4 Condos Seized In Singapore’s $3B Money-Laundering Case Just Sold At Auction — Here’s How Much They Sold For

With additional reporting by Chia Sihan and Hailey Khoo

Four condominium units that were seized during Singapore’s $3 billion money-laundering case were sold during a property auction by SRI on Sept 23, with two units each at Martin Modern and Wallich Residence finding buyers.

All things considered, this is a surprisingly strong result for a property auction where it takes a little bit longer for most properties on the block to get sold, often through private treaty deals after the auction.

Three agencies* - Knight Frank Singapore, ETC, and SRI - were tasked with marketing, and auctioning off, the seized properties. 

*List International Realty is also handling some of the forfeited properties, but through expression-of-interest sales and not auctions.

At its auction today, SRI sold four out of 10 units that came from Martin Modern and Wallich Residence, with six from Martin Modern and four from Wallich Residence.

On the other hand, ETC’s auction today also produced no completed sales. Although there was a $3.1 million offer for the industrial unit at Shun Li Factory, that was ultimately withdrawn.

Meanwhile, Knight Frank’s auction on September 17 offered seven properties but ended without a successful bid.

We previously listed each of the seized residential properties that were up for auction in this article: How Much Are The Seized $3B Money Laundering Case Condos Worth?

What Happened At The SRI Auction?

SRI’s auction at Great World City drew about 60 people, packing the room where the auction was held. The six units at Martin Modern were offered first, followed by four units at Wallich Residence. 

Note: Both Martin Modern and Wallich Residence are 99-year leasehold properties. Martin Modern is located in District 9, while Wallich Residence is in District 2. 

Unit	Type	Size	Opening Price	Status
#26-10 Martin Modern	Two-bedroom	Approx. 764 sq ft	$2.238m	Sold at $2.12m, $118k (5.3%) below opener
#29-05 Martin Modern	Two-bedroom	Approx. 764 sq ft	$2.238m	Withdrawn; highest bid at $2.11m, $128k (5.7%) below opener
#28-02 Martin Modern	Three-bedroom	Approx. 1,087 sq ft	$3.3m	Withdrawn, no bids
#26-03 Martin Modern	Four-bedroom w/ private lift	Approx. 1,733 sq ft	$4.98m	Withdrawn, no bids
#29-06 Martin Modern	Two-bedroom	Approx. 764 sq ft	$2.238m	Withdrawn, no bids
#17-06 Martin Modern	Two-bedroom	Approx. 764 sq ft	$2.238m	Sold at $2.08m,  $158k (7.1%) below opener
#61-02 Wallich Residence	Four-bedroom	Approx. 1,991 sq ft	$6.78m	Sold at $6.60m, $180k (2.7%) below opener
#53-01 Wallich Residence	Three-bedroom	Approx. 1,658 sq ft	$5.55m	Sold at $5.48m, $70k (1.3%) below opener
#51-01 Wallich Residence	Three-bedroom	Approx. 1,313 sq ft	$4.42m	Withdrawn, no bids
#54-05 Wallich Residence	Four-bedroom	Approx. 1,755 sq ft	$5.9m	Withdrawn, no bids

A few market watchers that we spoke to expressed surprise at the level of interest for these property auctions. One participant, who asked to remain anonymous, expressed that they expected ETC’s auction on the same afternoon to perform just as well - this was on the basis that ETC was selling units at the luxury South Beach Residences.

The list of units being marketed by ETC were from South Beach Residences, 8 Saint Thomas, and Paterson Suites.

But we note that the ETC auction had more than 45 registered bidders, although only 11 attended, alongside about 30 walk-ins. A smaller crowd than our estimated 60 persons in attendance at the SRI auction.

The units that caught our attention were the 10 auction units from two projects: Martin Modern and Wallich Residence

Even for non-attendees, this auction provided an interesting round of price discovery for the two properties. Four of the Martin Modern units were 764 sq ft two-bedders, and each was initially offered at $2.238 million, or around $2,930 psf.

