Country Heights Holdings Bhd’s judicial auction of a commercial land parcel owned by its subsidiary, Country Heights Commercial Development Sdn Bhd has been cancelled after failing to attract any bidders.
The listed group which is facing financial issues said it received confirmation from its solicitors that the electronic auction (e-Lelong) had been cancelled due to the absence of bidders.
The property comprises approximately 6.41 acres (2.60 hectares) of commercial land in Bandar Country Heights, Ulu Langat, Selangor.
The reserve price for the property was set at RM55 million under the Proclamation of Sale.
Country Heights said no disposal took place following the unsuccessful auction.
The company added that the cancellation would not result in any immediate financial impact on the group, as the property remains unsold.
