KUALA LUMPUR (Nov 4): Country Heights Holdings Bhd (KL:CHHB) has failed to attract bidders for a second land auction involving its properties, initiated by its creditors amid the group's ongoing loan defaults.
In its latest setback, Country Heights said in a bourse filing on Wednesday that a forced auction of a 667,147 sq ft leasehold land parcel in Petaling Jaya, owned by its subsidiary Mines Waterfront Business Park Sdn Bhd (In Liquidation), failed to attract bidders. The property had a reserve price of RM152.77 million and comprises completed office blocks, unsold units, unfinished buildings and vacant commercial land.
The auction was scheduled for Nov 4 at 9am via the e-Lelong platform and was initiated by MBSB Bank Bhd pursuant to an order for sale issued by the High Court of Malaya at Shah Alam.
This follows another unsuccessful attempt involving a separate 2.6ha freehold land parcel along Jalan Sinar Pagi in Kajang, which was put up for a forced electronic court auction by CGS International Capital Singapore Pte Ltd to recover a defaulted S$11.5 million (approximately RM35 million) loan. The e-Lelong was cancelled due to the absence of bidders.
The Kajang land auction was scheduled for Sept 21 at a reserve price of RM55 million, after an earlier attempt by Country Heights to sell the property in March 2025 for RM69.85 million also failed to attract buyers.
Country Heights' payment default involving MBSB Bank through Mines Waterfront Business Park dates back to Aug 18, 2023.
The group continues to face financial pressure, having recorded consecutive quarterly net losses and changed its financial year-end from June 30 to Dec 31.
Country Heights shares closed one sen or 7.69% higher at 14 sen on Wednesday, giving the group a market capitalisation of RM45.6 million.