Country Heights land auction in Kajang scrapped as no bidders turn up

A forced auction of a six-acre commercial plot in Kajang owned by Country Heights Holdings was cancelled after no bidders came forward. The land, carrying a reserve price of RM55 million, was put up for sale under court order over an unpaid loan.

KUALA LUMPUR (Sept 22): A forced auction of Country Heights Holdings Bhd’s (KL:CHHB) land in Kajang, Selangor was cancelled due to absence of bidders.

Solicitors confirmed that the property, a piece of commercial land measuring about six acres, was not sold following the cancellation of the judicial auction via e-Lelong, the company said in an exchange filing on Tuesday.

The land in Jalan Sinar Pagi was put up for auction at a reserve price of RM55 million on Sept 21 under court order over an unpaid loan amid Country Heights’ financial struggles after reporting losses over the last seven quarters.

The land was a collateral for a S$11.5 million (about RM35 million) loan from CGS International Capital Singapore Pte Ltd, according to earlier filings. Country Heights tried in March 2025 to auction off the same plot of land for RM69.85 million, but was unsuccessful.

In the quarter ending Aug 31, the company posted a net loss of RM6.99 million on revenue of RM6.53 million. The company has changed its financial year-end from June 30 to Dec 31, extending its current financial period to 18 months.

Additionally, the company has defaulted on payments with MBSB Bank (KL:MBSB) through its indirect wholly owned subsidiary Mines Waterfront Business Park Sdn Bhd that date back to Aug 18, 2023.