Friday, 28 March 2008

PUBLIC AUCTION SALES

Thinking of buying properties for investment or self occupancy? Why not look into properties put up for public auction sales? There are chances that the values of the properties are cheaper than market prices especially those that have been put up for auction sales for more than two times.

Just yesterday morning from 10.00am to 11.00am, there were four properties auctioned by Mega Auction House at 1st Floor, Bangunan 1120, Sunny Garden, Mile 1.5, Jalan Tuaran, Kota Kinabalu, Sabah. One of the properties had been successfully bid and sold at the drop of the hammer while the other three properties has no bidders therefore the sales were not successful. Here are the properties concerned:

1. A 3-room 1st floor corner apartment unit at City Apartments, Off Jalan Bantayan-Minitod, Inanam, Kota Kinabalu, Sabah. The floor area is more or less 705 square feet. The reserve price was RM108,000.00 while the estimated market value : RM120,000.00;


2. A 2-room ground floor intermediate apartment unit at Melinsung Summer Bay Apartment Phase B, Papar. The floor area is 440 square feet. The reserve price was RM44,000.00 while the estimated market value: RM67,000.00;
3. A double-storey intermediate terraced house at Taman Kuala Menggatal Phase 2, Off Jalan Sepangar, Menggatal, Sabah. The reserve price was RM63,000.00 while the estimated market value:RM70,000.00 (This property had successfully been sold through auction);


4. A 2-room ground floor intermediate apartment unit at Melinsung Summer Bay Apartment Phase B, Papar. The floor area is 440 square feet. The reserve price was RM78,000.00 while the estimated market value : RM78,000.00;

As quoted by the "Home Finder" magazine on its July - September 2006 issues with regards to auction sales as saying that "There is a very high chance of succeeding in buying the property that you want at a bargain price as the reserve price of the property can often be below the current market price once it has gone through a few rounds of auctions and especially when you are the sole bidder for the property".
There are possibilities that the above three properties would be auctioned again in the near future with a reduction in reserve prices. The advertisement of the Proclamation of Sale for any public auction sales by Mega Auction House will be published in the New Sabah Times from time to time. So interested buyers please look out for the forthcoming GRAND auction sale advertisements and give yourself a chance to save on thousands of Ringgit on investment in properties.

2 comments:

  1. m looking for a house. Would like to know more, is the procedure lengthy?? Can we see the house condition first before anything happen??

    ReplyDelete
  2. Hi Kelly

    All the properties for auction are in KK. Are you interest to invest in KK? The procedure is not as lengthy as most people thought. Interested bidder would only be able to view the exterior of the house in most cases.

    ReplyDelete

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