A recently-held property auction by Ng Chan Mau & Co Sdn Bhd (NCM&Co) saw several condominium units with reserve prices of RM1 million and above getting sold, reported The Star.

According to Low Chee Hian, Director of NCM&Co, the sales prove that demand for high-end properties in key cities is still strong.

Aside from having an established property buyer base, Low described the “hybrid auction” – launched two years ago as the company’s tactic to auction properties to a high-end market – as fruitful.

“Hybrid auction provides real-time on-site and online bidding. Bidders can bid from any location. It’s transparent and safe to sell properties fast at a fair price,” he said.

“Whether winning or losing the bid, bidders are happy with the experience gained and support provided. There are no charges to bid at a hybrid auction.”