Hardly any buyers for Singapore luxury condos seized in money-laundering case

AI Summary

Seven luxury properties in Singapore seized in a major money-laundering case were put up for auction, but an upscale Gramercy Park condominium unit attracted no bids. The properties' opening prices totaled more than S$43 million, highlighting weak buyer interest in the seized assets.

The first apartment came up for auction and nobody moved. More than 60 people crowded into a room in Singapore to watch seven properties seized in one of the world’s biggest money-laundering cases go under the hammer. Their opening prices totalled more than S$43 million (US$33.6 million). But when bidding began for a luxury unit at Gramercy Park, an upscale condominium near the city state’s Orchard Road shopping district, not a single hand went up. Next came a 2,658 sq ft (247 square metres)...