Bank Negara Malaysia’s 25 basis points reduction of its Overnight Policy Rate from 2.75% to 2.50% is seen as a factor which has boosted the interest of investors in properties, said Low Chee Hian, Business Director at Ng Chan Mau & Co Sdn Bhd.
The New Straits Times citing auctioneer Ng Chan Mau & Co Sdn Bhd notes that the auction market of Malaysia is booming as properties are being offered below-market prices.
“Auctions can boost property demand as people opt for cost-savings purchases amid tough market,” added Low.
Check out this complete guide on the Malaysian auction market and learn how to be a pro at it!
Aside from this, auction also provides access to products information for bidders while advancing a straightforward transfer of ownership.
Newbies to the auction industry, however, were advised to be cautious to contact and obtain accurate information only from reputable auctioneers in order to avoid any misfortune.
Ng Chan expected that RM11 million sales to be generated within two hours from the commencement of the RHB Bank Mega Auction Fair on 12 March, with the bulk of such sales contributed by properties (RM10 million) and vehicles (RM1 million).
“We have 130 mixed-properties priced up to RM1 million and 80 cars priced between RM20,000 and RM80,000 were put on auction,” shared Low.
Be sure to read what are the pros and cons of buying an auction property here!
By making the reserve price fall too low, Low expects the auction to attract more bidders to increase their biddings.
“The auction is held at market value and subsequently prices can be reduced if there is no successful bidders or takers,” he said.
Bidders can also enjoy 30% savings, subject to take up rates, aside from immediate change of ownership upon “fall-of-hammer” once their sales were concluded.
The concept of hybrid auction allows bidders to pay auction deposit online via FPX (Internet-based payment gateway), paving way for real-time payments for online purchases and online bidding from any location.
A total of 150 onsite bidders and 50 e-bidders are participating at Ng Chan’s Hybrid Auction fair for both properties and vehicles.
Ng Chan arranges between 15 and 20 auction fairs every month at its headquarters, with support coming from the banks and bidder support centres in Penang and Johor.
Check out these latest project reviews today! Or read our helpful Guides to learn all about the various property buying, selling and renting tips!
