Four condominium units seized in Singapore's S$3 billion money laundering case sold at auction on 23 September 2026 for a combined S$16.28 million. Fifteen other properties in the same round, including a S$25.3 million penthouse at South Beach Residences, did not sell.
The four units that sold were at Martin Modern in River Valley (District 9) and Wallich Residence in Tanjong Pagar. SRI auctioned them for prices between S$2.08 million and S$6.6 million each (EdgeProp, September 2026). Two other auction houses, Knight Frank and ETC, sold none of their seized properties. A factory in Kaki Bukit got one bid, but it was lower than the S$3.63 million asking price, so the seller withdrew it instead of selling.
What cleared, and what the ceiling was
The table below shows what happened to each asset, with the guide or opening price where known.
| Asset | Segment | Guide or opening price (S$) | Outcome | Achieved (S$) |
|---|
| Four units, Martin Modern and Wallich Residence | City-fringe and CBD condo | Not disclosed per unit | Sold | 16.28m total, 2.08m to 6.6m each |
| Penthouse, South Beach Residences | Prime luxury | 25.3m | No offers | None |
| Factory, Kaki Bukit | Industrial | 3.63m | Bid below opening, withdrawn | None |
| Balance of the round (15 properties withdrawn or unsold in total, the above included) | Mixed | Various | Withdrawn or no offers | None |
The lesson is clear: every property that sold cost between S$2.08 million and S$6.6 million. Nothing above that price sold.
The variable is liquidity, not stigma
It is tempting to think buyers avoided these properties because of their scandalous history. But the numbers don't support that. Buyers were happy to own seized units at Martin Modern and Wallich Residence, two of the best-known developments in the case. Every property on the list had the same scandal attached to it.
The real difference was how easy each property was to price. Martin Modern and Wallich Residence have many past sales, so buyers can work out a fair price before the auction, and banks can value the unit without much argument. A S$25.3 million penthouse has almost no comparable sales. Its price is whatever one buyer decides to pay on the day, and on 23 September, nobody decided to pay anything.
The Kaki Bukit factory shows this well. A bid did come in, but the seller turned it down. That means the seller believes a private sale, negotiated later, will fetch a better price than the auction did. The same thinking keeps expensive trophy properties off the sold list. In theory, a forced sale should not allow patience. In practice, even a forced seller will wait rather than accept a low price.
How to read your own development after this
If you own or are buying a property worth more than about S$7 million, treat the advertised price per square foot as a wish, not a guarantee. Selling at that level takes months of negotiation, and only a handful of buyers can even afford to bid.
Below that price, this round is reassuring. Mid-tier properties in the city fringe and CBD sold even at a forced auction, even with a money laundering scandal attached to them. That is about the toughest test of demand the market could set.
Sarah Chen
