Quick Answer: The Money Laundering Case Condo Auction

Ten luxury condo units, seized in Singapore’s largest-ever money laundering case, are being auctioned on 23 September 2026.
The units comprise six apartments at Martin Modern in River Valley and four apartments at Wallich Residence near Tanjong Pagar, both developed by GuocoLand.
Guide prices range from S$2.238 million to S$4.98 million for the Martin Modern units, and S$4.42 million to S$6.78 million for the Wallich Residence units.
This is the first tranche of a planned 15 auctions running from September 2026 to May 2027, disposing of the wider portfolio of seized assets.
The case dates back to August 2023, when Singapore Police conducted islandwide raids and arrested 10 foreign nationals (Chinese nationals from Fujian province holding passports from several other countries) in what became Singapore’s largest-ever money laundering investigation.
Authorities seized or froze approximately S$1.25 billion in non-cash assets, on top of cash, in a case with a total value cited at roughly S$3 billion; all 10 individuals have since been convicted and deported.
By November 2024, roughly S$1.85 billion in assets had already been surrendered to the state, ahead of this latest disposal phase covering the remaining seized property portfolio.

Three years after Singapore’s largest-ever money laundering bust made global headlines, the case has entered a new, more procedural phase: turning seized property into cash for the state. On 23 September 2026, ten luxury condominium units linked to the S$3 billion money laundering case first uncovered in August 2023 will go under the hammer, the first of a planned series of 15 auctions running through to May 2027. For property watchers, the sale offers a rare, publicly documented look at how the state disposes of forfeited real estate, and a data point on pricing for two of the more prominent addresses in River Valley and Tanjong Pagar.

What Is Being Sold, and For How Much

The auction covers six apartments at Martin Modern, a condominium in the River Valley area, and four apartments at Wallich Residence, part of the Tanjong Pagar Centre integrated development near the Tanjong Pagar MRT interchange; both projects were developed by GuocoLand. Guide prices for the Martin Modern units range from S$2.238 million to S$4.98 million, while the Wallich Residence units, reflecting that project’s higher-floor, larger-format positioning, carry guide prices of S$4.42 million to S$6.78 million. Across all ten units, total guide value runs well into the tens of millions of dollars, though final sale prices at auction can land above or below guide depending on bidder interest on the day.

This is only the opening round: authorities have scheduled 15 separate auctions between September 2026 and May 2027 to work through the broader portfolio of seized real estate, suggesting this single sale is a fraction of the total property caught up in the case.

How the Case Got Here: From Islandwide Raids to Auction Block

The case originated with coordinated, islandwide raids conducted by the Singapore Police Force in August 2023, which led to the arrest of 10 foreign nationals, Chinese nationals originating from the Minnan region of Fujian province who held a mix of passports from countries including Cambodia, Turkey, Cyprus and Vanuatu. Investigators alleged the group had laundered proceeds from organised crime committed overseas, including scam operations and unlicensed online gambling, by channelling the funds through Singapore’s financial system into property, vehicles, luxury goods and other assets.

Authorities seized or froze approximately S$1.25 billion in non-cash assets at the height of the raids, including more than 100 luxury condominium units, dozens of cars, and large quantities of designer handbags, watches and jewellery, on top of substantial cash holdings; the case’s total value has been cited at roughly S$3 billion, making it Singapore’s largest money laundering case and among the largest globally. All 10 individuals were subsequently convicted on money laundering-related charges and deported from Singapore, with a further group of individuals still wanted in connection with the case. By November 2024, roughly S$1.85 billion in assets had already been surrendered to the state as part of the resolution of the case, with the property auctions now beginning to dispose of the real estate component of what remains.

Summary: The Auction at a Glance

Detail	Figure
Auction date	23 September 2026
Units on the block	10 (6 at Martin Modern, 4 at Wallich Residence)
Martin Modern guide price range	S$2.238 million to S$4.98 million
Wallich Residence guide price range	S$4.42 million to S$6.78 million
Total planned auctions	15, running September 2026 to May 2027
Case origin	August 2023 islandwide raids, 10 individuals arrested and later convicted

Why This Matters for Buyers and the Market

For prospective buyers, a state-run forfeiture auction is a genuinely different animal from a typical resale transaction or even a bank mortgagee sale: the seller is the state rather than a distressed individual owner, the units are generally sold on an “as is” basis, and due diligence should focus as much on the auction’s legal terms and conditions as on the usual valuation and structural checks. For the broader market, a sale of this scale at two well-known central-area addresses gives analysts a useful, publicly documented price data point, and the staggered 15-auction schedule through to May 2027 means further comparable data points should continue to emerge over the coming months rather than all at once, which may help smooth any short-term pricing impact on comparable units in the same developments.

Frequently Asked Questions

Can anyone bid at this auction, including foreigners?

These are private condominium units, so normal foreign ownership eligibility and Additional Buyer’s Stamp Duty (ABSD) rules apply to bidders in the same way as any other private property purchase in Singapore.

Are these guide prices the same as reserve prices?

Guide prices give bidders an indicative starting range, but the actual reserve price and final transacted price can differ once bidding is underway; buyers should confirm exact terms directly through the official auction listing.

What happens to the sale proceeds?

Proceeds from state forfeiture auctions are generally channelled to the government as part of the resolution of the underlying criminal case, consistent with how the roughly S$1.85 billion already surrendered by November 2024 was handled.

Will more units from this case be auctioned later?

Yes. This is the first of 15 planned auctions running from September 2026 to May 2027, covering the wider portfolio of seized property beyond these initial 10 units.

Does buying a unit at this auction carry any special legal risk?

As with any auction sale, buyers should conduct full due diligence on title, outstanding charges and the specific conditions of sale; engaging a property lawyer to review the auction’s legal pack before bidding is strongly advisable given the unusual forfeiture context.

How big was the total money laundering case?

The case has been described as Singapore’s largest-ever money laundering investigation, with total value cited at roughly S$3 billion, including around S$1.25 billion in non-cash assets seized in the initial August 2023 raids alone.

S$3 Billion Money Laundering Case: 10 Seized Luxury Condo Units Go Under the Hammer in Singapore (September 2026)