Owen Walker, Financial Times, October 26 2026. Stepping out of the private lift at Norman Foster-designed South Beach Residences, an estate agent touts a penthouse with unparalleled Marina Bay views and a 42-storey lookout over the famous night-time Grand Prix. Spanning three floors and over 6,500 sq ft, the four-bedroom unit includes a steam room, rooftop pool and hidden jewelry storage, priced at just over S$25mn ($20mn).
Yet the property remains unsold. The lack of interest stems from a notorious crime: three years ago, Singapore police raided a gang of Chinese money launderers, confiscating assets worth more than S$3bn, including deluxe properties in upscale neighborhoods. Deloitte has been entrusted with selling the confiscated portfolio through a series of auctions.
Of the 25 apartments that have gone under the hammer so far, just four have sold. Their unpopularity could be down to a local aversion to buying properties tainted by high-profile crime, or Singaporeans shying away from the ostentatious lifestyle favored by the criminals. Sales of premium-brand cars such as Bentleys, Ferraris, Jaguars and Rolls-Royces have plummeted in favor of electric vehicles.
Golf club memberships are less in demand, while one private wine club catering to ultra-wealthy Chinese clients was forced to close. However, auctions of forfeited luxury goods like handbags and jewelry have been more successful. During a recent online sale, one bidder paid S$360,000 for a Hermès bracelet studded with 263 diamonds.
Another agreed to pay S$87,000 for a pumpkin-shaped limited edition Louis Vuitton handbag designed by Yayoi Kusama. The lack of interest in the properties is down to prices considered too high for locals aware of the back story. Singapore also has fewer foreign buyers of expensive real estate thanks to new stamp duty rules adding up to 60 percent for non-residents.
Still, even if the properties have received few bids, the auctions are being closely watched. At a sale by Edmund Tie & Company, more than 60 people squeezed into the auction room. Stand fans were brought in to keep people cool.
Most attendees seemed more interested in the spectacle than the apartments. The auctioneer urged participation, asking "Who wants to cast the first bid? Don't be shy.".
Source: Financial Times Companies · Summarized by HeadlinesBriefing