Good news to all Malaysians! We will soon have the chance to bid in an online auction for properties.
by Stanley P, Carrybeans
To online shoppers out there: now you can add in one more website to your list! Soon, Malaysians will be able to bid for properties via an online property auction system called the e-Lelong.
According to a report by The Star, people living in Peninsular Malaysia can expect to start bidding by the middle of this year. However, Sabahans and Sarawakians may have to wait a little bit longer before we can start buying properties online.
“Sabah and Sarawak have a separate auction system. But we are looking into the possibility of integrating their system with ours,” said Datuk Seri Latifah Mohd Tahar, the Chief Registrar of the Federal Court.
So, what is e-Lelong?
e-Lelong is actually a pilot project conducted by the Kuantan Court Complex since June last year. The system handles real-time online public auction by the High Courts for immovable properties (such as houses). The current practice of bidding involves the bidder going to the court to auction and pay using bank drafts. However, this new system will help people to buy properties right in the comfort of their home and pay through online banking.
According to Latifah, the e-Lelong system 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.
Currently, only a handful of countries are using similar online property auction system, including China, India, and the United Arab Emirates.
But, can I trust the system?
We cannot blame you if you cannot trust the system just yet. After all, we’re talking big amount of money here! However, you can rest assured because the system is very safe.
“I would like to emphasise that e-Lelong was developed taking into account information technology security issues and based on guidelines from the Malaysian Administrative Modernisation and Management Planning Unit (MAMPU),” Chief Justice Md Raus Sharif said back in July 2017 during a press conference after launching the e-Lelong project.
Besides that, the system helps to make the whole auction process more transparent, convenient and efficient for the bidders. So, not only it will be safe, it also helps the whole bidding process to become more reliable and effective.
A step in the right direction
The system is certainly a welcomed improvement for our country. Latifah said that the system helps to save manpower and enhance the judicial delivery system.
By the looks of it, the system is heading in the right direction since it has already attracted buyers to bid for five properties in Pahang. On top of that, 77 properties have been registered since the pilot project started. So, if you are interested to know more, just head over to their website.
Are you looking forward to buy properties online? Share your thoughts with us in the comments below.
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