The weak demand stems largely from unrealistic asking prices alongside the prohibitive 60 percent Additional Buyer's Stamp Duty levied against foreign purchasers. A New Futura unit tied to suspect Wang Bingang's wife recently closed at $8.5 million, coming in 13 percent under its guide price. Furthermore, market analysts expect confiscated residences in Sentosa Cove to face even steeper challenges than freehold city units, which typically retain better resale value.
Key points
A steep 60 percent Additional Buyer's Stamp Duty on foreign purchasers is significantly d…: A steep 60 percent Additional Buyer's Stamp Duty on foreign purchasers is significantly dampening market demand for the confiscated properties.
High asking prices face severe competition from cheaper new prime launches competing for…: High asking prices face severe competition from cheaper new prime launches competing for the same luxury buyer pool.
Properties located in Sentosa Cove are anticipated to encounter greater sales friction th…: Properties located in Sentosa Cove are anticipated to encounter greater sales friction than city units that hold freehold tenure.
Sources checked by our analysis pipeline: 1
- Luxury homes seized in Singapore’s $3 billion money laundering case are selling slowly. Only five of 47 auctioned properties have sold, including a New Futura unit for $8.5 million.
- High prices, the 60 per cent ABSD for foreign buyers, and competition from cheaper new prime launches are weighing on demand.
- Experts say Sentosa Cove homes may struggle more because freehold city units offer better resale value.
AI generated
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 an auction for $8.5 million 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.
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