How Much Are The Seized $3B Money Laundering Case Condos Worth?

There are regular property auctions, and then there are auctions which draw attention because of the significance of what’s going under the hammer. The latest focus in the property auction market in Singapore isn’t a conserved building or homes of political figures.

Instead, an upcoming auction involves some of the seized assets from the $3 billion money laundering case, which is the largest case of its kind in Singapore. Now, a number of the seized real estate assets will be sold in a public auction. Here’s what we know about the properties involved, and how they’re going to be auctioned off.

Which Properties From The Seized Assets Are Being Put Up For Auction?

At the time of writing, 23 private residential units across six developments, along with an office unit, are being marketed for auction.

SRI has been appointed as the exclusive marketing agency for the units at Martin Modern and Wallich Residence, which will take place on Wednesday, 23 September, at 2.30pm at SRI’s Great World City office.

The units at Martin Modern range from two- to four-bedroom units of 764 sq ft to 1,733 sq ft, while the units at Wallich Residence are three- and four-bedroom units of 1,313 sq ft to 1,991 sq ft.

SRI says that individual guide prices for the units start from from $2.238 million (for the least expensive Martin Modern unit) to $6.78 million (for the most expensive unit at Wallich Residence).

The remaining two residential units are three-bedders at Sloane Residences, with guide prices of $3.6 million and $3.7 million respectively.

Separately, Knight Frank has also been appointed by Deloitte Singapore to market another six residential units. These comprise four units at Gramercy Park: two four-bedders, one three-bedder and one two-bedder plus study. These have guide prices ranging from $3.8 million to $7.6 million.

Knight Frank is also marketing a fitted office unit at Suntec Tower One. The Grade A office space measures approximately 325 sqm, or 3,498 sq ft, and is described as being ready for occupation. Its guide price has so far been indicated only as $3,xxx psf.

A further seven residential units are being marketed by Edmund Tie & Company for auction on 23 September.

This consists of five units at South Beach Residences, including three 2-bedders ranging from 1,087 to 1,292 sq ft, with guide prices of between $4.45 million and $5.32 million. There’s also a 1,744 sq ft three-bedder with a guide price of $6.6 million, and a 6,727 sq ft penthouse with a guide price of $25.32 million.

The other two units are at 8 Saint Thomas. These comprise a 1,302 sq ft three-bedder with a guide price of $4.4 million, and a 1,755 sq ft four-bedder with a guide price of $5.72 million.

But all this is just a handful of the properties sized in connection with Singapore’s $3 billion money laundering case. Deloitte Singapore was appointed by the Singapore Police Force to manage and liquidate these non-cash assets, and in total, there are more than 80 properties and over 1,000 luxury items.

The remaining seized assets will be progressively offered for sale by other auction teams from September 2026 until the middle of 2027. So the properties that are being offered now is just the start.

Apart from the scandalous nature of how these private residential properties came to be auctioned off, there are no legal implications for any prospective buyers who may be eyeing the chance to grab one or more of these units. The unusual backstory of these properties aside, the real question that those participating in the upcoming auction should consider is much more ordinary.

Is There a Deal To Be Had and Where is The Auction?

So far, SRI has only provided some preliminary information regarding the units going under the hammer. Namely, the overall range of sizes and guide prices. We’ve yet to see a complete unit-by-unit breakdown showing the exact floor, stack, or specific sizes.

But here’s what we know so far:

Project | Number of Units | Unit Types | Sizes | Guide Price Range

Martin Modern | 6 | Two- to four-bedroom | 764 to 1,733 sq ft | $2.238 million to $4.98 million

Wallich Residence | 4 | Three- and four-bedroom | 1,313 to 1,991 sq ft | $4.42 million to $6.78 million

The 450-unit Martin Modern (pictured) was completed in 2021.

Martin Modern

Martin Modern is the more straightforward of the two projects for us to access. Developed by GuocoLand, the 450-unit development was completed in 2021 and comprises two 30-storey towers. A 99-year leasehold project, its land tenure started in 2016.

The development is within walking distance of Great World MRT station on the Thomson-East Coast Line (TEL), and River Valley Primary School is within one kilometre of the project.

GuocoLand recently made a return to the area with the launch of River Modern on River Valley Green. This 455-unit project has turned out to be one of the best-selling new projects in 2026. When River Modern launched for sale in March this year, it sold 90% of its total units, and set an average selling price of $3,266 psf.

The lowest guide price across the portfolio of units at Martin Modern is $2.238 million. If this corresponds to the smallest 764 sq ft two-bedder, it works out to approximately $2,929 psf. Recent resale transactions at the condo include the sale of a 764 sq ft unit on the 13th floor that was sold for $2.1 million ($2,748 psf) on August 11, based on URA caveats.

