An upcoming property auction in Singapore is drawing attention due to the significance of the assets being sold. The 23 private residential units and an office unit up for auction were seized as part of the largest money laundering case in the country, involving $3 billion. Here’s what we know about the properties and the auction.
Properties Up for Auction
At the time of writing, 23 private residential units across six developments, along with an office unit, are being marketed for auction. These include:
- Martin Modern: 6 units (two- to four-bedroom, 764 sq ft to 1,733 sq ft, $2.238 million to $6.78 million)
- Wallich Residence: 4 units (three- and four-bedroom, 1,313 sq ft to 1,991 sq ft, $3.8 million to $7.6 million)
- Sloane Residences: 2 units (three-bedroom, guide prices of $3.6 million and $3.7 million)
- Gramercy Park: 4 units (two four-bedders, one three-bedder and one two-bedder plus study, $3.8 million to $7.6 million)
- South Beach Residences: 5 units (two- and three-bedroom, and a penthouse, $4.45 million to $25.32 million)
- Suntec Tower One: 1 office unit (3,498 sq ft, $3,xxx psf)
The auctioned portfolio reflects a cross‑section of Singapore’s most coveted districts. South Beach Residences forms the residential wing of the mixed‑use South Beach complex, linked to both Esplanade and City Hall MRT stations.
Auction Details
The auction will take place on Wednesday, 23 September, at 2.30 pm at SRI’s Great World City office. Individual guide prices for the units start from $2.238 million for the least expensive Martin Modern unit to $6.78 million for the most expensive unit at Wallich Residence.
While the guide prices for some units seem to be in line with prevailing market values, others appear higher than recent resale transactions or visible listing prices. It is not yet clear whether these prices are negotiable or if they represent the reserve prices.
The auction could provide an opportunity for potential buyers to snag a deal on high‑end properties, but it’s important to consider the legal implications and implications on the property market. The properties involved in this case were seized as part of a money‑laundering investigation, which could make some buyers hesitant to bid.
Nevertheless, the auction is expected to draw significant interest, as it involves some of Singapore’s most luxurious and sought‑after properties. For those considering participating, it’s important to do thorough research and consider the unique circumstances of this auction.
The seized assets form only a fraction of the total portfolio linked to the $3 billion investigation. More than 80 properties and over 1,000 luxury items have been identified, and the Singapore Police Force has tasked Deloitte Singapore with managing and liquidating the non‑cash component. The current batch of 23 residential units and one office space represents the first tranche; additional properties will be released by other auction teams from September 2026 through the middle of 2027.
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SRI has exclusive marketing rights for the Martin Modern and Wallich Residence units, while Knight Frank, appointed by Deloitte, handles the Gramercy Park and Suntec Tower One offerings. Edmund Tie & Company is responsible for the South Beach Residences and the two units at 8 Saint Thomas.
Martin Modern, a 450‑unit development completed in 2021, is a 99‑year leasehold project launched by GuocoLand. Its twin 30‑storey towers sit on land acquired in 2016, and the development enjoys proximity to River Valley Primary School. GuocoLand’s recent River Modern project, also on River Valley Green, sold 90 % of its 455 units within a few months of launch and recorded an average selling price of $3,266 psf, showing strong demand in the area.
Wallich Residence forms the residential component of the integrated Guoco Tower complex in Tanjong Pagar. The tower combines a Sofitel hotel, Grade A office space, and a retail podium, creating a self‑contained vertical city. All four auctioned units are advertised as having unblocked sea views, a feature that typically commands premium pricing in the luxury segment.
Gramercy Park, a freehold development of 174 units completed in 2016, is recognised as a landmark condo in the Grange Road enclave. Its freehold status and location near diplomatic missions contribute to its reputation as a trophy‑home address. The auction includes a two‑bedroom plus study unit, which, based on its size, translates to a price per square foot that aligns with the upper end of comparable transactions in the district.
Sloane Residences offers a more intimate living experience with only 52 freehold units. Completed in 2022, the boutique development is positioned as a low‑density alternative to the high‑rise towers that dominate much of Singapore’s skyline. Recent sales of three‑bedroom units have demonstrated price stability, suggesting that the guide prices for the auctioned units are competitive relative to recent market activity.
South Beach Residences, the residential wing of the iconic South Beach integrated development, was originally a joint venture between CDL and IOI Properties. After CDL sold its stake for $2.75 billion, IOI gained full ownership, consolidating the mixed‑use complex under a single proprietor. The five auctioned units include a 6,727 sq ft penthouse, a size that is rare in the market and typically attracts high‑net‑worth investors seeking exclusive floor plans and panoramic city views.
Prospective buyers should note that, despite the high‑profile nature of the assets, there are no legal restrictions preventing ownership of the auctioned units. The backstory of the properties does not affect title transfer, and the auction process follows standard regulatory procedures overseen by the Singapore Land Authority.
Because the auction house has not yet released a detailed floor‑by‑floor breakdown, interested parties will need to rely on the guide price ranges and the general characteristics described above. Buyers are advised to engage professional advisors early, verify the exact unit orientation, and assess any potential premium associated with higher floors or superior facing directions.
