CNA Explains: First properties seized in S$3b money laundering case go to auction this week. How will it work?

The properties for auction include a Grade A office with a guide price of S$11.5 million and a four-bedroom penthouse listed at a guide price of S$25.3 million.

The facade of Martin Modern. (Photo: SRI)

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SINGAPORE: The first batch of properties seized in connection with Singapore’s largest money laundering case will soon go under the hammer in a series of property auctions this month.

The 25 properties, which include a Grade A office at Suntec City and a 4-bedroom penthouse at South Beach Residences, are among the over 80 properties that will be put up for sale from September to mid-2027.

They are part of the S$3 billion (US$2.4 billion) worth of assets seized after islandwide raids in August 2023 uncovered millions of dollars earned from an illicit gambling ring in Southeast Asia.

Knight Frank will hold an auction on Thursday (Sep 17), and SRI and Edmund Tie and Company (ETC) will hold one each on Sep 23.

CNA Games Guess Word Crack the word, one row at a time Buzzword Create words using the given letters Mini Sudoku Tiny puzzle, mighty brain teaser Mini Crossword Small grid, big challenge Word Search Spot as many words as you can Show More Show Less How does a property auction work, and what makes the upcoming auctions different? Why are properties put up for auction? It is “very rare” for assets and real estate seized in connection with such a high-profile money laundering case to be put up for sale, said chief research officer of property portal Mogul.sg Nicholas Mak. But property auctions are not novel. Some real estate agencies hold auctions regularly and feature mortgagee sales, where lenders seek to recover outstanding loans, voluntary sales by owners, disposal of assets from deceased estates or liquidations and court-ordered sales. In the first half of 2026, 292 properties were listed for auction, of which 216 were mortgagee sales, according to data from ETC. By itself, an auction listing does not mean that the owner is in financial distress, said Mr Tan Tee Khoon, the head of auction and sales at Knight Frank Singapore. “For sellers, auctions offer a structured marketing timetable and an open, competitive bidding process. They provide an opportunity to test market demand and establish a sale price, with greater certainty over the transaction once a property is successfully sold under the hammer,” he said. Ms Joy Tan, head of auction and sales at ETC, added that the auction process is transparent, which could help sellers achieve a higher reserve price on a hotly contested property. Auctions may also offer an alternative avenue for sellers of niche properties that have been challenging to sell via private treaty or those with investment potential. “Considering that both the auction and completion dates are fixed, property disposal via an auction will allow owners to avoid delays, especially those who may have a timeline to meet,” she said.

How does a property auction work, and what makes the upcoming auctions different?

Why are properties put up for auction?

It is “very rare” for assets and real estate seized in connection with such a high-profile money laundering case to be put up for sale, said chief research officer of property portal Mogul.sg Nicholas Mak.

But property auctions are not novel. Some real estate agencies hold auctions regularly and feature mortgagee sales, where lenders seek to recover outstanding loans, voluntary sales by owners, disposal of assets from deceased estates or liquidations and court-ordered sales.

In the first half of 2026, 292 properties were listed for auction, of which 216 were mortgagee sales, according to data from ETC.

By itself, an auction listing does not mean that the owner is in financial distress, said Mr Tan Tee Khoon, the head of auction and sales at Knight Frank Singapore.

“For sellers, auctions offer a structured marketing timetable and an open, competitive bidding process. They provide an opportunity to test market demand and establish a sale price, with greater certainty over the transaction once a property is successfully sold under the hammer,” he said.

Ms Joy Tan, head of auction and sales at ETC, added that the auction process is transparent, which could help sellers achieve a higher reserve price on a hotly contested property.

Auctions may also offer an alternative avenue for sellers of niche properties that have been challenging to sell via private treaty or those with investment potential.

“Considering that both the auction and completion dates are fixed, property disposal via an auction will allow owners to avoid delays, especially those who may have a timeline to meet,” she said.

What is the process of an auction?

An auction usually begins with an auctioneer introducing a property and its key attributes before commencing the bidding at an opening price.

Interested bidders raise their bids until no higher bids are made.