Before that, another 850 sq ft unit on the 12th floor changed hands for $2.3 million ($2,822 psf) on August 6, while a similar-sized unit on the 19th floor fetched $2.44 million ($2,879 psf) when it was sold on August 5.

A brief overview of listings on various portals for units for sale at Martin Modern suggests that most 764 sq ft units on the market typically ask for between $2.189 million and $2.4 million. So the guide price for the auction units appears to be within expectations.

Likewise, the four-bedroom units seem to be priced at prevailing market values. For these units, the highest guide price across the Martin Modern portfolio is $4.98 million. If this corresponds to the largest 1,733 sq ft unit, it works out to approximately $2,874 psf.

URA caveats indicate that a 1,733 sq ft unit on the ninth floor was sold for $4.9 million ($2,827 psf) on May 22, while a similar sized unit also changed hands for $4.97 million ($2,868 psf) after it was sold on March 6.

Thus, we also see that the guide prices for the four-bedroom auction units at Martin Modern are broadly in line with prevailing resale price expectations.

Wallich Residence: more distinctive, but harder to price

The 181-unit Wallich Residence is the residential component of the integrated project Guoco Tower in Tanjong Pagar. This is also the residential project whose penthouse was once famously owned by James Dyson. The entire development also includes Sofitel Singapore City Centre, Grade A offices, and a retail mall. It is directly connected to Tanjong Pagar MRT station on the East-West Line (EWL).

The four auction units are three- and four-bedders that range from 1,313 to 1,991 sq ft. According to SRI, all of the units going under the hammer have unblocked sea views.

The cheapest guide price given for a Wallich Residence unit was $4.42 million. We are assuming this is the smaller 1,313 sq ft three-bedder format, if so it would work out to about $3,366 psf.

So far this year, there have only been two resale units of more than 1,000 sq ft that have been resold. The latest is a 1,194 sq ft unit on the 53rd floor that transacted for $3.25 million ($2,720 psf) on March 9. Meanwhile, a 1,097 sq ft unit on the 51st floor changed hands for $3.52 million ($3,213 psf) when it was sold on January 12.

For the larger four-bedders, at 1,722 sq ft, there was a unit that sold for $5.7 million ($3,310 psf) back in December 2025. The highest guide price in the auction portfolio is $6.78 million. If we assume this applies to the largest 1,991 sq ft unit, it works out to approximately $3,405 psf.

This is a larger figure compared to the December 2025 transaction in terms of $psf prices. But Wallich Residence is very clearly in the luxury category, where price comparisons are not as straightforward; trophy home buyers included.

Gramercy Park in District 10 is one of the landmark luxury projects in the Grange Road area. (Picture: CDL)

Gramercy Park

The 174-unit Gramercy Park is a freehold luxury development along Grange Road. Developed by City Developments Ltd (CDL), and completed in 2016, the project is one of the landmark condos in that high-end residential district.

The four units for auction here, which are marketed by Knight Frank (KF), feature two 4-bedroom units, a three-bedder, and a two-bedroom + study unit. According to KF, the guide prices for these units range from $3.8 million to $7.6 million.

We would note to our readers that the property information on these units is quite sparse, and expect more information will be provided by the three auction houses to serious prospective buyers taking part in the auction.

Nevertheless, we assume that the lowest guide price of $3.8 million applies to the two-bedroom + study unit. At Gramercy Park, these units range from 1,184 to 1,292 sq ft, which would put the guide price at around $2,941 and $3,209 psf.

According to URA caveats, there haven’t been any resale transactions involving units of this size at Gramercy Park over the past year or so. This makes it challenging to gauge the prevailing market rate for this type of unit.

In addition, the individual guide price for the three-bedroom units has not been stated, but we did see a transaction for a unit of this type in January this year. That involved a 2,153 sq ft unit on the 21st floor that fetched $5.2 million ($2,415 psf).

When it comes to the four-bedroom units, the most recent comparable was a 2,680 sq ft unit on the 14th floor that sold for $7.5 million ($2,798 psf) in June 2025. Using that as a yardstick, it would suggest that the prevailing resale price for those auction units are broadly consistent with the highest guide price of $7.6 million.

Sloane Residences

There are also units at Sloane Residences that will be up for auction soon. The property is a boutique 52-unit freehold development along Balmoral Road, and it was completed in 2022.

The two units being marketed there are both three-bedders, with guide prices of $3.6 million and $3.7 million. Three-bedroom units at Sloane Residences range from 1,249 to 1,292 sq ft. Thus, based on the guide price, this works out to roughly $2,882 and $2,962 psf.

In terms of recent transactions, a 1,249 sq ft unit sold for $3.6 million ($2,883 psf) in September 2025, while another unit of the same size sold for $3.65 million ($2,923 psf) in April 2025.

We also spotted a few listings on property portals for these same three-bedders. Asking prices seem to be around $3.85 million, although a few have asked for as high as $4 million and more.

