SINGAPORE: The days of pricey—think S$150,000 per month—renting out or even selling luxury mansions may have halted, at least for now, partly due to the largest money-laundering scandal in the country’s history. In August, police rounded up 10 foreign nationals, nine men and one woman, connected to a money-laundering case involving S$2.8 billion.
“The recent anti-money laundering blitz by the Singapore police force has tainted the luxury property market. It will take a while for the dust to settle and the market to forget this negative image of luxury real estate, The owners of this type of real estate are now thinking twice about selling or renting them out and are exercising a greater degree of due diligence after the money laundering crackdown from the police.