A 6.41-acre freehold commercial property owned by a wholly owned subsidiary of Country Heights Holdings Bhd (CHHB) is scheduled for judicial auction on Sept 21, 2026, with a reserve price of RM55 million.
CHHB said it became aware on Sept 9 of an advertisement relating to the judicial auction of the property owned by Country Heights Commercial Development Sdn Bhd (CHCD).
The auction stems from enforcement proceedings in the High Court of Malaya at Shah Alam involving CGS International Capital Singapore Pte Ltd as plaintiff and CHCD as defendant.
The property, located at Jalan Sinar Pagi, Country Heights in Kajang, Selangor, comprises approximately 2.5957 hectares, or 6.4141 acres, of freehold commercial land.
Pursuant to High Court orders dated Nov 19, 2024 and July 21, 2026, the property is scheduled to be sold through an electronic public auction at 9am on Sept 21.
This will not be the first attempt to auction the property. It was previously offered for public auction on March 25, 2025 at a reserve price of RM69.85 million, but the auction was unsuccessful.
The latest RM55 million reserve price is RM14.85 million, or 21.26%, lower than the previous reserve price.
CHHB said the property had been charged in favour of CGS-CIMB Capital Pte Ltd as security for a S$11.5 million term loan facility, equivalent to RM35 million based on an exchange rate of S$1 to RM3.05, granted to CHHB.
Following enforcement proceedings by the lender, the High Court granted an order for the property’s sale by public auction.
The property has a carrying value of approximately RM33.5 million based on CHCD’s latest available financial statements.
CHHB said the eventual financial impact cannot yet be determined because the auction has not taken place and the final sale consideration is therefore unknown.
Based on the RM55 million reserve price, the highest applicable percentage ratio under Bursa Malaysia’s Main Market Listing Requirements is approximately 9.46%.
The company said the scheduled auction is not expected to have an immediate material impact on the group’s day-to-day operations, apart from the potential loss of ownership of the property should the auction be successfully completed.
