7 Apartment / Condo for Sale by Auction (Lelong) in Setapak, Kuala Lumpur
Setapak in Kuala Lumpur is a well-known area for affordable apartments and condos, making it a favorite among first-home buyers and investors. Bank auctions, or lelong, offer a unique opportunity to purchase these properties at prices often 10-40% below market value. The process is straightforward: register with the auction house, pay a 10% deposit, and bid on auction day. With a moderate selection of units available, now is a smart time to explore. Contact Peter Tan for upcoming auction dates, reserve prices, and guidance through the bidding process.
PV6 Platinum Hill Condo
No. B-06-05, PV6 Platinum Hill Condo, No. 3, Jalan Melati 3, Taman Melati Utama, 53100, Setapak, Kuala Lumpur
Residensi Ascenda
No. A-27-03A, Residensi Ascenda, No. 3, Jalan Arena 1, 53200 Setapak, Kuala Lumpur
Pangsapuri Vista Danau Kota
No. 13A-09, Pangsapuri Vista Danau Kota, Jalan Danau Saujana 1, 53300 Setapak, Kuala Lumpur
Residensi Awani 3
No. C-23A-10, Residensi Awani 3, Jalan Santuari 2, 53200 Setapak, Kuala Lumpur
Residensi Bennington
No. A-16-08, Residensi Bennington, No. 1, Jalan Arena 1, 53200 Setapak, Kuala Lumpur
Platinum Lake Condominium
No. 23-13A, PV16, Platinum Lake Condominium, No. 2, Jalan Danau Saujana, Off Jalan Genting Klang, 53300 Setapak, Kuala Lumpur
Residensi Awani 3
No. C-39-07, Block C, Residensi Awani 3 (sky Awani III Residence), No. 2, Jalan Santuari 2, 53200, Setapak, Kuala Lumpur
How to Buy an Auction Property in Setapak
- 1Shortlist properties
Browse auction listings in Setapak, compare each reserve price against nearby market prices and note the discount. Unsold properties are re-auctioned at a lower reserve, typically dropping 10% per round.
- 2Do your due diligence
Get the Proclamation of Sale (POS), check the land title, quit rent and assessment, outstanding maintenance fees and utility bills, and whether the property is still occupied. For strata units, confirm who settles arrears with the management office.
- 3Arrange financing early
Most banks finance auction purchases, but the balance is due within 90 to 120 days of the auction. Get loan pre-approval before bidding so your deposit is never at risk of forfeiture.
- 4Register and pay the deposit
Register before auction day through the bank's e-Lelong portal or the licensed auctioneer, and prepare a bank draft of 5% to 10% of the reserve price as the deposit. Requirements vary slightly between banks and auction houses.
- 5Bid and complete
Bid on auction day. The winning bidder signs the memorandum of sale on the spot and settles the balance within 90 or 120 days as stated in the POS, after which the transfer is completed. An auction specialist can guide you through every step.
Reminder: auction properties are sold as-is and may come with arrears or occupants, so always complete due diligence first. Contact Peter Tan for free guidance through the whole process. Read the full buying guide →
FAQ · Setapak Apartment / Condo
How many apartment / condo auctions are there in Setapak?+
There are currently 7 bank auction (lelong) apartment / condo listings in Setapak, Kuala Lumpur, updated regularly.
How much below market are Setapak apartment / condo auctions?+
Reserve prices for apartment / condo auctions in Setapak are typically 10-40% below market value, even lower after several rounds.
Can I get a loan for a lelong apartment / condo in Setapak?+
Yes, many banks finance auction properties. Get loan pre-approval before bidding. Contact Peter Tan for details.
How much deposit do I need to bid in Setapak?+
You typically need a bank draft of 5% to 10% of the reserve price as the deposit. After a successful bid, the balance is due within 90 to 120 days as stated in the Proclamation of Sale.
What are the risks of buying a lelong property in Setapak?+
Auction properties are sold as-is and may carry outstanding maintenance fees, utility bills or occupants. Review the Proclamation of Sale and do a title search before bidding, or engage a specialist to assess it for you.