What do I need to prepare/bring on Auction Day?

For Individual Buyers:

1. A bank draft/cashier's order equivalent to 5% or 10% of the fixed reserve price payable to respective bank, as stated in POS*
2. Identification card (I/C) together with a photocopy of I/C (both sides)
3. An authorisation/nomination letter (if you are bidding for someone's behalf)
4. Additional funds to pay difference between reserve price and successful bid price. (5% or 10% of the successful/additional bid price)

For Company buyers:

1. Company M&A (Certified true copy by Company Secretary)
2. Form 24 (Certified true copy by Company Secretary)
3. Form 49 (Certified true copy by Company Secretary)
4. Letter of authorization (with Letterhead and Company Stamp, signed by at least 1 Director)
5. Photocopy I/C of Directors
6. Identification card (I/C) together with photocopies of I/C (both sides) of person being authorised to bid for identification and registration purposes
7. A bank draft/cashier's order equivalent to 5% or 10% of the fixed reserve price in favour of respective bank
8. Additional funds to pay the difference between the deposit paid upon registration. (5% or 10% of the successful/additional bid price)

Note: A person who has not reached the age of 18 (minor) or Bankrupt shall not be permitted to participate for the auction bidding.
* POS Proclamation of Sale
* COS Conditions of Sale

What to note at the auction?

• Always check the specific amount requested and the Bank Drafts/Banker's Cheque are correctly payable.
• Unprepared and inattentiveness during call bids will make you lose a probable opportunity.
• Certainly do not bring personal or company cheques as Auction deposits.
• To be present earlier to avoid disappointment.
• It is important to listen to the auction proceeding very carefully to avoid unawareness.
• Observe the details provided are correct in the Contract of Sale before endorsement.

What should I know before coming to auction?

1. Obtain the Proclamation, condition and terms of sale from the auctioneer
2. Read and fully understand all the terms and conditions of sale
3. Conduct an official search on the parent title at the land office and/or other relevant authorities
4. Inspect the property
5. Verify pertinent particulars of the documents
6. Verify the postal address of property with developer
7. Check on the issuance of separate individual title with developer
8. Seek legal advice on the terms and conditions of sale herein
9. Make necessary enquires with the relevant authorities and the developer on the terms and conditions of the consent to the sale herein
10. The property is sold on 'as is where is' basis
11. Illustration in the advertisement or brochure of forthcoming sales is primarily for information and guidance on intending purchaser/s only