Four Gramercy Park residential units linked to money laundering case are for sale for $32 million
Completed in 2016, Gramercy Park is a 174-unit condominium complex in District 10, near the Orchard Road shopping area. (Photo: Huttons Asia)
A portfolio of four units in The Gramercy Parka luxury condominium on Grange Road, has been put up for sale through an expression of interest (EOI) for $32 million, according to a press release from Huttons Asia on June 25.
The portfolio is part of a collection of properties linked to the $3 billion money laundering case that have reportedly been put up for sale. Other properties on the market reportedly include units in South Beach Residential buildings on Beach Road and The Marq on Paterson Hill.
EdgeProp Buddy shows the latest transactions for Gramercy Park
The four units at Gramercy Park consist of two four-bedroom units on the 13th and 14th floors measuring 250 and 251 square feet respectively, and two three-bedroom units on the 21st and 22nd floors measuring 180 and 181 square feet respectively.
Read also: Singapore updates its money laundering risk assessment for the first time since 2014
A property title search revealed that the 13th-floor apartment for sale belonged to Su Baolin, one of 10 foreign nationals arrested and charged in connection with the case. Su, who bought the apartment in 2017, was sentenced to 14 months in prison in April.
The other three units belonged to three other people linked to the case – Su Jianhua, Su Lihong and Su Shuiming.
URA’s reservations show that Su Jianhua bought the 2,680-square-foot, four-bedroom apartment on the 14th floor for $9.05 million ($2,680 per square foot) in April 2022. Su Lihong bought the 1,959-square-foot, three-bedroom apartment on the 21st floor for $6.37 million ($3,253 per square foot) in February 2018.
The 184-square-metre, three-bedroom apartment on the 22nd floor was also bought by Su Shuiming in February 2018 for $6.43 million ($3,298 per square foot). He has reportedly fled Singapore since 2023, shortly after the anti-money laundering blitz began last August.
“The units can be purchased as a portfolio or individually,” says Jeremy Lim, Executive Group District Director at Huttons Asia, who is marketing the units.
Prices for the four-bedroom units start at $9 million, while the three-bedroom units start at $7 million each, equating to $3,344 to $3,593 per square foot.
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The last unit in Gramercy Park to change hands sold in April 2023. The 2,207-square-foot, three-bedroom unit fetched $8 million, or $3,625 per square foot.
Completed in 2016, the 174-unit Gramercy Park is a condominium complex located in District 10, near the Orchard Road shopping district. Great world city Mall and Tanglin Shopping CentreIt is a short walk to Orchard Boulevard MRT station.
Lee Sze Teck, senior director of data analytics at Huttons Asia, believes the units could be attractive to buyers as they are larger compared to most current developments in the area. “Buyers looking for large units will be attracted to this luxury project,” he says.
The EOI for the Gramercy Park units ends on July 9 at 3:00 p.m.
Check out the latest offers for The Gramercy Park Characteristics
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