Hardly any buyers for Singapore luxury condos seized in money-laundering case
Por Bloomberg — South China Morning Post – News feed
Advertisement Singapore Asia Southeast Asia Hardly any buyers for Singapore luxury condos seized in money-laundering case
The unsold properties point to a softening of Singapore’s luxury housing market, where policies have thinned the pool of foreign buyers
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Bloomberg Published: 1:32pm, 2 Oct 2026 Updated: 1:34pm, 2 Oct 2026
The first apartment came up for auction and nobody moved.
More than 60 people crowded into a room in Singapore to watch seven properties seized in one of the world’s biggest money-laundering cases go under the hammer. Their opening prices totalled more than S$43 million (US$33.6 million). But when bidding began for a luxury unit at Gramercy Park, an upscale condominium near the city state’s Orchard Road shopping district, not a single hand went up.
Next came a 2,658 sq ft (247 square metres) marble-clad unit with a private lift for S$7.55 million. Seven minutes of awkward silence passed before someone offered S$4 million. The room erupted in laughter and the bid was quickly rejected. An hour later and all seven properties remained unsold.
Three years after a S$3 billion money-laundering case stunned Singapore, the government is selling more than 80 properties and over 1,000 designer purses and jewellery forfeited from 10 convicted China-born launderers and other foreign nationals linked to the gang. Select Voice Select Speed 0.8x 0.9x 1.0x 1.1x 1.2x 1.5x 1.75x 00:00 00:00 1x AI-generated voice
