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

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Published Nov 02, 2026, 04:21 PM

Updated Nov 02, 2026, 04:21 PM

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 $8.5 million in an auction 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.

The 26th floor, four-bedroom apartment with a private lift, which attracted a sole bid of $8.5 million, is the fifth property to be sold out of a total of 47 properties placed on the auction block since Sept 17.

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TOPSHOT - Mercedes' Italian driver Kimi Antonelli celebrates winning the world championship title at the end of the Mexico City Formula One Grand Prix, at the Hermanos Rodriguez racetrack in Mexico City on November 1st, 2026. (Photo by Yuri CORTEZ / AFP)

The other four luxury apartments in Wallich Residence and Martin Modern sold on Sept 23 for a total of $16.28 million.

To date, more than half of the 80-plus properties seized during investigations by the Commercial Affairs Department (CAD) have been put up for auction.

But only two of the three brokerages appointed by professional services firm Deloitte to liquidate these assets have had some measure of success.

SRI sold five of its 16 properties – four out of 10 on Sept 23 and one out of six on Oct 28.

ETC said on Oct 29 that an 8,880 sq ft factory in Kaki Bukit – the only property out of nine put on the block on Sept 23 to land a bid – was sold for above $3.2 million after more than a month of private treaty talks.

The factory, which had an opening price of $3.63 million, attracted a sole bid at $3.1 million. There were no bids for the remaining eight properties on Sept 23, nor were there any bids for seven other luxury properties at the consultancy’s Oct 29 auction.

Knight Frank has not yet sold any of its 16 properties at its Sept 17 and Oct 22 auctions. But the consultancy said that a 6,232 sq ft five-bedder apartment with private lift at The Marq on Paterson Hill – which was put up for sale on Oct 22 at a guide price of $27 million – is in private negotiations.

In the first half of 2026, a similarly sized unit at the luxury freehold Orchard Road project transacted at $37 million.

While media hype and curiosity about the launderers’ lavish lifestyles have helped draw people to the six luxury real estate auctions held so far, hammering down multi-million-dollar properties is not quite the same as auctioning a limited edition Louis Vuitton x Yayoi Kusama pumpkin bag.

Prices out of reach for many

For one, a majority of the properties – most of them in the prime district – are priced from about $5 million to as high as $25 million. This puts them out of reach of most but the wealthiest Singaporeans, as well as foreigners who face a 60% additional buyer’s stamp duty (ABSD) on residential property purchases.

Only nationals of five countries, including the United States and Iceland, are spared the whopping tax as free trade agreements entitle them to the same treatment as Singaporeans.

“Prior to the hike in ABSD to 60% for foreigners in 2023, about 26% of non-landed properties in the prime district were bought by foreigners including Singapore PRs and non-PRs. After the hike, that number dropped to about 20%,” said Nicholas Mak, chief research officer at property portal Mogul.sg.

Unsurprisingly, some global high-net-worth individuals now prefer to park their wealth in Singapore via investments including gold, equities, cryptocurrencies and currencies, instead of property.

Another factor behind the apparent lack of interest in the auction properties is competition from new prime district launches such as GuocoLand’s River Modern and Wing Tai’s River Green, as well as upcoming launches on Government Land Sales sites at Holland Plain, Dunearn Road, Peck Hay Road and Bukit Timah Road.

“Compared with the money launderers’ condos, the price quantum of new prime district launches like River Green and River Modern is more affordable,” Mak said.

Three-bedders at River Modern start at $2.3 million ($2,883 psf), and four-bedroom units are priced from $4.59 million ($3,134 psf), while River Green sold at an average price of $3,130 psf.

Mismatch in expectations

Complicating matters is a mismatch in expectations: some buyers assume that a property sold at an auction by a bank or the authorities will be cheap.

But that may not be so. Properties at auction come with guide prices, which take into account recent comparable transactions, prevailing market conditions, the property’s location, tenure and condition, as well as the seller’s instructions.

Then there is the issue of optics. The auctions and expression of interest (EOI) sale exercise are transparent ways to transact and liquidate non-cash assets seized during investigations by the CAD.

In an auction, buyers deal directly with the seller and compete fairly for properties. In an EOI sale, potential buyers submit non-binding offers by a set closing date.

“The Government has a duty of care to Singaporeans. They cannot be seen selling the seized properties willy-nilly at any price,” said executive director of research and consultancy Alan Cheong at real estate company Savills.

This is especially so as all proceeds from the sale of the assets will be paid into the Consolidated Fund, which is analogous to a bank account held by the Government, from which state expenditures are made.

“The fact that these are state-initiated auctions could mean that there is less flexibility to negotiate lower prices at this juncture,” Cheong said.

More flexibility in pricing?