When the auctioneer accepts the successful bid and brings down the hammer, a binding commitment to purchase arises under the applicable conditions of sale, said Mr Tan.

The buyer must sign the sale documentation and pay the prescribed deposit – usually about 10 per cent of the sale price – immediately.

Mr Tan said this is a commitment to buy, rather than an option to decide later. If the buyer is unable to fulfil the sale, the deposit is forfeited in accordance with the conditions of sale, and legal recourse may follow, he added.

The buyer’s solicitor will coordinate the legal documentation and payment of the balance, and the sale will be completed within the contractual timeframe, he added.

If there are no bids, or bidding does not reach the reserve price - the minimum price the seller has authorised for the auction sale - the property remains unsold.

The property may be offered again, or negotiations may continue afterwards through private treaty, said Mr Tan.

“An unsuccessful auction does not automatically mean the seller will accept a lower price,” he said.

Who can purchase a property at an auction?

Anyone may purchase a property at an auction, ETC’s Ms Tan said. That is provided they meet the legal and regulatory eligibility criteria for the property being sold.

Prospective buyers should also ensure that they have obtained the necessary In-Principle Approval from their bank, where applicable, and are strongly encouraged to inspect the property where possible and conduct their necessary due diligence before the auction, Ms Tan said.

Interested bidders are also required to register their intention to participate in advance with the appointed salesperson or representative before attending the auction, she added.

Members of the public may also attend auctions as observers, subject to the event’s arrangements and venue capacity.

Mr Tan said their events usually attract anywhere between a handful and dozens of attendees, depending on the type of listings offered and prevailing market interest. For Knight Frank’s auctions, registered bidders can also use their app.

Mr Mak said property auctions usually attract more “busybodies and speculators” than buyers.

“The parties who will be watching the auctions of the seized assets more closely than other people will include interested buyers, owners of properties in the same condominium project or nearby projects because either they are interested to buy or they are simply curious,” he said.

Auctions in September

Knight Frank will hold its auction on Sep 17, 2.30pm at Ocean Financial Centre. The seized properties include:

Gramercy Park - Four units with guide prices from S$3.8 million to S$7.6 million

Sloane Residences - Two units with guide prices from S$3.6 million to S$3.7 million

Suntec Tower 1 - Grade A office space with a guide price of S$11.5 million

ETC’s auction is on Sep 23, 2.30 pm at UIC Building. The seized properties include:

South Beach Residences - Five units with guide prices from S$4.45 million to S$25.32 million

8 Saint Thomas - Two units with guide prices from S$4.4 million to S$5.72 million

Paterson Suites - One unit at a guide price of S$5.18 million

SRI’s auction is on Sep 23, 2.30pm at Great World City. The seized properties include:

Wallich Residence - Four units with guide prices ranging from S$4.42 million to S$6.78 million.

Martin Modern - Six units with guide prices from S$2.238 million to S$4.98 million.

Are auctioned properties cheaper than those on the market?

Properties at auction come with guide prices, which take into account recent comparable transactions, prevailing market conditions, the property’s location, tenure and condition, and the seller’s instructions, with reference to valuations in some cases, said Mr Tan.

A guide price is indicative and is not necessarily the same as the reserve price, he added.

Mr Mak said the guide prices of the seized properties put up for auction in September are “within a reasonable range” of the valuation of the properties, based on his company’s research.

All the seized residential properties for sale by the three agencies in September are luxury properties within the core central region. They include units at Wallich Residences, Paterson Suites and Sloane Residences.

The properties are fairly new, he noted. Except for Martin Modern, the other units are more than 1,000 sq ft, with guide prices of the larger units starting from S$4 million.

Of the first 25 seized properties up for auction, the property with the highest guide price is a 6,727 sq ft 4-bedroom penthouse at South Beach Residences at S$25.32 million.

“Because a guide price is not legally binding, it acts as a fluid benchmark rather than a hard rule. It can be the starting point for negotiation or an auction,” said Mr Mak.

