Kuala Lumpur’s First Ever Condo En Mass Sale Postponed

Desa Kudalari’s sale, one of the most awaited high rise condominium sales in Kuala Lumpur has been postponed because the owners of the units are taking their time to make a decision regarding the proposals of the shortlisted bidders.

According to a source that is in league with the proposed deal, times have changed so they have to take into consideration a lot of things. The issue does not really focus on the proposals but rather the market conditions as well as uncertainties that are currently happening in the economy. The source added that the owners might be looking for security before they decide on things.

It is expected at this point that the shortlisted bidders have already given their proposals along with their respective bidding prices and these proposals have already been shown to the possible sellers.

The whole process was supposed to be done last month but it is still ongoing because of the slow response from the owners of the units.

In April of this year, CBRE-CH Williams Talhar & Wong (CBRE-WTW) which is a property consultant company was assigned by the owners of the units to find potential bidders.

If the deal is to happen successfully, this will be the first en mass sale in Malaysia in terms of a strata company. According to a previous survey conducted by CBRE-WTW, the result showed that 90 per cent of the owners of the condo units have an intention to join in the sale.

Desa Kudalari is now more than three decades old and its total number of unit owners is 140. Its occupancy rate which was taken this April was found to be at 70 per cent.

The submissions for those who are interested to sell were already closed on the 27th of April while the information memorandum was given to the bidders on the shortlist before May 11. The en masse sale is said to have caught the attention of 12 interested bidders, both coming from local as well as foreign parties.

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