The four-bedroom apartment on the 26th floor of the New Futura complex on Leonie Hill Road, which has a private elevator, received just one bid on Oct. 28, according to The Straits Times.

A guide price is an indicative asking price that helps buyers gauge a property’s expected sale value. For this condo the guide price was SGD9.8 million.

The unit was confiscated from the wife of Wang Bingang, one of 15 suspects who had agreed to surrender their assets to the state.

New Futura, Leonie Hill Road, Singapore. Photo via Google Maps/New Futura

The condo was the fifth property sold among 47 offered at auction since Sept. 17. The other four, luxury apartments at Wallich Residence and Martin Modern, fetched a combined SGD16.28 million, according to Channel News Asia.

More than half of the 80-plus properties seized during investigations by the Commercial Affairs Department have now been offered at auction.

However, only two of the three brokerages appointed by professional services firm Deloitte to liquidate the assets have secured sales.

Singapore police launched islandwide raids in August 2023, as part of a money laundering investigation, which resulted in the arrest of 10 foreigners. All 10 have since been convicted and deported.

At least 17 other suspects left the country, but among them, 15 agreed to surrender their assets.

During the investigation into the country's largest money laundering case, which is estimated to be SGD3 billion in size, police seized or took control of about SGD1.25 billion in assets other than cash, including cars, properties, art, watches, jewelry, gold bars, handbags and bottles of alcohol.

The government confiscated 207 properties, 77 vehicles, more than SGD1.45 billion held in bank accounts and more than SGD76 million in cash across various currencies.

Authorities also seized thousands of bottles of liquor and wine, more than SGD38 million worth of cryptocurrency, 68 gold bars, 483 luxury bags, 169 branded watches and 580 pieces of jewelry.