“The guide price signals the seller's broad expectations to the public to attract potential buyers. A buyer is entirely free to offer a price lower or higher than the guide price based on current market conditions.”

But Mr Tan said auction properties are “not automatically bargains”.

While buyers may identify value opportunities, the eventual price depends on the property’s merits, the seller’s expectations and the level of competition.

“Buyers should assess the total cost of acquiring and holding the property, rather than assume a discount simply because it is being auctioned,” he said.

Could the connection to the case affect the auction?

Mr Mak said the properties’ link to the high-profile crime is unlikely to adversely affect the prices and demand for the properties.

He noted that the properties are linked to criminals. “I don’t think their activities would cause the properties to be haunted or damage the health of the occupants,” he said.

The upcoming auctions will not only feature the seized properties, but also other commercial and residential properties that have no connection to the case.

ETC’s Ms Tan said they expect the upcoming auction to attract strong interest with a healthy turnout, given the range of properties available.

The eventual level of participation will depend on buyer interest closer to the auction date, she said.

Knight Frank’s Mr Tan said that given the high profile of the case, they are preparing for the possibility of a larger turnout on Thursday.

“However, public attention and enquiries should not be equated with actual bids or completed sales. For prospective purchasers, the considerations remain the same: the property’s location, condition, tenure, pricing and suitability for their needs,” he said.

“The profile of the case does not replace the need for proper due diligence.”

Outside the auction process, some selected properties will also be offered for sale through an expression of interest process run by List International Realty.

These properties are sold this way due to their steep price point and smaller pool of potential buyers, Mr Mak said.

The Singapore Police Force handed over the assets from the money laundering case to audit firm Deloitte for liquidation in August last year.

Proceeds would be paid into the government’s consolidated fund, Senior Minister K Shanmugam said in a parliamentary reply to a question in February last year.

According to the parliament website, Singapore's revenues are paid into this fund. It is also used to provide for government spending.

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待拍卖的房产包括一栋指导价为 1150 万新元的甲级写字楼和一套指导价为 2530 万新元的四居室顶层公寓。

马丁现代建筑的外立面。（图片：SRI）

这段音频由人工智能工具生成。

新加坡：与新加坡最大洗钱案有关的首批查获房产将于本月进行一系列房产拍卖。

这 25 处房产，包括新达城的一间甲级写字楼和南滩住宅区的一间四居室顶层公寓，是 9 月至 2027 年年中将要出售的 80 多处房产的一部分。

这些资产是2023年8月全岛突击搜查后查获的价值30亿新元（24亿美元）的资产的一部分，当时警方破获了一个东南亚非法赌博团伙，该团伙非法获利数百万美元。

Knight Frank 将于周四（9 月 17 日）举行拍卖会，SRI 和 Edmund Tie and Company (ETC) 将于 9 月 23 日分别举行一场拍卖会。

CNA游戏猜词游戏：逐行破解单词；流行词游戏：用给定的字母组成单词；迷你数独：小巧的谜题，强大的脑力挑战；迷你填字游戏：小方格，大挑战；单词搜索：尽可能多地找出单词。显示更多 显示更少 房产拍卖是如何运作的？即将举行的拍卖有何不同？为什么房产会被拍卖？房地产门户网站Mogul.sg的首席研究官Nicholas Mak表示，与如此备受瞩目的洗钱案件相关的资产和房地产被拍卖的情况“非常罕见”。但房产拍卖并非新鲜事物。一些房地产中介机构定期举行拍卖，其中包括抵押权人拍卖（贷款机构寻求收回未偿贷款）、业主自愿出售、处置遗产或清算中的资产以及法院强制拍卖。根据ETC的数据，2026年上半年共有292处房产被列入拍卖清单，其中216处为抵押权人拍卖。莱坊新加坡拍卖及销售主管陈志坤先生表示，房产挂牌拍卖本身并不意味着业主面临财务困境。“对于卖家而言，拍卖提供了一个结构化的营销时间表和公开透明的竞价流程。拍卖提供了一个测试市场需求和确定售价的机会，一旦房产成功拍卖，交易的确定性也会更高。”他说道。ETC拍卖及销售主管陈女士补充道，拍卖流程透明，这有助于卖家在竞争激烈的房产中设定更高的底价。对于那些难以通过私人协议出售的小众房产或具有投资潜力的房产，拍卖也可能成为卖家的另一种选择。“考虑到拍卖和成交日期都是固定的，通过拍卖出售房产可以帮助业主避免延误，尤其是那些有时间限制的业主。”她说道。

