No units sold at first auction for luxury properties seized in S$3 billion money laundering case

Those who won their bids were expected to put down a 5 per cent to 10 per cent deposit as well as sign an offer to purchase and sub-joint memorandum of contract. The sale should be completed within 10 weeks.

Among the offerings, six residential apartments and one office unit are the forfeited assets in connection with the S$3 billion money laundering case, she told the hall. 

LUXURY PROPERTIES

Located along Grange Road, Gramercy Park is a 174-unit freehold development with units that come with private lifts. It received its Temporary Occupation Permit (TOP) in 2016, which was when its first residents started moving in.

The bidding on Thursday started with a four-bedroom unit on level 12 that is 2,691 sq ft, with three bedrooms. Despite an excited murmur through the crowd, the unit received no bid at its starting price of S$7.5 million.

The next unit on the 17th floor, which is 2,659 sq ft, opened at S$7.55 million. The first offer came in at S$4 million, to laughs in the crowd, and it was not long before it hit S$6 million.

Bidders were given bid cards to raise and assistants helped them to call out their bids.

The bidding for the unit ended at S$6.7 million, and it was withdrawn as it did not meet the reserve price.

The third unit on the 18th floor, which is 2,185 sq ft, started at about S$6.3 million and drew no interest.

A bidder put in a counter-offer of S$3.2 million for a two-bedroom and study unit on the 21st floor, which opened at S$3.82 million. This rose quickly to S$3.5 million.

This unit drew particular interest from three bidders, who jostled with each other. About 10 bids later, at S$3.75 million, the unit was withdrawn as it did not meet the reserve price. 

The auctioneer, Ms Tan, told the hall that the company would “take it offline” with the highest bidder.