From Malay Mail · Malay Mail · · 2m
Singapore auctions luxury homes from money laundering case
26 properties linked to convicted money launderers go under the hammer, with guide prices up to S$25 million.
In brief
26 properties linked to convicted money launderers go under the hammer, with guide prices up to S$25 million. Singapore is liquidating S$1.85 billion in seized assets from a 2023 money laundering case by auctioning luxury properties owned by convicted Chinese nationals. Originally reported by Malay Mail.
Luxury homes hit the auction block
26 properties linked to Singapore's 2023 multibillion-dollar money laundering case will be auctioned starting this week. They're part of over 80 properties being liquidated by the government.
Zhang Ruijin's penthouse for sale
A 1,991 sq ft four-bedroom unit on the 61st floor of Wallich Residence has a guide price of S$6.78 million. It features panoramic views towards Sentosa Cove and the future Greater Southern Waterfront.
Convicted couple deported to Cambodia
Zhang Ruijin and his lover Lin Baoying each received 15-month jail sentences for money laundering and forgery. They were deported to Cambodia in June 2024 after serving their time.
Ten Chinese nationals arrested
All 10 suspects from Fujian, China bought luxury properties in prime Singapore developments including Canninghill Piers and Gramercy Park. They were subsequently jailed and ordered to forfeit assets.
S$1.85 billion in assets surrendered
Authorities targeted S$2.1 billion worth of assets linked to 17 suspects. 15 agreed to surrender assets valued at about S$1.85 billion in November 2024 in exchange for withdrawn Interpol notices.
Fugitive's S$25 million penthouse
Su Yongcan fled Singapore before police operations began in August 2023. His 6,727 sq ft penthouse at South Beach Residences features Norman Foster design and a massive balcony overlooking Marina Bay.
Multiple units across developments
The auction includes six units at Martin Modern, four at Gramercy Park, and two at Sloane Residences. Guide prices range from S$3.6 million to S$7.6 million for most properties.
Ultra-wealthy buyers expected
Property analysts say limited supply of large luxury homes in Singapore's prime districts could attract ultra-high-net-worth buyers. Some guide prices are slightly above recent comparable transactions.
What it means
Singapore is liquidating S$1.85 billion in seized assets from a 2023 money laundering case by auctioning luxury properties owned by convicted Chinese nationals.