房产拍卖是如何进行的？即将举行的拍卖会有何不同之处？

为什么房产会被拍卖？

房地产门户网站 Mogul.sg 的首席研究员 Nicholas Mak 表示，与如此备受瞩目的洗钱案件有关的资产和房地产被拿出来出售是“非常罕见的”。

但房产拍卖并非新鲜事物。一些房地产中介机构定期举行拍卖会，拍卖内容包括抵押权人拍卖（贷款机构寻求收回未偿贷款）、业主自愿出售、处置遗产或清算资产以及法院强制拍卖。

根据 ETC 的数据，2026 年上半年共有 292 处房产被列入拍卖清单，其中 216 处是抵押权人拍卖。

新加坡莱坊拍卖及销售主管陈志坤先生表示，拍卖清单本身并不意味着业主陷入财务困境。

他说：“对于卖家而言，拍卖提供了一个结构化的营销时间表和公开、竞争性的竞价过程。拍卖提供了一个测试市场需求和确定售价的机会，一旦房产成功拍卖，交易的确定性也会更高。”

ETC拍卖及销售主管Joy Tan女士补充说，拍卖过程是透明的，这有助于卖家在竞争激烈的房产中获得更高的底价。

对于那些难以通过私人协议出售的小众房产或具有投资潜力的房产的卖家来说，拍卖也可能是一种替代途径。

“考虑到拍卖和完成日期都是固定的，通过拍卖处置房产可以让业主避免延误，尤其是那些有时间限制的业主，”她说。

拍卖流程是怎样的？

拍卖通常以拍卖师介绍房产及其主要特点开始，然后以起拍价开始竞价。

有意竞标者会不断提高出价，直到没有人出更高的价为止。

谭先生说，当拍卖师接受中标价格并落槌成交时，根据适用的销售条款，就产生了具有约束力的购买承诺。

买方必须立即签署销售文件并支付规定的定金——通常约为售价的 10%。

陈先生表示，这是购买承诺，而非以后再做决定的选择权。他还补充说，如果买方无法履行交易，定金将根据销售条款被没收，并可能面临法律诉讼。

他补充说，买方律师将协调法律文件和尾款支付，交易将在合同规定的时间内完成。

如果没有人出价，或者出价没有达到保留价（即卖方为拍卖销售所授权的最低价格），则该房产将不会售出。

谭先生表示，该房产可能会再次出售，或者之后可能会通过私下协议继续谈判。

“拍卖失败并不意味着卖家一定会接受更低的价格，”他说。

谁可以参加拍卖并购买房产？

ETC的谭女士表示，任何人都可以通过拍卖购买房产，前提是他们符合所售房产的法律和监管资格标准。

谭女士表示，潜在买家还应确保已从银行获得必要的原则性批准（如适用），并强烈建议尽可能在拍卖前检查房产并进行必要的尽职调查。

她补充说，有意竞标者还需在参加拍卖前，提前向指定的销售人员或代表登记其参与意向。

公众也可以作为观察员参加拍卖会，但需视活动安​​排和场地容量而定。

陈先生表示，他们的活动通常会吸引几到几十人参加，具体人数取决于房源类型和市场反响。参加莱坊拍卖会的注册竞标者也可以使用他们的应用程序。

麦先生表示，房地产拍卖通常会吸引更多的是“爱管闲事的人和投机者”，而不是买家。

他说：“比起其他人，更密切关注查封资产拍卖的各方包括感兴趣的买家、同一公寓项目或附近项目的房产所有者，因为他们要么有兴趣购买，要么只是出于好奇。”

