More than 80 properties and over 1,000 luxury accessories seized in the country’s largest laundering case will be put up for sale in phases between September and mid-2027, with the exact number at each stage still being finalised, consulting firm Deloitte said in a statement on Saturday.
It was earlier reported Deloitte had approached multiple property brokers about plans for selling the properties, citing people familiar with the matter.
The sales are the next step in the major $3 billion laundering case involving criminals from China’s southern Fujian province. Before some members were arrested in raids by Singapore authorities in 2023, the criminals had set up family offices, bought luxury assets and lived lavishly in the city.
Authorities had seized more than 200 properties, many situated in prime locations like Orchard Road and Sentosa. They have already begun liquidating some of the assets, including cars and some residential and commercial assets.
Deloitte’s Singapore unit was appointed last year to oversee the liquidation. Selected properties will be offered for sale outside of the auction process via an expression of interest process, Deloitte said in the statement on Saturday. The luxury items that will be auctioned include jewelry, watches and handbags, it said.
A 15.02-carat fancy yellow diamond ring with an estimated value of at least $200,000 and a Louis Vuitton Yayoi Kusama-themed pumpkin handbag are among assets Hotlotz will offer from the trove in September, the auction house said in a statement on Saturday.
Subsequent rounds will include dedicated auctions of Hermès handbags and luxury watches from makers like Patek Philippe and Rolex, Hotlotz said.
While Singapore’s luxury property sector and broader private residential market have continued to rise, certain properties have been sold at steep discounts compared with the inflated prices paid by members of the illicit group.
Several of the asset sales have been driven by banks that gave loans to the group. One notable property involving a sea-facing plot on Sentosa was eventually sold to a local buyer for about $22 million – nearly half of its original purchase price. BLOOMBERG
