Regional Watch: Singapore Auctions Off Seized Luxury Condo Units from $2.2 Billion Laundering Case
No Philippine property headlines today, so here's what's happening elsewhere in the region
Written by PropVela Editorial TeamPublished 1 min read
No major Philippine property news broke today, so here's a look at what's moving in the wider region:
Singapore Auctions Seized Luxury Units from $2.2 Billion Laundering Case
Four of the 20 properties seized in Singapore's sprawling S$2.2 billion money-laundering investigation have now been sold at auction, fetching a combined S$12.7 million (roughly US$16.3 million). The batch included two units at the upscale Martin Modern development and two more at Wallich Residence, among Singapore's priciest addresses. The report also ties the case back to earlier regulatory action, noting that Singapore's Accounting & Corporate Regulatory Authority had previously stripped a business consultancy and its director of their registrations over breaches of anti-money-laundering, counter-terrorism-financing, and customer due diligence rules. According to Caproasia, the remaining seized properties are expected to be auctioned in due course.