7 Seized Properties, Zero Sales: Were the Guide Prices Really Cheap?
Seven properties from Singapore’s $3 billion money laundering case went to auction on 17 September 2026. None sold.
Some received no bids. Where buyers did bid, none reached the reserve price, the minimum the seller would accept.
The condo guides were below some earlier purchase prices. But against recent resales, they didn’t look especially cheap.
The guide prices and bids
| Property / unit | Size (sq ft) | Guide price | Auction opening | Highest bid |
|---|---|---|---|---|
| Gramercy Park #12-09 | 2,691 | $7.60m | $7.50m | No bid |
| Gramercy Park #17-01 | 2,659 | $7.60m | $7.55m | $6.70m |
| Gramercy Park #18-02 | 2,185 | $6.30m | $6.285m | No bid |
| Gramercy Park #21-07 | 1,292 | $3.85m | $3.82m | $3.75m |
| Sloane Residences, level 6 | 1,249 | $3.70m | $3.65m | No bid |
| Sloane Residences, level 8 | 1,249 | $3.70m | $3.68m | No bid |
The guide is the advertised price indication; the opening is where bidding starts. The reserves weren’t disclosed.
Suntec Tower One’s office also went unsold, with an $8m offer against an $11.5m guide.
Below what previous buyers paid
These Gramercy Park purchases show how much lower the guides were:
| Unit | Previous purchase | Price paid | Guide price | Difference at guide |
|---|---|---|---|---|
| #12-09 | Feb 2020 | $8,880,300 | $7,600,000 | −14.4% |
| #18-02 | Aug 2019 | $6,880,000 | $6,300,000 | −8.4% |
| #21-07 | May 2018 | $4,547,340 | $3,850,000 | −15.3% |
Even at guide price, these would have sold below their previous purchase prices. The $3.75m bid for #21-07 was nearly $800,000 below its 2018 price, but wasn’t accepted.
Recent resale prices tell a different story
Here’s the rough price per square foot (psf) comparison with similar-sized resales from the past 3 years:
| Condo / apartment type | Guide psf | Recent resale psf |
|---|---|---|
| Gramercy Park, 4-bedroom | About $2,800–$2,900 | About $2,800 |
| Gramercy Park, 3-bedroom | About $2,900 | About $2,400–$2,900 |
| Gramercy Park, 2-bedroom + study | About $3,000 | About $2,900 |
| Sloane Residences, 3-bedroom | About $3,000 | About $2,900 |
The guides were broadly in line with, or above, recent resale prices. The $6.7m bid for the larger apartment was more interesting at about $2,520 psf, roughly 10% below comparable sales. But that wasn’t a price buyers could actually secure.
Luxury hasn’t meant strong appreciation
Gramercy Park’s profitability record shows weak recent annualised appreciation. The resales shown for 2024–2026 recorded annualised price changes ranging from roughly −5.8% to +0.4%.
Sloane Residences hasn’t delivered strong appreciation either: its recorded resale returns were about 0.7% and 1.9% a year.
That’s why a discount from an old purchase price doesn’t automatically make a bargain. The luxury address can distract us from that.
A seized property still needs a sensible price.
