Luxury properties seized in $3b money laundering case fail to sell at auction

A two-bedroom plus study apartment at Gramercy Park drew the keenest bidding among seven properties seized in connection with Singapore’s $3 billion money laundering case, but failed to sell under the hammer on Thursday (Sept 17).All seven properties — four apartments at Gramercy Park, two at Sloane Residences and an office unit at Suntec Tower One — were withdrawn after failing to meet their reserve prices, which were not disclosed.The Knight Frank auction at Ocean Financial Centre drew 65 attendees, including 30 registered bidders. The rest were walk-ins.The room was packed, with some attendees standing at the back.Tan Tee Khoon, head of auctions and sales at Knight Frank Singapore, said that it was not uncommon for properties to be withdrawn at an auction despite a sizeable turnout, as some attendees might merely be curious observers.Bidding was most active for unit #21-07 at Gramercy Park. The fully furnished, freehold apartment spans 1,292 sq ft and comprises two bedrooms and a study.It had an opening price of $3.82 million, or $2,957 per sq ft (psf).