Singapore to auction luxury properties linked to multibillion-dollar money laundering case

Singapore will auction 26 luxury properties tied to a 2023 multibillion-dollar money laundering case beginning this week, according to The Straits Times. The auction of 80+ seized assets marks efforts to liquidate government-held funds. Knight Frank, SRI, and ETC will handle the sales on Sept 17 and 23. One such apartment at Wallich Residence, a 1,991 sq ft four-bedroom unit with panoramic views, is up for sale at S$6.78 million guide price.

Owned by Zhang Ruijin, a convicted money launderer, the property also belongs to his girlfriend, Lin Baoying, who received a 15-month jail term for similar charges. Both Zhang and Lin were deported to Cambodia post-sentence. Zhang and Lin were among 10 Chinese nationals arrested in the probe, targeting S$2.1 billion worth of assets linked to 17 suspects.

Another property on auction is a 6,727 sq ft four-bedroom penthouse at South Beach Residences, owned by Su Yongcan, who fled before the 2023 operations. Su’s penthouse, priced at S$25.3 million, is set to be auctioned on Sep 23. The 51st, 53rd, 54th, and 61st floor Wallich Residence units, featuring extensive entertainment spaces and waterfront views, are also being sold.

Four Martin Modern units, four Gramercy Park units, and two Sloane Residences units complete the auction list, with guide prices ranging from S$3.6 million to S$25.3 million. Analysts predict ultra-high-net-worth buyers may be interested, though some guide prices exceed recent comparable property sales.