九月份的拍卖会

莱坊将于9月17日下午2点30分在海洋金融中心举行拍卖会。被查封的资产包括：

格拉梅西公园——四套公寓，指导价从380万新元到760万新元不等。

斯隆公寓 - 两套单元房，指导价分别为360万新元至370万新元。

新达城1号楼——甲级写字楼，指导价1150万新元

ETC的拍卖会将于9月23日下午2:30在UIC大楼举行。被查封的财产包括：

南滩住宅——五套单元房，指导价从445万新元到2532万新元不等。

圣托马斯街8号——两套单元房，指导价从440万新元到572万新元不等。

Paterson Suites——一套公寓，指导价为518万新元

SRI的拍卖会将于9月23日下午2点30分在伟乐坊举行。查封的财产包括：

华利世家 - 四套单元房，指导价从 442 万新元到 678 万新元不等。

Martin Modern——六套住宅，指导价从223.8万新元到498万新元不等。

拍卖房产比市场上出售的房产便宜吗？

谭先生表示，拍卖房产都有指导价，指导价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，在某些情况下还会参考估价。

他补充说，指导价仅供参考，不一定与底价相同。

麦先生表示，根据他公司的研究，9月份拍卖的查封房产的指导价“在合理范围内”。

9月份三家机构查封出售的所有住宅物业均为位于市中心核心区域的豪华房产，其中包括华莱士公寓（Wallich Residences）、帕特森套房（Paterson Suites）和斯隆公寓（Sloane Residences）的单元房。

他指出，这些房产都比较新。除了马丁现代公寓（Martin Modern）之外，其他单元的面积都超过1000平方英尺，面积较大的单元的指导价从400万新元起。

在首批拍卖的 25 处查封房产中，指导价最高的房产是位于 South Beach Residences 的一套 6,727 平方英尺的四卧室顶层公寓，售价为 2532 万新元。

“由于指导价不具有法律约束力，它更像是一个灵活的基准，而不是硬性规定。它可以作为谈判或拍卖的起点，”麦先生说。

“指导价向公众传达了卖方的大致预期，以吸引潜在买家。买家完全可以根据当前市场情况自由出价，出价高于或低于指导价。”

但陈先生表示，拍卖房产“并不一定都是便宜货”。

虽然买家可能会发现物有所值的机会，但最终价格取决于房产本身的优点、卖家的预期以及竞争程度。

他说：“买家应该评估购置和持有房产的总成本，而不是仅仅因为房产正在拍卖就想当然地认为会有折扣。”

该案件是否会影响拍卖？

麦先生表示，这些房产与这起备受瞩目的犯罪案件的关联不太可能对这些房产的价格和需求产生不利影响。

他指出，这些房产与犯罪分子有关。“我不认为他们的活动会导致房产闹鬼或损害居住者的健康，”他说。

即将举行的拍卖会不仅会拍卖被查封的房产，还会拍卖与此案无关的其他商业和住宅房产。

ETC的谭女士表示，鉴于可供选择的房产种类繁多，他们预计即将举行的拍卖会将吸引众多关注，并吸引大量参与者。

她表示，最终的参与程度将取决于临近拍卖日期的买家兴趣。

莱坊的陈先生表示，鉴于此案备受关注，他们正在为周四可能出现的大规模民众到场做准备。

“然而，公众的关注和咨询不应等同于实际的出价或成交。对于潜在买家而言，他们考虑的因素仍然相同：房产的位置、状况、产权、价格以及是否符合自身需求，”他说道。

“案件的特殊性并不能取代尽职调查的必要性。”

除了拍卖程序之外，部分精选房产还将通过 List International Realty 开展的意向表达程序进行出售。

麦先生表示，这些房产之所以以这种方式出售，是因为它们的价格很高，潜在买家群体较小。

去年8月，新加坡警方将洗钱案中的资产移交给审计公司德勤进行清算。

高级部长尚穆根在去年2月对议会质询作出答复时表示，所得款项将缴入政府综合基金。

根据国会网站的信息，新加坡的财政收入会汇入这个基金，该基金也用于支付政府开支。

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