Auction sales value jumps 72% to $24.1m on laundering-linked homes

The four seized properties fetched a combined $16.3m.

Gross sales value at property auctions rose 72.4% quarter on quarter to $24.1m in the third quarter (Q3) of 2026, lifted by the sale of four properties linked to the $3b money laundering case, according to Knight Frank.

The four properties fetched a combined $16.3m, making up two-thirds of the quarter’s total.

They comprised two 2-bedroom apartments at Martin Modern and two 4-bedroom apartments at Wallich Residence, all of which were sold below their respective opening bid prices.

Gross sales value was, however, still 12.0% lower year on year.

Auction listings rose 3.8% to 163 from 157 in Q2, comprising 77 mortgagee sales, 41 owner sales, and 45 other sales.

Only nine properties were sold, translating to a success rate of 5.5%. Apart from the four seized properties, two were mortgagee sales, one was an owner sale, and two were MCST sales.

The two mortgagee sales were a freehold 3-bedroom condominium at Ava Towers and a freehold 2-bedroom apartment at Hilltops.

Owner listings, in contrast, rose 28.1% to 41, but only one was sold: a freehold 1-bedroom apartment at Suites@Braddell, which went for $636,000, 1.3% above its opening price of $628,000.

The two MCST sales were a 3-bedroom unit at Orchid Park Condominium in Yishun and a ramp-up warehouse unit at The Westcom in Tuas South.

“The high-profile listings have drawn greater attention to property auctions, but buyers remain selective,” said Nicholas Keong, head of auction for residential and private office at Knight Frank.

“The results underline the importance of realistic pricing and each property’s location, condition and market appeal,” he added.

Knight Frank said the larger-than-usual crowds and media attention surrounding the seized properties were largely driven by curiosity, with bidding still anchored on each property’s fundamental value.

The firm expects the auction market to remain stable for the rest of 2026, supported by a steady stream of mortgagee and owner sales, though transaction volumes are likely to stay modest.

Auction success rates are projected to stay within 3% to 5% for the whole of 2026, against 4.3% in the first nine months of the year.

Knight Frank said buyers should not assume auctioned properties are automatically bargains, noting that even in a mortgagee sale, the lender has a duty to take reasonable care to obtain a proper market price.