Deloitte tasked three brokerages with liquidating the confiscated portfolio, but only five residential units have traded across six public auctions. High price tags between $5 million and $25 million combine with steep foreign buyer taxes to exclude broad market participation. Furthermore, competitive new launches in prime districts are providing buyers with more affordable alternatives than the confiscated luxury listings. One recent sale required a 13 percent discount below the guide price to secure a single bidder.
Key points
Prospective buyers are seeking steep fire-sale bargains even though liquidators set guide…: Prospective buyers are seeking steep fire-sale bargains even though liquidators set guide prices against current market values and comparable sales.
Severe regulatory hurdles like the 60 percent additional buyer's stamp duty on foreigners…: Severe regulatory hurdles like the 60 percent additional buyer's stamp duty on foreigners are suppressing demand for units valued up to $25 million.
Brokerages ETC and Knight Frank have faced near-total standstills, resulting in zero auct…: Brokerages ETC and Knight Frank have faced near-total standstills, resulting in zero auction-floor transactions across more than 30 combined property allocations.
Sources checked by our analysis pipeline: 1
SINGAPORE – A freehold luxury condominium unit at New Futura in Leonie Hill Road owned by the wife of Wang Bingang, one of the suspects in the $3 billion money laundering case, was knocked down at $8.5 million in an auction on Oct 28.
This is 13% below the guide price of $9.8 million for the 2,691 sq ft property, but $500,000 above the $8 million paid for a similarly sized unit in the River Valley project in July 2025.
The 26th floor, four-bedroom apartment with a private lift, which attracted a sole bid of $8.5 million, is the fifth property to be sold out of a total of 47 properties placed on the auction block since Sept 17.
The other four luxury apartments in Wallich Residence and Martin Modern sold on Sept 23 for a total of $16.28 million.
To date, more than half of the 80-plus properties seized during investigations by the Commercial Affairs Department (CAD) have been put up for auction.
But only two of the three brokerages appointed by professional services firm Deloitte to liquidate these…
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