Hardly any buyers for Singapore luxury condos seized in money-laundering case
The first apartment came up for auction and nobody moved. More than 60 people crowded into a room in Singapore to watch seven properties seized in one of the world’s biggest money-laundering cases go under the hammer. Their opening prices totalled more than S$43 million (US$33.6 million). But when bidding began for a luxury unit at Gramercy Park, an upscale condominium near the city state’s…
Seventy properties seized in Singapore's biggest money-laundering case have remained unsold at auctions despite high interest from the public and minimal competing bids. Over 80 properties, along with 1,000 designer items, forfeited from 10 convicted China-born launderers, are up for sale. Seven luxury units at Gramercy Park, a high-end condominium near Orchard Road, remained unsold after bidding began.
One property broker is offering a pair of Sentosa villas, previously purchased for nearly S$29 million, at a combined guide price more than S$6 million lower. Auctioneers anticipate a buyer's market due to limited affluent buyers and government policies discouraging foreign purchases.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