In general, the guide prices for the auction units seem lower than these visible listing prices, but they are quite close to actual transacted prices. This auction might concern some of those current sellers at Sloane Residences, who seem to be pushing for more.

South Beach Residences

As we go through the list of seized properties involved in this money laundering case, it’s clear that there are an overwhelming number of luxury developments. This includes the 190-unitSouth Beach Residences, the luxury residential component of South Beach integrated development.

Initially jointly developed by CDLa nd Malaysian property group IOI Properties Berhad, the entire mixed-use development consists of the luxury residences, JW Marriott Hotel Singapore South Beach, Grade A offices, as well as restaurants and cafes. The development is directly connected to Esplanade MRT station (CCL), while City Hall MRT station (NSL/EWL) is also within walking distance.

Last year, in one of the largest acquisition deals that year, CDL sold its stake in the property to IOI Properties for $2.75 billion, giving the Malaysian developer full ownership of the landmark property.

Now, we see five units at South Beach Residences being offered, comprising two- and three-bedroom units, as well as a four-bedroom penthouse. These units are being marketed by ETC.

There are a trio of two-bedders (1,087 sq ft, 1,216 sq ft, and 1,292 sq ft) with guide prices of $4.45 million, $4.76 million and $5.32 million, respectively. This works out to roughly $3,914 and $4,117 psf.

There have been no two-bedroom transactions at South Beach Residences within the past year. But we did spot ongoing listings for a 1,249 sq ft two-bedder at $4.1 million ($3,282 psf), and a 1,500 sq ft unit asking $4.4 million ($2,933 psf).

The reserve prices for the auction units are higher on a $PSF basis, but this may be due to the auctioned units being on a higher floor, or otherwise having a better facing. It is difficult to definitively say since we do not know the specific unit facing or stacks.

Meanwhile the three-bedder is 1,744 sq ft, with a guide price of $6.6 million, or approximately $3,784 psf. The only recent transaction at South Beach Residences for a three-bedder was a larger 1,916 sq ft unit, in February of this year. This transacted at $6.98 million ($3,643 psf).

We spotted listings for 1,862 sq ft three-bedders at $5.7 million ($3,061 psf) to $6.517 million ($3,500 psf). So it would suggest that the guide price for the auction units are quite attractively priced.

The penthouse is a very unique unit, which is spread across three levels and has access to the roof terrace. There’s no real point of comparison for this; the $25.32 million guide price puts it in a market of its own.

8 Saint Thomas

Perhaps the most distinctive luxury property with units on the auction lists is 8 St Thomas. A 250-unit freehold development along Saint Thomas Walk, it was developed by Singapore developer Bukit Sembawang Estates.

Completed in 2018, it is one of the newest luxury condos in the wider River Valley area, which has only recently seen new projects like River Modern. But the luxury condo has not been without its hurdles, with the overall take-up rate slower than expected. It was even reported in 2020 that the developer was slashing prices, with cuts of up to $500,000.

The units currently going under the hammer have been described by ETC, the marketing agent, as two high-floor units. There’s a 1,302 sq ft three-bedder with a guide price of $4.4 million ($3,379 psf), and a 1,755 sq ft four-bedder with a guide price of $5.72 million ($3,259 psf).

There was a recent transaction for a 1,302 sq ft unit, in July of this year. This unit transacted at $4.1 million ($3,148 psf). The three-bedder’s $4.4 million guide price is higher than this, but this may be due to the auctioned unit being on a higher floor. For the four-bedder, we did see a 1,690 sq ft unit that sold in April this year. This transacted for $4.5 million ($2,663 psf).

We also spotted some listings of these same units, with asking prices just under $5 million (around $2,952 to $2,958 psf). The auction unit is slightly larger, but its $5.72 million guide price is substantially higher than the April transaction.

So What’s Our Take On These Auction Properties

Across all of the residential projects that have units being auctioned off, the guide prices mostly don’t deviate too far from transacted or asking prices (barring the occasional exception, like the four-bedder at 8 Saint Thomas).

The Martin Modern units are probably the main source of interest to most buyers. We expect this project to receive attention given the strong family appeal of the Great World area. Most notably, River Modern – in the same general location – sold over 90% of its units during its launch weekend, at an average price of $3,266 psf.

The Sloane Residences units are similarly straightforward. Their guide prices of $3.6 million and $3.7 million are below current asking prices, but are also very close to the project’s latest transacted prices.

Gramercy Park, South Beach Residences, 8 Saint Thomas and Wallich Residence are more overtly luxury offerings. In some cases, such as the South Beach Residences penthouse unit, conventional market comparisons don’t even apply. These will probably be of interest to a more niche market.

One thing is clear: this is not a fire sale. The money laundering connection adds a bit of colour to the back story, but there’s nothing in the way of an actual discount here.