All seven seized luxury and office properties listed in a September 2026 Knight Frank auction tied to Singapore's S$2.2 billion money laundering case failed to sell, with bids coming in below reserve prices.
The unsold properties included four apartments at Gramercy Park, two apartments at Sloane Residences and one office unit at Suntec Tower One. The auction was part of a long process of disposing of the enormous asset pile confiscated in Singapore's biggest money laundering investigation, which saw ten individuals convicted and over S$2.2 billion in assets seized.
In August 2026, court-appointed liquidator Deloitte announced the sale of more than 80 properties and over 1,000 luxury items through auctions run by Singapore auction house Hotlotz, scheduled from September 2026 to May 2027. The initial luxury lots include goods from Chanel, Louis Vuitton, Christian Dior, Graff, Bulgari, Van Cleef & Arpels, Patek Philippe, Richard Mille and Rolex, a catalogue that reads like a roll call of the high life the convicted money launderers enjoyed in Singapore.
The case continues to sprawl across borders. In August 2026, the UK's National Crime Agency froze 16 London properties valued at S$33 million belonging to fugitive Xu Haika, who has no UK bank accounts or salary to support such purchases. In November 2025, two fugitives, Su Binghai and Xu Haika, were reported to have bought S$70 million of UK properties in 2023 after fleeing Singapore, and UK authorities seized S$16 million worth of dinosaur bones, including two Allosauruses and a Stegosaurus, along with nine apartments and a Chinese art collection from Su Binghai and his company.
Back in Singapore, the net continues to close on the professional enablers. In July 2026, a Singapore court sentenced LW Business Consultancy director Wang Junjie, a 43-year-old Singapore citizen, to eight months in jail and disqualified him as a company director for five years for forgery and conspiracy to cheat the tax authority IRAS. The Accounting and Corporate Regulatory Authority had earlier cancelled the registrations of his consultancy, with Wang holding directorships, secretarial and shareholder roles in 185 firms, a scale of corporate services provision that authorities say typified how the laundering network embedded itself in Singapore's financial system. The failed Knight Frank auction has prompted uncomfortable questions about the disposal strategy. Seven properties, four apartments at Gramercy Park, two at Sloane Residences and an office unit at Suntec Tower One, drew bids below their reserve prices, suggesting that buyers are either waiting for distressed pricing or wary of the stigma attached to seized assets. Market watchers note that luxury property in Singapore has softened, and the overhang of dozens more seized properties hitting the market through the Hotlotz auctions could weigh further on prices in the prime segment. Meanwhile the cross-border chase continues. The UK National Crime Agency's freezing of Xu Haika's 16 London properties, bought with no visible legitimate income, and the earlier seizure of Su Binghai's dinosaur fossils and art collection, show how the fugitives tried to park wealth in trophy assets abroad. For Singapore, the S$2.2 billion case remains the defining scandal of its anti-money laundering regime, the one that forced a wholesale tightening of rules for banks, property agents and corporate service providers.