Singapore to sell luxury homes seized in record laundering case

Singapore is preparing to auction luxury properties seized in the country's largest money laundering case, according to sources familiar with the situation. Deloitte, a consulting firm, has consulted with various property brokers regarding the sale plans, according to the sources. Details on the auction will be released soon as part of the process to liquidate assets confiscated from the criminal group, the sources added.

Over 200 properties have been seized, with many located in prime areas like Orchard Road and Sentosa. It is expected that numerous real estate assets will be put up for sale, likely through auction, according to the sources. Deloitte and the Singapore police force did not respond to inquiries from Bloomberg regarding the matter.

The ongoing S$3 billion money laundering case involved criminals from China's southern Fujian province. The case led to the arrest of several members in raids conducted in 2023. Authorities have already begun the process of liquidating some seized items, including vehicles and residential and commercial properties. Despite the luxury property sector and residential market in Singapore continuing to grow, some seized properties have been sold at significant discounts compared to the inflated prices originally paid by members of the criminal group.

For instance, a sea-facing plot on Sentosa was sold to a local buyer for approximately S$22 million, which is nearly half of its original purchase price.