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A. Here are some guidelines with respect to buying an auction property:-
1. You can begin with searching for an auction properties that interest you.
2. You may wish to visit the property for its external conditions.
3. You are also advised to conduct an official search on the title at the relevant Land Office and/ or other relevant authorities.
4. You have to register for the Auction Bidding process (please see Documents required for Auction on further details).
5. You should review all information in the Proclamation of Sale and Conditions of Sale
6. Get ready for Auction – please do take note and prepare in advance the compulsory documents to prepare for the bidding.
Successful bidding – upon successful bidding, you have to sign contract during auction and proceed with Property Ownership Transfer & Balance Purchase Price settlement.
Unsuccessful bidding – collect the returned bank draft

B. What documentations are required on Auctiona Day?
As individual buyer:

A bank draft/ cashier’s order equivalent to 5% or 10% of the fix reserve price payable to respective bank, as stated in the Proclamation of Sale.

Identification card (I/C) for identification and registration.

An authorisation/ nomination letter (if you are bidding for someone’s behalf).

Additional funds (cash/ credit card) to pay the difference between the reserve price and successful bid price (5% or 10% of the successful/ additional bid price).

As a corporate buyer:

Company M&A (Certified true copy by Company Secretary).

Form 24 (Certified true copy by Company Secretary).

Form 49 (Certified true copy by Company Secretary).

Letter of authorisation printed on Company’s letterhead and sealed with Company’s stamp, signed by at least one (1) director.

Photocopy I/C of director(s).

I/C together with photocopies of I/C of the person being authorised to bid for identification and registration purposes.

A bank draft/ cashier’s order equivalent to 5% or 10% of the fixed reserve price in favour of the respective bank.

Additional funds (cash/ credit card) to pay the difference between the reserve price and successful bid price (5% or 10% of the successful/ additional bid price).

C. What are the standard documents required to apply for property financing/ loan?
As individual buyer:

I/C of applicant(s)

Latest 3 months salary slips

Latest 2 years income tax form/ EPF statements

Contract of sale

Confirmation letter from your latest employer

Latest supporting bank statements (3 to 6 months)

As a corporate buyer:

I/C of applicant(s)

Latest company bank statements (6 months)

Form 24/49/D

Company profile/ M&A

Valid license

Contract of sale