June 16, 2024

Singapore’s Biggest Money Laundering Case Tests City’s Weak Property Market

A mass sale of prized real estate seized in Singapore’s biggest money-laundering case is set to provide a key test of demand for a niche part of the financial hub’s property market.

More than a dozen so-called shophouses, each worth millions of dollars, have been put on sale as the nation’s largest bank DBS Group Holdings Ltd. steps up efforts to reduce about S$100 million ($74 million) in exposure to the scandal, public listings show. At least five more marketed are linked to businesses that took loans from DBS, according to briefing materials and business filings seen by Bloomberg News.

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