But the Oct 28 sale of the 2,691 sq ft New Futura apartment at $8.5 million, which is below a bank valuation of $10 million, may signal a slight relaxation, noted property agent Brian Frissyn.

“There isn’t such a big market for very high-end properties now because of the 60% ABSD. So you have to largely rely on the local market,” he said.

Frissyn, representing a European couple who are Singapore PRs, said his clients did not bid for any of the four freehold luxury apartments at Gramercy Park during the Sept 17 auction at Knight Frank because their guide prices were near transacted market prices.

Bidding was spirited for two of the Gramercy Park units, including a four-bedder with a massive marble feature wall. But both properties, along with five others, were withdrawn because their reserve prices were not met.

It may even be more challenging for the several Sentosa Cove properties put up for EOI sale by luxury residential brokerage List Sotheby’s International Realty (ListSIR), Mak said.

Among these is a 99-year leasehold plot at 143 and 145 Cove Drive owned by money launderer Su Haijin, one of the 10 foreigners convicted in the case. The 18,740 sq ft plot of vacant land is up for sale at a guide price of $23.65 million.

“Given a choice, buyers with a $10 million budget would likely pick the freehold luxury condominiums in the prime district because they have better future resale value, compared to a Sentosa Cove property,” he said.

While Sentosa Cove’s waterfront properties and outdoor lifestyle are appealing, its lack of amenities, such as malls, wet markets, hawker centres and an MRT station, is a deterrent for most local buyers.

The stigma of the properties having been owned by money launderers may also put off some buyers.

For opportunists waiting to snap up these prime luxury freehold assets at below market valuation, what ultimately matters is pricing.

But this could be a long game, as the Government’s goals may sometimes not align with market expectations.

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图为：2026年11月1日，在墨西哥城罗德里格斯兄弟赛道举行的F1墨西哥城大奖赛结束后，梅赛德斯车队的意大利车手基米·安东内利与红牛车队的荷兰车手马克斯·维斯塔潘（左）和法拉利车队的英国车手刘易斯·汉密尔顿（右）庆祝赢得F1世界冠军头衔。（图片来源：CARL DE SOUZA / AFP）

发布于 2026 年 11 月 2 日下午 4:21

更新于2026年11月2日下午4:21

新加坡——位于里昂尼山路新福图拉的一套永久产权豪华公寓，属于涉嫌30亿美元洗钱案的嫌疑人之一王秉刚的妻子所有，于10月28日的拍卖会上以850万美元的价格成交。

这比这套 2,691 平方英尺房产的指导价 980 万美元低 13%，但比 2025 年 7 月在 River Valley 项目中购买的类似大小的单元的 800 万美元高出 50 万美元。

这套位于 26 楼的四居室公寓配有私人电梯，以 850 万美元的价格售出，成为自 9 月 17 日以来拍卖的 47 套房产中售出的第五套房产。

精彩瞬间——2026年11月1日，在墨西哥城罗德里格斯兄弟赛道举行的F1墨西哥城大奖赛结束后，梅赛德斯车队的意大利车手基米·安东内利庆祝赢得世界冠军头衔。（图片来源：尤里·科尔特斯/法新社）

图集——2026年11月1日，在墨西哥城罗德里格斯兄弟赛道举行的F1墨西哥城大奖赛结束后，梅赛德斯车队的意大利车手基米·安东内利庆祝赢得世界冠军头衔。（图片来源：Yuri CORTEZ / AFP）

9 月 23 日，Wallich Residence 和 Martin Modern 的另外四套豪华公寓售出，总成交额为 1628 万美元。

截至目前，商业事务局 (CAD) 调查中查获的 80 多处房产中，已有超过一半被拍卖。

但德勤专业服务公司委派的三家清算这些资产的经纪公司中，只有两家取得了一定程度的成功。

SRI 出售了其 16 处房产中的 5 处——9 月 23 日出售了 10 处房产中的 4 处，10 月 28 日出售了 6 处房产中的 1 处。

ETC 于 10 月 29 日表示，位于加基武吉的一座 8,880 平方英尺的工厂——9 月 23 日推出的九处房产中唯一收到报价的房产——经过一个多月的私人协议谈判后，以超过 320 万美元的价格售出。

这家工厂的起拍价为363万美元，最终只收到一份310万美元的出价。9月23日，其余八处房产无人问津；10月29日，该咨询公司举行的另外七处豪华房产拍卖会上，也同样无人问津。

莱坊地产在9月17日和10月22日的拍卖会上，16处房产尚未售出。但该公司表示，位于帕特森山The Marq大厦的一套面积为6232平方英尺（约580平方米）、带私人电梯的五居室公寓——该公寓于10月22日挂牌出售，指导价为2700万美元——目前正在进行私下洽谈。

