An auction held on September 17 to sell seven properties seized in Singapore’s largest money laundering case failed to result in any sales, as all bids fell short of reserve prices. The properties, which include luxury apartments near Orchard Road and a Grade A office unit, were withdrawn after a competitive bidding process at Knight Frank’s Ocean Financial Centre office.
Among the units offered were six condominiums with private lifts at Gramercy Park and Sloane Residences, in addition to an office space at Suntec Tower One. The properties were confiscated during investigations conducted by the Commercial Affairs Department and are being managed for sale by Deloitte Singapore, which was appointed by the Singapore Police Force in 2025 to oversee the realisation of related non-cash assets.
At the auction, a four-bedroom apartment on the 17th floor of Gramercy Park attracted significant interest, drawing nine bids. The unit, featuring 2,659 square feet and including a prominent marble feature wall, opened at $7.55 million. The highest offer of $6.7 million, placed by a female bidder, was nonetheless rejected for failing to meet the reserve price. A two-bedroom unit with a study, located on the 21st floor of the same development and measuring 1,292 square feet, also attracted several bids, with a final best offer of $3.75 million falling short of the undisclosed reserve.
Other properties, including additional luxury apartments at Gramercy Park and Sloane Residences, as well as the Suntec Tower office space with a starting price of $11.5 million — which received a single bid of $8 million — were also withdrawn without sale. Tricia Tan, Knight Frank’s director of auction and sales, declined to confirm whether the opening prices corresponded to reserve prices.
Tan Tee Khoon, head of auction and sales at Knight Frank, noted that the firm is seeking guidance from authorities and Deloitte on whether to engage in private treaty negotiations with existing bidders or to organise another round of auctions for the unsold properties.
Among attendees was a potential buyer who inspected a unit at Sloane Residences but refrained from bidding, citing the high opening price and the need for extensive renovations, including water damage and missing appliances.
This auction marks the first tranche of a broader effort by the Singapore government to liquidate more than 80 properties seized amid money laundering investigations. Alongside Knight Frank, real estate firms ETC and SRI are managing further sales scheduled for later this month. On September 23, ETC plans to auction 19 properties, including luxury units at South Beach Residences, 8 Saint Thomas, Paterson Suites, and a converted factory at Shun Li Industrial Park, with guide prices ranging from $3.6 million to $25.3 million. SRI will offer ten units at Wallkie Residences and Martin Modern, priced between $2.283 million and $6.8 million.
Proceeds from all asset sales will be deposited into Singapore’s Consolidated Fund, supporting government finances. The next rounds of auctions are expected to reveal more about the market appetite for seized high-value real estate linked to one of the country’s largest financial crime investigations.