The first (#26-10) initially drew no response at the opening price. It was only after one participant eventually offered $2.05 million, that the bidding started in earnest. Subsequently bidding moved to $2.1 million, $2.11 million and finally $2.12 million.

The unit was sold at that price, equivalent to around $2,775 psf, so the very first unit was already successful for SRI.

The next 764 sq ft unit (#29-05) followed a similar pattern. Its $2.238 million opening price attracted little interest, before bidding eventually reached $2.11 million. Given that the previous unit was on a lower floor (26th versus this 29th floor unit), it’s unsurprising that no one was willing to bid higher. The unit was withdrawn after the $2.11 million bid.

Three other units at Martin Modern followed without finding buyers. These included the 1,087 sq ft unit (#28-02), which opened at $3.3 million, and the 1,733 sq ft four-bedder (#26-03), which opened at $4.98 million. Another 764 sq ft two-bedder (#29-06) also received no bids at $2.238 million. 

However, the final unit produced the second sale of the afternoon.

The 764 sq ft unit (#17-06) again opened at about $2.24 million, but a buyer offered $2.08 million. Once again, reasonable in the face of the 29th floor unit having just fetched $2.11 million.

The auctioneer sought another $10,000 or $20,000 increase from the room, but no higher bid came. When the gavel came down, the unit was then sold at the offered $2.08 million, or around $2,723 psf.

Agents we spoke to said they would consider the winning bids to be reasonable. For context, two-bedroom units in some new launch projects this year already hover between $1.8 million to $2 million, so a slightly higher price point for a prime District 9 project like Martin Modern is not unreasonable.

Nonetheless, the bidding process reveals substantial price resistance, especially for two-bedders trying to push far beyond a $2 million asking price.

The auction then moved to four units at Wallich Residence, which ranged from 1,313 sq ft to 1,991 sq ft.

The first was a 1,991 sq ft four-bedder on the 61st floor (#61-02). This is the highest unit in Wallich Residence barring the super-penthouse right above it, which was famously (and briefly) owned by James Dyson.

(We featured the super-penthouse unit in this article.)

Bidding for the unit opened at $6.78 million - then, there was then a prolonged pause, before a buyer tentatively offered $6.4 million. This got the ball rolling, and was rapidly followed by bids of $6.5 million and $6.6 million.

Ultimately, the auction of the property closed at $6.6 million, or approximately $3,315 psf.

The next unit (#53-01) was a 1,658 sq ft four-bedder on the 53rd floor. It opened at $5.55 million, but again did not immediately draw a bid. A buyer eventually came in at $5.3 million, which kicked off another round of intense bidding.

The bid rose to $5.35 million, $5.4 million, $5.43 million, and finally closed at $5.48 million, which works out to around $3,305 psf.

The similarity between the two sale prices on a $PSF basis is striking. Despite one unit being 333 sq ft larger, and selling for $1.12 million more in absolute terms, the two buyers arrived at almost the same value, at approximately $3,315 psf and $3,305 psf.

The remaining two units from Wallich Residence did not attract bids. The 1,313 sq ft (#51-01) unit on the 51st floor opened at $4.42 million, while the 1,755 sq ft (#54-05) unit opened at $5.9 million. Both were withdrawn without interest.

What happened at the other auctions? 

At the same time, ETC was also conducting their own auction at their office in the UIC Building. There a 6,727 sq ft South Beach Residences penthouse with a $25.3 million guide price received no bids.

Four other units at South Beach Residence also went unsold, as did two units at 8 Saint Thomas, and a unit at Paterson Suites. The only recorded bid at the ETC auction was for an industrial unit at 141 Shun Li Industrial Park, but the bid was ultimately withdrawn.

Deloitte, which was appointed by the Singapore Police Force to liquidate the forfeited properties, had said before the auctions that there were no plans to revise the reserve prices.

We know that the handful of properties that went under the hammer today are just a handful of the properties sized by the authorities in relation to this sensational money-laundering case in Singapore. There are still more to come, with over 80 properties expected to be put up for sale between September 2026 and mid-2027.