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

Two units at the Martin Modern condo in River Valley and another two at Wallich Residence within Guoco Tower in Tanjong Pagar were sold at SRI’s public auction on Sept 23, fetching $2.08 million to $6.6 million each.

There were no takers for most of the other luxury properties that went under the hammer.

ETC also conducted an auction on the same day with nine properties, though none were sold and the residential units received no bids.

All of these properties are linked to Singapore’s $3 billion money laundering case. More than 1,000 luxury items as well as 80 real estate assets that were forfeited in the case would be auctioned in phases between September 2026 and mid-2027.

Read also: 10 apartments at Martin Modern, Wallich Residence up for auction at $2.238 mil to $6.78 mil

SRI: Four units sold

At SRI’s auction, a two-bedroom apartment at Martin Modern was sold for $2.12 million. It opened at $2.238 million, followed by the first bid at $2.05 million and another three bids. Measuring about 764 sq ft, the unit sits on the 26th storey.

Another two-bedder of the same size and on the 17th storey fetched $2.08 million, after it had opened at $2.238 million.

On the 29th storey, a two-bedder drew three bids with the highest offer being $2.11 million, but it was withdrawn as it did not meet the reserve price.

The other three unsold units at Martin Modern were two-bedder, three-bedder and four-bedder apartments, with opening prices of $2.238 million, $3.3 million and $4.98 million, respectively.

Meanwhile, at Wallich Residence, two of the four units available were sold.

One is a four-bedroom apartment measuring 1,991 sq ft on the 61st storey with sea and city views. After opening at $6.78 million, it found a buyer at $6.6 million.

Another four-bedder, with a smaller floor area of 1,658 sq ft and on the 53rd floor, went for $5.48 million. It had opened at $5.55 million.

Read also: River Valley’s refresh: The Martin Modern benchmark and return of local buyers to District 9

The two unsold units at Wallich Residence are a three-bedder on the 51st level, which started at $4.42 million, and a four-bedder on the 54th storey, with a $5.9 million opening price.

In total, 10 apartments at Martin Modern and Wallich Residence were up for auction.

ETC: No bids for residential properties

Nine properties — one factory and eight luxury homes — linked to the money laundering case were up for grabs at ETC’s auction on Sept 23, though none changed hands.

The 8,800 sq ft, four-storey strata terrace factory within Shun Li Industrial Park in Kaki Bukit saw the sole bid at the auction, at $3.1 million. That is $530,000 below the opening price of $3.63 million.

There was no interest in all eight luxury condo units: five at South Beach Residences on Beach Road, two at 8 Saint Thomas in River Valley, and one at Paterson Suites in the Orchard area.

The South Beach Residences apartments included a 6,727 sq ft triplex penthouse with a guide price of $25.3 million, as well as four units that started at between $4.3 million and $6.6 million.

At 8 Saint Thomas, opening prices were $4.4 million for a three-bedder and $5.7 million for a four-bedder with private lift access.

Read also: Is it a Good Deal?: A one-bedder loft in District 9 sold at a loss of $403,000

As for Paterson Suites, the three-bedroom unit up for auction was priced at $5.18 million but likewise received no bids.

The SRI and ETC auctions came after Knight Frank’s auction on Sept 17, when the first properties forfeited in the money laundering case were offered for sale.

The seven properties — four apartments at Gramercy Park, two apartments at Sloane Residences, and an office unit at Suntec Tower One — at Knight Frank’s auction failed to sell as the bids fell below the reserve prices.

Check out the latest listings for Martin Modern, Wallich Residence, South Beach Residences, 8 Saint Thomas, Paterson Suites properties