E-Lelong court auctions in all peninsular states by mid-2018

Latifah-e-lelongPETALING JAYA: Malaysia’s courts will be able to conduct property auctions online when the e-Lelong system is expanded to cover the whole of Peninsular Malaysia by the middle of the year.

The Star reported Federal Court chief registrar Latifah Mohd Tahar as saying that the system, which began as a pilot project at the Kuantan courts on June 1 last year, was gaining traction.

She said it had attracted buyers to bid for five properties in Pahang.

“Response has been promising, with 77 properties being registered since the pilot project took off,” she was quoted as saying.

She said when the online system was fully operational, all auctions by the courts would be done online.

“Previously, manual auctions required bidders to use bank drafts. But with e-Lelong, bidders will be using online banking,” she was quoted as saying.

Latifah also said the system would make bidding more transparent, convenient and efficient, while helping to save manpower and enhance the judicial delivery system.

“Sabah and Sarawak have a separate auction system. But we are looking into the possibility of integrating their system with ours,” she added.

According to The Star, countries with systems similar to e-Lelong, providing real-time public auction of immovable properties such as landed homes, included China, India and the United Arab Emirates.

It added that a report on e-Lelong’s performance would be presented to the cabinet next month by Minister in the Prime Minister’s Department Azalina Othman Said.

http://www.freemalaysiatoday.com/category/nation/2017/07/27/raus-e-lelong-can-prevent-price-manipulation/