Another 6 luxury apartments in S'pore linked to S$3 billion money laundering case up for auction

Another six properties in Singapore, linked to the S$3 billion money laundering case, have gone up for auction.

According to The Straits Times (ST), the luxury apartments consist of five units at Nouvel 18 near Orchard Road, and a four-bedroom apartment in Leonie Hill Road.

They will be auctioned on Oct. 28, 2:30pm, at the office of SRI Auctions, one of the three brokerages appointed to auction off the properties.

This follows a previous round of seven other properties auctioned off by Knight Frank.

None of the seven properties was able to meet the minimum price set by the auctioneer, and were ultimately unsold.

In total, 32 properties linked to the money laundering case have been put up for sale since September, with more than 80 in total slated for auction.

On the auction block

The five apartments in Nouvel 18 range from 1,335 square feet (sq ft) to 6,125 sq ft.

Prices start from S$2,939 per sq ft (psf) to S$3,558 psf, reported ST.

These apartments comprise various layouts, from a two-bedder plus study, to a three-bedder, three-bedder plus study, and four-bedder unit.

The smallest apartment at 1,335 sq ft is a two-bedder plus study on the ninth floor, according to the SRI Auction website.

It starts with a guide price of S$4.48 million.

The largest 6,125 sq ft unit is a four-bedder on the 36th floor, the top floor of Nouvel 18.

Pictures show the apartment clad in marble flooring and detailing.

The guide price for the unit is S$18 million.

As for the lone unit at New Futura, the 2,691 sq ft four-bedder starts at a guide price of S$9.8 million, or S$3,642 psf.

All six apartments are freehold.

Tough sell

So far, demand for the auctioned apartments has been lukewarm.

ST reported that of the 26 other properties auctioned before this round, only four apartments in Wallich Residence and Martin Modern, comprising S$16.28 million in value, were sold.

Managing partner of SRI Auction, Mok Sze Sze, told ST that the remaining units at Wallich Residence and Martin Modern are still "attracting a healthy level of interest".

SRI is awaiting directions from the authorities as to whether the properties will be put up for auction again.

In addition to the 32 properties auctioned, three bungalows with private yacht berths and a seaview leasehold plot in Sentosa Cove were recently put up for an expression of interest (EOI) sale.

This was done by luxury realtor List Sotheby’s International Realty (ListSIR).

The EOI sale means that potential buyers can only submit non-binding offers to indicate their interest.

On the other hand, luxury goods related to the money laundering case saw fierce demand and bidding, with all 337 lots sold.

Items included a Yayoi Kusama-Louis Vuitton bag that went for S$87,000, several Chanel bags, and Chrome Hearts jewelllery.

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