Fancy that house on auction? Bid for it online

Written by: J.R. | 11 Feb 2018 13:20
e-Lelong will also enable automatic bidding for users if they are unable to bid on the spot. Pic Propertyguru
Written by:
11 Feb 2018 13:20

Want to bid for auctioned properties but you are located too far away to attend the bidding process in court? 

Then do it online. 

Yes, you read that right as Malaysia will soon be among the first few countries in the world to have online property auctions conducted by its courts.

By the middle of this year, the e-Lelong system – currently a pilot project at the Kuan­tan Court Com­plex – will be expanded to cover the whole of Peninsular Malaysia, The Sunday Star reported today, 

'e-Lelong', implemented in Kuan­tan since June 1 last year, is a real-time online public auction of im­­mo­vable properties such as landed homes.

Plans are also being considered to widen it to Sabah and Sarawak too.

“Sabah and Sarawak have a separate auction system. But we are looking into the possibility of integrating their system with ours,” Chief Registrar of the Federal Court Datuk Seri Latifah Mohd Tahar told Sunday Star.

With e-Lelong, those interested in bidding for properties can do so online instead of showing up in court to bid, which is the current practice.

Other countries with similar online property auction systems include China, India and the United Arab Emirates.

In July last year, it was reported that e­-­Lelong would be rolled out to other states once the pilot project in Kuantan had been evaluated. 

So far, Latifah said the system was gaining traction, attracting buyers to bid for five pro­perties in Pahang.

“Response has been promising, with 77 properties being registered since the pilot project took off.

“When it is fully operational, everything will be done online,” she said.

A report on the system’s performance will be presented to the Cabinet next month by Minister in the Prime Minister’s Department Datuk Seri Azalina Othman Said for approval to expand e-Lelong to the rest of Peninsular Malaysia.

While there are 14 High Courts throughout Peninsular Malaysia, the system will be centralised and coordinated from the e-Lelong Operations Centre in Kuantan.

Latifah said the system would make bidding more transparent, convenient and efficient for bidders and three online auctions will be held in a day – at 9am, 11am and 2.30pm.

“e-Lelong will also enable automatic bidding for users if they are unable to bid on the spot.

“The system will bid for the pro­perty on behalf of the user, subject to the maximum price cap they have set for themselves,” she said.

For more information on e-­Lelong, click here.

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