Auction house introduces ‘hybrid auction’ for properties

Posted on: 2017-12-28


KUALA LUMPUR (Dec 28): Ng Chan Mau & Co Sdn Bhd is believed to be the first to conduct a “hybrid property auction”, which combines manual bidding with online bidding of auction properties.

“This is the first hybrid auction that we’ve done. Basically, there are two channels for bidders to bid — online and manual.

“For today’s auction carried out for our client Malayan Banking Bhd, we have 25 bidders from both online and offline. More than half of bid online especially bidders from East Malaysia,” said Ng Chan Mau & Co business director Low Chee Hian at the launch of the hybrid auction today.

“We are in line with the Federal Court of Malaysia’s e-Lelong initiative. As a private auctioneer, we sell foreclosure properties for the bank. We hope to bring more value to potential bidders and raise awareness [on online bidding] through digital marketing. Bidders can now bid from wherever they are,” he said.



On July 27, the Chief Registrar’s Office of the Federal Court of Malaysia had launched a pilot online property auction platform e-Lelong for court auctions of immovable properties in Kuantan, Pahang.

The implementation of the online system will be expanded to other 14 locations of the High Court in Peninsular Malaysia, later.

Moving forward, Low said Ng Chan Mau & Co’s clients — banks, liquidators and asset owners — will be able to auction their properties through online bidding, manual bidding or both as in the hybrid auction.

He added that the market will eventually be ready for a full online auction.

To prepare e-bidders for an online auction or hybrid auction, Low said the auctioneer encourages bidders to familiarise themselves with a demo bidding system before the actual auction session.

“Our customer service team will also send out reminders in the form of WhatsApp, SMS and phone calls to the bidders a day, an hour and 15 minutes before the auction starts.

“Bidders who are not comfortable to bid manually can now bid online from the comfort of their homes,” he said.

So far this year, Low said Ng Chan Mau & Co has auctioned close to 3,000 properties worth about RM1 billion in value, the majority of which are residential properties.


Share:

Source From: The Edge

Other News & Articles


Contactless Property Transactions The New Norm Now

There’s a saying that goes, “every dark cloud has a silver lining”. In the case of the Covid-19 pandemic, it can be said that the silver lining is that the digitalisation of various...

Posted on: 2021-04-06

Brighter Second-Half Property Market Outlook

Local developers are more optimistic about the outlook of the property market in the second half (H2) of 2021 than the first six months of the year, on the expectation that an impending...

Posted on: 2021-04-06

Property Market Displaying Signs of Resilience, Despite The Current High Covid-19 Cases

The property market is displaying signs of resilience, despite the current high number of Covid-19 cases and extended Movement Control Order (MCO 2.0) until March 4, 2021...

Posted on: 2021-04-05