SINGAPORE – Another six freehold luxury apartments in the prestigious enclaves of Ardmore Park and Leonie Hill Road linked to the $3 billion money laundering case are going under the hammer in October.
Five at Nouvel 18 near Orchard Road and a four-bedroom apartment at New Futura in Leonie Hill Road are being put on the auction block on Oct 28 at 2.30pm at the corporate office of Realtor SRI, one of three brokerages appointed to conduct the property auctions.
These bring the number of properties linked to the case and put up for sale since September to 32.
In all, more than 80 properties are to be auctioned as part of professional services firm Deloitte’s strategy to oversee and liquidate assets seized in the nation’s largest money laundering case.
Of the 26 properties put on the auction block on Sept 17 and Sept 23, only four luxury apartments in Wallich Residence and Martin Modern were sold. The four units totalled $16.28 million in value.
The remaining 22 properties – including the most expensive of the lot, a 42nd-floor penthouse at South Beach Residences – were withdrawn either because they failed to meet their reserve prices or did not attract any bids.
Mok Sze Sze, managing partner of SRI Auction, told The Straits Times that the remaining six unsold units at Wallich Residence and Martin Modern are “still attracting a healthy level of interest”.
The brokerage is awaiting instructions from the authorities on whether they will be put up for auction again.
Sentosa Cove
In addition to the 32 properties on auction, three bungalows with private yacht berths and a sea-view leasehold plot in Sentosa Cove were recently put up for expression of interest (EOI) sale by luxury residential brokerage List Sotheby’s International Realty.
In an EOI sale, potential buyers submit non-binding offers indicating their interest in buying a property by a set closing date.
According to documents from the Singapore Land Authority (SLA), the amalgamated 99-year leasehold plot at 143 and 145 Cove Drive is owned by convicted money launderer Su Haijin.
Spanning 18,740 sq ft, Su’s vacant land is up for EOI sale at a guide price of $23.65 million, with the closing date for bid submission on Nov 12 at 3pm. The Cypriot national was arrested in August 2023.
Two bungalows at 38 and 40 Ocean Drive are owned by Lin Baoying, and one bungalow at 13 Pearl Island is owned by her lover, Zhang Ruijin.
Lin’s bungalows, which sit on a 15,798 sq ft site, are up for EOI sale at a guide price of $22.8 million. The closing date for bid submission is Oct 29 at 3pm.
Zhang’s property is up for EOI sale at $15.68 million. The closing date for bid submission is Oct 15 at 3pm.
He also owned a Wallich Residence apartment sold at auction in September – the 185 sq m luxury four-bedroom apartment on the 61st floor went for $6.6 million.
Zhang and Lin were each sentenced to 15 months’ jail after they pleaded guilty in Singapore to money laundering and forgery charges.
Su and the couple are among 10 foreigners arrested in the probe, jailed and made to forfeit their cash and assets.
All 10 of them have since been deported after serving their sentences and are barred from re-entering Singapore.
Nouvel 18 and New Futura
The five apartments in Nouvel 18 up for auction range in size from 1,335 sq ft to 6,125 sq ft.
They include two-bedroom plus study, three-bedder, three-bedder plus study and four-bedroom units. Prices range from $2,939 per sq ft to $3,558 per sq ft.
Comprising two 36-storey residential blocks with a total of 156 units, Nouvel 18 includes eight sky gardens, which offer green sanctuaries within the high-rise development.
Located near Orchard MRT station, Nouvel 18 is also surrounded by educational institutions and embassies.
“Nouvel 18 offers an exceptional combination of exclusivity, greenery and convenience in the sought-after Ardmore Park enclave. With five units being offered at auction, buyers have multiple opportunities to secure a freehold residence within a development that offers privacy, comprehensive facilities and close proximity to Orchard Road,” Mok said.
At New Futura, the 2,691 sq ft four-bedroom apartment will be offered at a guide price of $9.8 million, or $3,642 psf.
The 124-unit development features six themed sky terraces, each offering a different range of facilities for residents. It is near Somerset MRT station and amenities in the River Valley and Orchard areas.
“New Futura combines space, privacy and connectivity in a highly sought-after District 9 location. Its limited number of residential units and spacious four-bedroom configuration make it an attractive proposition for buyers seeking a private home close to Orchard Road, while its freehold tenure adds further appeal,” Mok said.
“Source:[Up for auction: 6 luxury apartments in Ardmore Park, Leonie Hill linked to money laundering case] © Singapore Press Holdings Limited. Permission required for reproduction”