2026 年上半年，乌节路豪华永久产权项目中一套面积相近的单元以 3700 万美元的价格成交。

虽然媒体的炒作和人们对洗衣工奢靡生活方式的好奇心吸引了人们参加迄今为止举行的六场豪华房地产拍卖会，但拍卖价值数百万美元的房产与拍卖限量版路易威登 x 草间弥生南瓜包并不完全相同。

价格高不可攀，许多人难以承受。

首先，大部分房产——其中大部分位于黄金地段——售价从约500万美元到高达2500万美元不等。这使得除了最富有的新加坡人之外，大多数新加坡人都无力购买，而外国人购买住宅房产则需额外缴纳60%的买家印花税（ABSD）。

只有包括美国和冰岛在内的五个国家的国民可以免缴巨额税款，因为自由贸易协定使他们享有与新加坡人相同的待遇。

“在2023年外国人额外买家印花税(ABSD)上调至60%之前，黄金地段约有26%的非有地房产被外国人购买，其中包括新加坡永久居民和非永久居民。上调后，这一数字下降到约20%。”房地产门户网站Mogul.sg的首席研究员Nicholas Mak表示。

不出所料，一些全球高净值人士现在更倾向于将财富存放在新加坡，投资方式包括黄金、股票、加密货币和货币，而不是房地产。

拍卖房产缺乏明显兴趣的另一个原因是来自黄金地段新楼盘的竞争，例如国浩置地的河畔现代和永泰的河畔绿苑，以及即将推出的荷兰平原、杜尼安路、百喜路和武吉知马路政府土地销售地块。

“与洗钱者的公寓相比，像River Green和River Modern这样的黄金地段新楼盘的价格更加实惠，”Mak说。

River Modern 的三居室起价为 230 万美元（每平方英尺 2,883 美元），四居室单元的起价为 459 万美元（每平方英尺 3,134 美元），而 River Green 的平均售价为每平方英尺 3,130 美元。

预期不符

更复杂的是预期不符：一些买家认为银行或当局拍卖的房产会很便宜。

但情况可能并非如此。拍卖房产均设有指导价，该价格会考虑近期类似交易、当前市场状况、房产位置、产权和状况，以及卖方的指示。

其次是形象问题。拍卖和意向表达（EOI）销售程序是处理和清算CAD调查期间查获的非现金资产的透明方式。

在拍卖中，买家直接与卖家交易，公平竞争房产。在意向书销售中，潜在买家在设定的截止日期前提交不具约束力的报价。

“政府对新加坡人负有责任。他们不能随意出售被查封的房产，无论价格如何，”房地产公司第一太平戴维斯的研究与咨询执行董事张艾伦表示。

尤其需要注意的是，出售资产所得的所有收益都将存入统一基金，该基金类似于政府持有的银行账户，国家支出就是从该账户中支付的。

“由于这些拍卖是由政府发起的，这意味着在目前这个阶段，协商降低价格的灵活性可能较小，”张先生说。

定价方面有更大的灵活性吗？

但房地产经纪人布莱恩·弗里辛指出，10 月 28 日，面积为 2,691 平方英尺的 New Futura 公寓以 850 万美元的价格售出，低于银行 1000 万美元的估值，这可能预示着房价略有放松。

“由于60%的额外买家印花税，现在高端房产的市场并不大。所以你很大程度上只能依靠本地市场，”他说。

代表一对拥有新加坡永久居留权的欧洲夫妇的弗里辛表示，他的客户没有在9月17日莱坊拍卖会上竞标格拉梅西公园的四套永久产权豪华公寓中的任何一套，因为它们的指导价接近成交的市场价格。

格拉梅西公园的两套公寓竞价激烈，其中包括一套拥有巨大大理石特色墙的四居室公寓。但这两套公寓以及其他五套公寓由于未达到底价而被撤回。

Mak表示，对于豪华住宅经纪公司List Sotheby's International Realty (ListSIR)挂牌出售的几处圣淘沙湾房产来说，情况可能更具挑战性。

其中包括位于科夫大道143号和145号的99年租赁地块，该地块的所有者是洗钱者苏海金，他是该案中被定罪的10名外国人之一。这块面积为18,740平方英尺的空地正在出售，指导价为2365万美元。

他说：“如果让预算为 1000 万美元的买家选择，他们可能会选择黄金地段的永久产权豪华公寓，因为与圣淘沙湾的房产相比，这些公寓未来的转售价值更高。”

圣淘沙湾的海滨房产和户外生活方式虽然很有吸引力，但缺乏购物中心、菜市场、小贩中心和地铁站等便利设施，这对大多数本地买家来说是一个阻碍。

这些房产曾被洗钱者拥有，这种污名也可能让一些买家望而却步。

对于那些伺机以低于市场估值的价格抢购这些优质豪华永久产权资产的投机者来说，最终重要的是价格。

但这可能是一场持久战，因为政府的目标有时可能与市场预期不一致。

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