If you've been watching Singapore's luxury property market and wondering whether there's ever a genuine entry point into prime districts without paying new launch premiums, the answer just arrived in a rather unusual form. Ten apartments at Martin Modern and Wallich Residence are heading to auction next week, and the circumstances behind these listings make this one of the more interesting buying opportunities I've seen come through the market in years.
According to reporting on the upcoming SRI auction, six apartments at Martin Modern in River Valley (District 9) and four at Wallich Residence in the CBD (District 2) will go under the hammer on September 23 at SRI's Great World City office. Guide prices run from $2.238 million to $6.78 million across the ten units.
The Martin Modern units span two, three, and four-bedroom configurations from 764 sq ft to 1,733 sq ft, with PSF starting at $2,874. Wallich Residence units are larger, from approximately 1,313 sq ft to 1,991 sq ft in three and four-bedroom layouts, with PSF from $3,347. These are prime Core Central Region addresses, and those PSF entry points are meaningfully below what you'd typically pay for a new launch in the same districts today, where comparable CCR projects are often asking $3,500 to $4,000 psf and above.
These properties are among more than 80 real estate assets forfeited in connection with Singapore's $3 billion money laundering case, which Deloitte Singapore has been appointed by the Singapore Police Force to manage and liquidate. The disposal is structured in phases running from September 2025 through mid-2027, with SRI, Edmund Tie & Company, and Knight Frank handling the property auctions. This is not a fire sale. It is a structured, institutionally managed disposal process designed to achieve fair market value.
In my view, the guide prices here represent a realistic market entry, not a steal. And that distinction matters. Deloitte is mandated to achieve fair value, not to dump assets. The phased approach they've taken is specifically designed to avoid flooding the market. So buyers who walk in expecting a 20% discount to market are going to be disappointed, and possibly outbid anyway once auction dynamics kick in.
Here's the thing most people miss about auctions like this: the guide price is a starting point, not a ceiling. High-profile auctions with media attention can see final transacted prices run 5 to 15 percent above guide if enough motivated buyers show up. I've watched this happen repeatedly in the market over 25 years. Your job going in is to know your ceiling based on your own valuation work against URA REALIS comparables, and not to chase the bidding beyond that number. Discipline wins at auction. Emotion costs you money.
What I think is genuinely interesting here is the first batch serving as a price discovery event for the remaining 70-plus properties in the pipeline. If these units transact at or above guide, it tells the whole market that CCR luxury demand remains firm even at $2,874 to $3,347 psf for secondary stock. If they pass, that's a different signal entirely. I'll be watching the September 23 results closely as a leading indicator for where CCR pricing sits in the second half of 2025.
If you're an HDB upgrader, I'll be direct with you: these are probably not the units you're looking for. The entry price of $2.238 million for a 764 sq ft two-bedder in District 9 is above the typical upgrader budget range, and that's before you factor in the 20% ABSD you'd face on a second residential property if you haven't sold your flat yet. At that price, ABSD alone is close to $450,000. The broader pool of 80-plus forfeited properties may include more accessible options in later tranches, so keep an eye on what comes to market over the next two years.
For private condo buyers looking at own occupation or CCR exposure, this auction is worth serious attention. Martin Modern's proximity to Great World MRT on the Thomson-East Coast Line and Wallich Residence's integration with Guoco Tower in the CBD are real, durable locational advantages. If you can get in at or near guide price and recent resale comparables in these projects are transacting at $3,000 to $3,300 psf, you're acquiring at a genuine discount. Do your due diligence on unit-specific details, check for any outstanding MCST arrears given these properties may have been vacant since the 2023 raids, and have your financing pre-approved before you walk in. Auctions are unconditional. There's no room for "subject to financing" once that hammer drops.
For investors, the yield math in CCR at these price points is tight. Gross rental yields on luxury condos in Districts 9 and 2 typically run 2.5 to 3.5 percent in current market conditions. If you're a foreigner, the 60 percent ABSD applied post-April 2023 makes the economics extremely difficult to justify on yield alone. Singaporean investors looking at a second property face 20 percent ABSD. The capital appreciation story is more compelling over a longer hold, but both Martin Modern and Wallich Residence are 99-year leaseholds, which caps the upside compared to freehold alternatives in the same districts. Go in with realistic return expectations.
This auction is a genuine opportunity for the right buyer, specifically someone who knows CCR property, has done their homework on comparable transactions, has financing sorted, and can bid with discipline rather than emotion. The broader 80-property pipeline running through mid-2027 also means this isn't a one-shot window. If September 23 doesn't work out for you, there will be more tranches. What I'd encourage you to do right now is get clear on your budget, run the stamp duty numbers for your specific profile, and benchmark the guide prices against recent REALIS data before you get anywhere near that auction room. If you want to talk through whether any of these units make sense for your situation, or if you want a second opinion on the numbers, reach out to me directly on WhatsApp at +65 97501055 or visit keithtanboonkee.com. I'm happy to walk through it with you before the hammer falls.
25 years experience · 1,000+ transactions · 4,379 TOP units managed
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