Martin Modern, Wallich Residences properties linked to money laundering case sell for S$16.3 million at auction

[SINGAPORE] Only four of some 20 seized properties put on the block on Wednesday (Sep 23) found takers at two separate auctions, with units at Martin Modern and Wallich Residences sold for a total of S$16.28 million. 

The four condominium units sold were among 10 prime properties linked to Singapore’s S$3 billion money laundering case listed in an SRI auction on Wednesday.

Six Martin Modern units were offered: four two-bedroom apartments of about 764 square feet (sq ft) each, a 1,087 sq ft three-bedroom unit and a 1,733 sq ft four-bedroom unit. 

One two-bedroom apartment on the 26th floor was sold for S$2.12 million. Another two-bedder on the 17th floor fetched S$2.08 million. 

Four Wallich Residence units were listed for sale: a 1,313 sq ft three-bedroom apartment and three four-bedroom apartments ranging from 1,658 to 1,991 sq ft.

The largest unit was sold at S$6.6 million, while a 1,658 sq ft unit on the 53rd floor was sold for S$5.48 million. 

Another nine properties linked to the money laundering case went unsold at an ETC auction on the same day, with a Kaki Bukit factory drawing the only bid – S$530,000 below its opening price of S$3.63 million.

Together, the nine properties had opening prices totalling S$64.93 million.

The opening prices were guides set by ETC, while vendor Deloitte set the reserve prices, which were not disclosed.

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Luxury properties seized in S$3 billion money laundering case fail to sell at auction

The eight residential lots – five apartments at South Beach Residences, two at 8 Saint Thomas and one at Paterson Suites – received no bids. All nine were withdrawn. The 42 people who attended the auction included 11 registered bidders and 31 walk-ins.

A four-storey strata terrace factory at 141 Shun Li Industrial Park drew a bid of S$3.1 million or about S$349 per square foot (psf), against an opening price of S$3.63 million or S$409 psf. The auctioneer subsequently withdrew the property.

Joy Tan, head of auction and sales at ETC, said it had received more than 10 enquiries for the factory before the auction.

The corner unit on Kaki Bukit Avenue 1 spans about 8,880 sq ft of strata floor area and was offered with vacant possession. Its 60-year lease began on Oct 30, 1996.

The priciest lot was a four-bedroom penthouse at South Beach Residences, unit #42-08. Its opening price was S$25.32 million or S$3,764 psf; it drew no bids.

Spanning three levels, the penthouse measures about 6,727 sq ft, including 151 sq ft of strata void. It has a private lift serving all levels and a roof terrace. Tan said the unit had eight viewings before the auction. 

Four other South Beach Road apartments also drew no bids.

A three-bedroom unit #24-06, measuring about 1,744 sq ft, had an opening price of S$6.6 million or S$3,784 psf.

Three two-bedroom units were offered at between S$4.3 million and S$5.2 million:

• Unit #26-03, measuring about 1,216 sq ft, was priced at S$4.6 million or S$3,783 psf;
• Unit #37-02, which spans 1,087 sq ft and has no balcony, was priced at S$4.3 million or S$3,955 psf; and
• Unit #41-03, measuring 1,292 sq ft, was priced at S$5.2 million or S$4,025 psf.

South Beach Residences is in District 7, which covers Bugis, Beach Road and Rochor. The development is near Esplanade MRT station, and its 99-year lease began on Dec 10, 2007.

The remaining three apartments are freehold units in District 9, which includes Orchard, River Valley and Cairnhill.

At 8 Saint Thomas, a 1,302 sq ft three-bedroom unit #20-09 had an opening price of S$4.4 million or S$3,379 psf.

A four-bedroom unit, #29-03, which has private lift access, was priced at S$5.7 million or S$3,248 psf. It measures about 1,755 sq ft.

The two 8 Saint Thomas apartments drew more than 30 enquiries collectively, Tan said. The development by Bukit Sembawang Estates was completed in 2018 and is near Great World MRT station.

At Paterson Suites, the 1,679 sq ft three-bedroom unit #20-06 opened at S$5.18 million or S$3,085 psf. Tan said the unit drew more than 10 enquiries. The development is at the heart of Orchard Road, near Ion Orchard and Wheelock Place. 

Tan said that most enquiries for the properties came from Singaporeans.

Under the auction terms, successful bidders would have had to pay a 10 per cent deposit and complete their purchases within 10 weeks.

The ETC and SRI auctions follow an earlier Knight Frank auction last week, where seven other properties seized in connection with the money laundering case were withdrawn after bidding failed to meet undisclosed reserve prices.

Those lots included apartments at Gramercy Park and Sloane Residences, and an office unit at Suntec Tower One.