As the saying goes: “not all that glitters is gold”. But, netizens are now wondering if they’ve missed a trick after this piece of land in Cameron Highlands owned by Tan Sri Lee Kim Yew (李金友) was allegedly sold for RM60.02 million during an auction.
Needless to say, the odd occurrence has rung many bells. While there is no denying that land is already very expensive, the vast increase from the land’s reserve price to its final one has netizens speculating on its value and what exactly makes this land so worthwhile to own.
The news was first spread online on Facebook earlier today (25th March). Netizens were quick to report that a piece of land in Cameron Highlands measuring a total of 5.29 acres had been sold for RM60.02 million, 32 times its reserve price of RM1.85 million. It has since been deemed the highest bid in auction history, which has amazed many.
It has also left netizens wondering if there was anything particularly valuable about the land. “Cameron Highlands is prime land!” one exclaimed. “Or, is there gold here?” Well, according to an senior asset intermediary from Teluk Intan who contacted China Press about the matter, the occurrence was actually considered a unique and odd incident among intermediaries. They then pointed out two strange issues about the matter.
“The process usually requires an appraiser to conduct an appraisal (on the land) first. So, if it is a prime location, a high selling price would have been appraised at the beginning,” they reportedly told China Press. They also claimed that while one could bid millions of ringgit, it was “impossible to bid all the way from a low price to a price which is a dozen times higher.”
However, the asset intermediary stressed that it was impossible to confirm anything about the matter as the information had only been released online and no relevant documents had been released at the time. They also doubted the land in Cameron Highlands was being sold for nefarious purposes as it allegedly would lead to an investigation by the authorities.
Reportedly, the land’s owner, property tycoon Tan Sri Lee Kim Yew, had mortgaged the land to a company related to the Bank of China (Malaysia) previously. The auction order, issued by the Temerloh High Court in February this year, confirmed that the land had been put up for auction on 25th March at 9am. It also apparently stated that the land was only for agriculture, specifically to cultivate vegetables.
Tan Sri Lee Kim Yew had been declared bankrupt early 2023, although he later claimed otherwise. So, netizens are now wondering if the price had been exaggerated on purpose. Some speculated it was to discourage the change of ownership as they opined it was impossible to pay RM60 million. A few also predicted the bidder would end up cancelling the deal and forfeiting their initial deposit of RM185,000, 10% of the reserve price. “No bank will loan (out) such a high value,” one stated. “(You’d) need a lot of cash.”
Well, Tan Sri Lee Kim Yew has apparently been keeping mum about his reasons for mortgaging the land so far, despite all the speculations. Still, it seems we shall simply have to wait and see if the sale will go through or fall through to find out more about land and what makes it so special.
