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Auction sales of luxury homes seized in $3b laundering case falter amid mismatched expectations

Singapore money laundering case: luxury properties struggle to sell at auction as buyers are hoping for bigger discounts below market value Read more at straitstimes.com.

The Straits TimesGrace Leong查看原文 ↗
A freehold luxury condominium at New Futura in Leonie Hill Road was knocked down for $8.5 million on Oct 28, a 13 per cent discount off its guide price of $9.8 million.
A freehold luxury condominium at New Futura in Leonie Hill Road was knocked down for $8.5 million on Oct 28, a 13 per cent discount off its guide price of $9.8 million.

A freehold luxury condominium unit at New Futura in Leonie Hill Road was knocked down for $8.5 million on Oct 28, a 13% discount off its guide price of $9.8 million.

ST PHOTO: ONG WEE JIN

Published Nov 02, 2026, 12:00 PM

Updated Nov 02, 2026, 12:00 PM

Luxury homes seized in Singapore’s $3 billion money laundering case are selling slowly. Only five of 47 auctioned properties have sold, including a New Futura unit for $8.5 million.

High prices, the 60 per cent ABSD for foreign buyers, and competition from cheaper new prime launches are weighing on demand.

Experts say Sentosa Cove homes may struggle more because freehold city units offer better resale value.

SINGAPORE – A freehold luxury condominium unit at New Futura in Leonie Hill Road owned by the wife of Wang Bingang, one of the suspects in the $3 billion money laundering case, was knocked down at an auction for $8.5 million on Oct 28.

This is 13% below the guide price of $9.8 million for the 2,691 sq ft property, but $500,000 above the $8 million paid for a similarly sized unit in the River Valley project in July 2025.

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