Property under the hammer

About 100 pieces of property worth RM22mil will be put on sale during the grand auction at this year’s The Star Property & Home Fair 2007.

Henry Butcher Malaysia (Penang) Sdn Bhd legal and corporate manager Helen Tan said there would be a private auction by property owners as well as a bank auction on foreclosures.

Among the favourites on the list are a 2,365sq ft double-storey semi-detached house in Jalan Lembah Permai, Tanjung Bungah, at a reserve price of RM700,000, a 7,000sq ft single-storey detached house in Lorong Geh Chong Keat, Tanjung Bungah, at a reserve price of RM1.25mil, and a 2,300sq ft double-storey semi-detached house in Jalan Sungai Emas at a reserve price of RM620,000.

There is also a three-storey shop house in Jalan Rumbia near Kompleks Bukit Jambul with a built-up area of about 2,600sq ft at a reserve price of RM888,000, and a two-storey shop house with an area of about 1,577sq ft in Jalan Zainal Abidin at a reserve price of RM460,000.

Tan said the private auction allowed property to be sold free from encumbrances.

All outgoings, including service charges, quit rent, assessment and bills, will be fully paid by the seller. The buyer can also view the property before buying. 

The bank auction will be from 10am on Saturday, and the private auction from 11am on Sunday. 

Potential bidders have to register before the auction, and they are required to bring along a bank draft for 10% of the reserve price for registration.