16 luxury condos in CBD, Orchard Road, River Valley tied to $3b money laundering case up for auction

SINGAPORE – Sixteen luxury apartments in Wallich Residence, Martin Modern, Gramercy Park and Sloane Residences, as well as one office unit in Suntec Tower One, linked to the $3 billion money laundering case in Singapore, are being put up for auction, The Straits Times has learned.

Ten luxury condo units at Wallich Residence and Martin Modern are being put up for sale at guide prices of between $2.238 million and $6.78 million.

Another four luxury apartments at Gramercy Park, near the Orchard Road shopping belt, and two at Sloane Residences, a 52-unit luxury freehold condominium in Balmoral Road, are being auctioned at guide prices of between $3.6 million and $7.6 million.

They are the first of more than 80 real estate properties going up for auction, with the Government seeking to liquidate assets seized during investigations.

Realtor SRI is the exclusive marketing agency to conduct the auction for the 10 units at Wallich Residence and Martin Modern, which will take place on Sept 23 at SRI’s Great World City office.

Knight Frank’s auction and sales team has been appointed by Deloitte Singapore to market four condo units at Gramercy Park in Grange Road; two units at Sloane Residences; and one 3,498 sq ft Premium Grade A office space at Suntec Tower One at a guide price of $11.5 million.

The Gramercy Park apartments comprise two four-bedroom units, one three-bedder and one two-bedroom-plus-study unit, with guide prices ranging between $3.8 million and $7.6 million.

Two three-bedroom units at Sloane Residences are on the block at guide prices between $3.6 million and $3.7 million.

The realtor will auction these properties on Sept 17 at 2.30 pm at its office at Ocean Financial Centre, 10 Collyer Quay.

Apart from SRI and Knight Frank, brokerage Edmund Tie & Company has also been appointed to conduct the property auctions.

Selected properties will be marketed by List Sotheby’s International Realty (List SIR) through an expression-of-interest process.

Accounting firm Deloitte Singapore, which was appointed by the Singapore Police Force in 2025 to manage and realise the non-cash assets forfeited in connection to Singapore’s largest money laundering case, said on Aug 29 that more than 80 properties tied to the probe will be progressively put up for auction.

SRI’s portfolio comprises six luxury apartments at Martin Modern across two-, three-, and four-bedroom units ranging in size from 764 sq ft to 1,733 sq ft, with prices starting from $2,874 psf. Guide prices are between $2.238 million and $4.98 million.

Located in the heart of River Valley, Martin Modern comprises 450 residences across two 30-storey towers, and is within walking distance of Great World City and the Great World MRT Station on the Thomson-East Coast Line.

“Martin Modern continues to be one of District 9’s most desirable developments, combining luxury living with exceptional connectivity and lifestyle convenience.

“This auction presents buyers with a wider range of opportunities to secure a residence in a prime city-fringe location,” said Mok Sze Sze, managing partner of SRI Auction.

The auction will also see four prime apartments at Wallich Residence, across three- and four-bedroom configurations, listed for sale. They range from approximately 1,313 sq ft to 1,991 sq ft, with prices starting from $3,347 psf.

Wallich Residence is located within the Central Business District and close to Tanjong Pagar Plaza. SRI said the listed apartments have guide prices ranging from $4.42 million to $6.78 million.

The 181-unit luxury residential development is part of the integrated development at Guoco Tower, with 890,000 sq ft of premium Grade A office space and 100,000 sq ft of retail space.

The development also includes Sofitel Singapore City Centre and a 150,000 sq ft urban park.

Local auction house Hotlotz previously said that 15 auctions are slated to run between September 2026 and May 2027. More than 1,000 items are expected to be listed for auction.

Two auctions – one for jewellery and a separate one for handbags – will be held on Sept 7 as part of the first phase of the sales process. Online bidding will open on Sept 7 at 10am in Singapore, and close at 4pm on Sept 20.

The auction house said digital catalogues for the items being listed in the first two auctions will be published on its website at 10am on Sept 7.

The first sales will include more than 300 luxury handbags and accessories by brands including Chanel, Louis Vuitton and Christian Dior; and more than 250 pieces of fine jewellery from brands including Graff, Bulgari and Van Cleef & Arpels.

All proceeds from the sale of the assets will be paid into the Consolidated Fund.

A police spokesperson previously told The Straits Times that some $1.4 billion, comprising cash held in seized bank accounts and other liquidated proceeds, has already been paid into the Consolidated Fund as at the close of the 2025 financial year.

The probe into the money laundering case saw police launch an initial islandwide raid on Aug 15, 2023 that led to the arrest of 10 foreigners. All 10 have since been convicted and deported from Singapore.

The police seized or took control of around $1.25 billion in non-cash assets – including cars, properties, art, watches, jewellery, gold bars, handbags and bottles of alcohol – during the probe into the nation’s largest money laundering case.

In total, the Government confiscated 207 properties, 77 vehicles, more than $1.45 billion in bank accounts and more than $76 million in cash of various currencies.

Alongside these, thousands of bottles of liquor and wine, cryptocurrency worth more than $38 million, 68 gold bars, 483 luxury bags, 169 branded watches and 580 pieces of jewellery were also seized.

Correction note: In an earlier version of the story, we said that six luxury apartments at Gramercy Park are up for auction. This is incorrect. It should be four.