Ask for a copy of the Proclamation of Sale..any restrictions will be stated in the document.

Be careful  as a strata titled property  may be sold via private auction,where the chargee exercised their rights in the  power of attorney. Any restrictions will apply llike a normal sub sale.

i dont think you can settle in 120 days (working days???)
normal leasehold (non bumi) will take around 6 months.

Landed properties designated as Bumi lot can be sold to a non bumi if it is auctioned via High Court Order.

For strata titled units where titles are not issued, sale is thru private treaty..ie it's like a sub sale,all restrictions re transfer still applies. In TS's case, no, I'll not consider the unit in question.4% nett returns is NOT really attractive. Unless there's a huge capital upside potential, there are lots of capital  guaranteed investment opportunities available in the market with similar rate of returns.

For all auction cases, buyer must have contingency plans to pay bal of bid price in 120 days...come rain or sunshine. Possibility of delays due to complications is quite common. Otherwise, be prepared for 10% forfeiture.

Edit:due to critical omissions in original post. 

Normally bumi properties started from private auction and only bumiputras / putris are able to bid.

After a few auction, it will move to court auction.
During then anyone can buy.
On the legal document, it's still a bumi lot but a consent is given.

Now, a non-bumi bought it and the price will increase 40% to 50% following non-bumi market rate. If it's sold back to a bumi, it will return back to bumi status.