Attracted 10 bidders.
Sold at 1.84M, higher than last month reserve price.

This is how you win a lelong unit in style when you literally got unlimited budget.
No ceiling / cap limit for him.

Strata title issued. Vacant unit.
P-02-07, 2nd Floor, Seri Maya Condominium (Phase 1)
Reserve price 🔥🔥RM422,820🔥🔥
1179 sqft, 1 Car park
Freehold

Video of the bid:




p/s: Last month reserve price was 488k. Go ask him why last month didnt bid and able to win without challenge.

No bidder yet again. New price as below.
For bumi only.

C1-11-5, Block C1, Cyberia Smarthomes
Reserve price 🔥🔥RM266,900🔥🔥
2266 sqft
Freehold
Auction: 21-Dec-2018 (Fri)
*Unit occupied by tenant.

double post

Affordable homes now slowly entering the lelong market.
Investors not qualify to apply RUMAHWIP, RUMAH SELANGORKU, PR1MA, PPA1M? Need to find proxy, use other ppl name to apply?
Now worry no more. You can legally collect stock up those affordable houses via the lelong market. All under your name.

A-21-16, Residensi Pandanmas (RUMAHWIP)
Reserve price: 🔥🔥RM 280,000🔥🔥
Leasehold
850 sqft (no balcony unit), 1 car park
Auction : 13-Dec-18 (Thursday)




C-33A-07, Block C, Residensi Pandanmas 2 (RUMAHWIP)
Reserve price 🔥🔥RM350,000🔥🔥
900 sqft
Facing swimming pool & pandanmas 1 block
Leasehold
Auction: 21-Dec-2018 (Fri)




A2-17-03, Residensi PR1MA Alam Damai
Reserve price 🔥🔥RM 390,000🔥🔥
Leasehold
995 sqft
Auction: 28-Dec-2018 (Fri)





A-06-23A, 6th Floor, Block A, Masreca 19 (RUMAH SELANGORKU)
Reserve price 🔥🔥RM 290,000🔥🔥
850 sqft
Freehold
Auction: 28-Dec-2018 (Fri)





B-3A-10, Pangsapuri Asteria, Bandar Parklands (RUMAH SELANGORKU)
Reserve price 🔥🔥RM 207,000🔥🔥
Freehold
850 sqft
Auction: 19-Dec-2018 (Wed)



......more to come.

This post has been edited by AskarPerang: Dec 10 2018, 11:12 AM

Nope. Anyone can buy from auction.
But if the unit is a bumi lot, will still follow bumi quota.

This is the only available loophole investors can collect low cost property in their portfolio. And they are willing to bid above market price in lelong.
Now RUMAHWIP, RUMAH SELANGORKU, PR1MA, PPA1M will join this loophole.
Coz under normal subsale, they are not qualify to buy.

Future reselling of the property back again got no info. Need to check with local authority.
Bank just want to recover back their loss.

1. bumi lot lelong. only bumi buyer can buy.
2. future reselling of the property back again got no info. need to check with local authority.

Leasehold property,
depending auction conducted where:

NON LACA (high court / land office)
meaning individual strata title completed.
non bumi can buy from bumi owner (non bumi lot unit).

LACA (public auction)
meaning still under master title or individual strata title yet to complete (beware the need to do double transfer)
depend on the developer. need to check with developer.
coz developer hold the title.
developer can still convert bumi owner unit into bumi lot if they suddenly oversell the project to non bumi and fail to meet the bumi quota.
for some project, maybe developer already paid up the penalty to the authority. meaning majority units already being converted into open unit. no longer got bumi quota.
So conclusion, only developer holds the answer to your question if the lelong unit fall under this case.

I would say is the same like chasing out your non-paying-rental-tenant.
No experience going through legal court process yet. As I would say is just easy to deal direct with the owner/tenant occupying the house.
Unless you really face such case keras kepala (stubborn to the max ppl) example as below:

As i mention earlier, is the same chasing out non-paying-rent-tenant and chasing out ex-owner still occupying the house.
The legal process is the same.

There are some service apartment (commercial land title, water under the management control) imposing water cut & access card blocking to units with outstanding of xxx amount.
Never heard of any cases / report of the management body being sued yet by doing such action.

My example clearly stated water for service apartment under the management control.
Yes notice or warning will be served to the unit of course before hand to settle the outstanding bill.

Please you are talking about other stuff here.
Please read back first the point of discussion, which is regarding this statement:
and knowingly terminate the utilities when there are people in the premises will only attract more lawsuits from either previious owner or tenant.

and my question:
There are some service apartment (commercial land title, water under the management control) imposing water cut & access card blocking to units with outstanding of xxx amount.
Never heard of any cases / report of the management body being sued yet by doing such action.

and I added:
My example clearly stated water for service apartment under the management control.
Yes notice or warning will be served to the unit of course before hand to settle the outstanding bill.

In conclusion as mention above, some service apartment imposing this strict method. Yes they are the utility company in this context here as water is under their control.

Outstanding bill/ notice of course being issued out to all units as usual.
Yes units still with occupants residing inside.
Warning of water disconnect and access card barring on XX date will be posted in the lift / notice board.

So yes to your question. Water will be cut even with ppl inside.
Usually reconnection /reactivate will be charged as well.
Some if rented out their units. Tenant pay water bill promptly but still water will be cut coz the landlord didnt settle the maintenance fees.

However didnt heard of any cases that any management got sue by doing that yet.

That's why my example is true genuine few service apartment practising cutting access of water and barring access card of residents. Yes ppl still staying inside.

So far no case being sued towards the management by doing that.

I would say current trend is getting virgin condition newly completed unit at maybe 30% or more below 4-5 years ago launching price.

Some lelong unit from project 2 years or more after completion, you can still get such virgin unit. Just need effort to find.

Very likely both units will not have any bidder.
December end of year is dry season. Less ppl interested in hunting for houses.
Go holidays / prepare next year early year commitment etc.

Another 10% drop and re-auction next year time only will attract many bidders coz is too cheap. Price gonna end up higher than this current price. Haha.
Plenty of such cases. Ppl never learn.

30% off SPA launch price? Is not a good benchmark maybe coz some projects come with huge rebate/cash back.
Better benchmark is against subsale market price with solid number of transactions recorded.

Here an example which is also a real case example (still active unit):
OUG parklane subsale around 360k to 380k today.
A check on brickz confirm that plenty of transactions recorded throughout the year.

Lelong unit available now at 256k only which is 30% below subsale asking price. Of course is a good catch if the unit is still brand new condition as per your statement and able to grab at reserve price.

p/s: is not a brand new condition unit.
p/s: is a bumi lot.

Very certain will have no subsale transaction yet.
Both newly completed property.

Or just visit different-different branch. They got no SOP.