Do property auctions deliver bargains? Four condo units linked to Singapore's $3 billion money-laundering case, sold at a public auction on 23 September, suggest not, or at least not reliably. The four went for $16.28 million between them, at prices close to what the market had been paying in the same buildings.
What sold, and for how much
Martin Modern, two units of 764 sq ft: $2.12 million (about $2,775 psf) and $2.08 million (about $2,723 psf).
Wallich Residence, a 1,658 sq ft unit for $5.48 million (about $3,305 psf) and a 1,991 sq ft unit for $6.6 million (about $3,315 psf).
EdgeProp's analysis compared each with recent sales in the same project, adjusted for floor level. One Martin Modern unit sold about 4.4 per cent below comparable sales; the other was in line. The Wallich Residence units came in between about 1.5 and 11 per cent below, depending on which earlier sale you compare against. They were 4 of the 19 units linked to the case.
What Roov's records say
Roov's URA records give the same picture. Over 2025 and 2026, Martin Modern resales have had a median of $2,792 psf across 54 sales; the two auction units sold within about 2.5 per cent of it. Wallich Residence's 11 resales over the same period had a median of $3,213 psf; the two auction units sold slightly above that median, because they were large units on high floors, where psf runs higher.
In other words, the auction found the market price. It did not undercut it.
Why auctions rarely come cheap
A public auction brings buyers together in one room with a reserve price set from a valuation. When a property is good and the market is firm, competition pushes the price to market level, sometimes above. Discounts show up mainly when there are few bidders, the property has a problem, or the seller must sell, as in some mortgagee sales. Mortgagee-sale listings were at a six-year high in the first half, but a high listing count is not the same as cheap sales.
If you are thinking of bidding
Have your financing settled before you raise your hand. A winning bid is binding: you pay a deposit on the spot, usually 10 per cent, and completion follows within weeks, with no option period to change your mind. The affordability calculator and our guide to how much you can borrow show what you can finance; a bank's valuation below your bid means the difference is paid in cash.
Know the market price before the day. The valuation tool and the market analysis show what the project has actually sold for, by size and floor.
Buy as it is. Auction properties come without a seller's assurances, so inspect what you can and read the conditions of sale. Our piece on condo defects that appear years later explains what a buyer inherits. Stamp duty applies as on any purchase; the stamp duty calculator works it out.
For owners under pressure from a rising loan, we covered what to do if you lose your job with a home loan; selling on your own terms usually beats a forced sale.
Thinking of bidding at an auction, or pricing a property you need to sell? Roov's agent can pull the project's recent sales and tell you what a realistic price is. Get in touch.