Singapore has no shortage of people curious about the spoils from its massive money-laundering crackdown. Getting them to actually buy the confiscated real estate has been another matter.
The government is gradually disposing of assets tied to the S$3 billion laundering scandal that erupted in 2023, according to Bloomberg. More than 80 homes are being sold alongside watches, jewelry, handbags and other expensive possessions seized from the operation.
The luxury goods have been hot. The luxury real estate decidedly has not.
Of more than two dozen high-end properties recently put through auctions, only four apartments have found buyers that way. At one sale, more than 60 people showed up for seven properties carrying over S$43 million ($33.6 million) in combined opening prices. Not one sold.
One Gramercy Park apartment near Orchard Road failed to attract a single bid. Another large marble-finished unit with its own elevator was offered at S$7.55 million. Eventually someone tried S$4 million, prompting laughter before the offer was dismissed.
The scene captured an uncomfortable reality for sellers: plenty of people want to see what happens when convicted money launderers' assets hit the auction block, but curiosity isn't translating into aggressive offers.
“There has been a lot of hype generated,” said Tan Tee Khoon, Knight Frank Singapore’s head of auction and sales. Some attendees, he added, openly admit: “I just want to come and see.”
The weak results also arrive
