万。

两者平均为新币208.3万，仅比拍卖结果高新币3,000。较近期的同叠销售支持类似解读：经楼层调整后，#11-06 于2026年7月的交易隐含价值约为新币210.7万，而 #13-06 于3月的交易隐含价值为新币203.2万。

根据这些证据，#17-06 的成交价大致符合市场水平。其拍卖销售并未显示出有意义的折扣或溢价。

Wallich Residence：#53-01

在 Wallich Residence，#53-01 初看似乎是更大幅度的笋盘。

面积相同、位于高两层的 #55-01 于2025年5月以新币603万成交。将该价格向下调整两层后，得出的基准为新币598.2万；相比之下，拍卖单位成交价低约新币502,000，或8.4%。

相关阅读：Dhoby Ghaut 的 Haus on Handy 两个单位以新币230万和新币310万挂牌拍卖

不过，该交易早于拍卖约16个月。较近期的一宗成交显示差距小得多。2025年12月，1,722平方英尺的 #57-08 以新币570万售出。将其每平方英尺价格应用于 #53-01 的面积，再向下调整四层后，得出的基准约为新币540万。拍卖价则高出1.5%。

不同楼叠可能带来布局和景观差异，因此这不是那么直接的可比对象。尽管如此，它说明为何8.4%的差距应被描述为相对于某一宗较早交易的折扣，而不是相对于当前市场价值的已证实折扣。

Wallich Residence：#61-02

同样的问题也影响 Wallich Residence 的 #61-02。

使用 #57-08 于2025年12月的交易，并按面积及向上四层调整后，得出的基准约为新币669.6万。拍卖结果仅低1.4%。

若改用 #55-01 于2025年5月的销售，经面积和楼层调整后则得出高得多的基准，为新币741.5万。相较该数值，拍卖价低11%。

两项比较均涉及不同楼叠、面积较小的公寓。两者差距很大，使得难以为 #61-02 指定一个精确的当前市场折扣。仅调整楼层无法解决布局差异，也无法解决买家愿意为更大住宅支付多少的问题。

结论

这四宗已完成销售显示了买家报价与卖方接受水平交汇的位置。它们并不能证明拍卖流程本身相较其他销售方式提高或降低了价格。

在这些被拍卖成交的单位中，折扣证据最强的是 Martin Modern #26-10。另一个 Martin Modern 单位的成交价接近其可比基准。

Wallich Residence 的结果比一些较早交易所暗示的情况更接近近期转售证据。

对买家而言，一个有用的问题是拍卖价与真正相似住宅相比如何。对卖家而言，竞争性竞价可以改善报价，但这四宗销售并未提供证据显示选择拍卖会带来一致的溢价。