A four-bedroom New Futura apartment tied to Singapore’s S$3 billion money laundering case sold for S$8.5 million (US$6.65 million), adding another property sale to efforts to liquidate assets linked to the investigation.
VnExpress reported the unit had been confiscated from Wang Bingang’s wife. The residence has a private elevator and occupies the 26th floor of New Futura, a condominium on Leonie Hill Road.
The Straits Times reported the apartment drew one bid at the Oct. 28 auction. Its sale price was 13% below the S$9.8 million guide price. VnExpress described a guide price as an indicative asking figure intended to help buyers assess a property’s expected value.
Four other properties had sold before the New Futura apartment in an auction series that began Sept. 17, VnExpress reported. The outlet counted 47 properties offered in the series. Channel News Asia put proceeds from the earlier sales at S$16.28 million combined; those transactions involved apartments at Wallich Residence and Martin Modern.
VnExpress estimated the money laundering case at S$3 billion. Singapore police raids in August 2023 led to 10 arrests; the outlet reported that all 10 people were later convicted and deported. At least 17 other suspects had left Singapore, VnExpress reported, and 15 agreed to surrender assets to the state. Wang was among those 15.
The Singapore August 2023 money laundering investigation involved a wider asset recovery effort. VnExpress reported that police seized or took control of about S$1.25 billion in noncash assets, including vehicles, property, art, watches, jewelry, gold bars, handbags and alcohol. The government also confiscated more than S$1.45 billion in bank accounts and more than S$76 million in cash across currencies, the outlet reported.
VnExpress reported that more than half of the 80-plus properties seized in the investigation were listed for auction. Deloitte appointed three brokerages to liquidate assets; only two had secured sales, according to the outlet.
