Mybidding - Make affordable housing accessible to everybody
Our team was established in the year of 2015 and our team has been engaged in the real estate industry for more than 10 years.
Over the past few decades, we noticed that the price of property in Malaysia had increased by almost 400 percent since 1992 but the starting salary for civil servants during this period has experienced an increase of only 100 percent. The housing price in Malaysia is unreasonably expensive causing many people to abandon their dream of owning a house.
In fact, there is another excellent option apart from buying expensive first-hand or second-hand properties. The properties in the auction market are much cheaper as compared to the properties traded in the ordinary market. You can purchase a property with up to 20% discount price in the auction market.
Following the unaffordable housing crisis happening now, we intend to provide a property auction platform that makes affordable housing accessible to everybody and in order to achieve this target, we are looking to raise RM 2.5 million.
The proceeds will be used for platform development, marketing and operation purposes.
However, there is a huge knowledge gap between public and auction properties. Here are the 3 main problems that arise when it come to auction property:
- Lack of Accessibility
Most people do not know how to get access to the auction property.
- Lack of Transparency
The hectic procedure of buying or investing in an auction property involves a lot of paperwork and takes a very long time
- High Risk Exposure
Lack of transparency and accessibility to knowledge for auction properties lead to high risk exposure to the property buyers.
We have tried different approaches to overcome the problem mentioned above, from giving auction knowledge classes, holding seminars and webinars to 1 to 1 auction consultation. However, all the approaches we tried can only reach a limited number of people and are not efficient. Hence we plan to bring the whole auction market online by combining our experience with cloud technology.
By doing so, we are able to break through the limitations of the traditional property auction services and serve people even if they are thousands miles away. We intend to build a transparent property auction ecosystem that allows people to bid their dream property safely and easily.
An E-Bidding System for investors, real estate agents or the public at large to purchase relatively low-priced properties.
Once you log on to http://mybidding.com.my/, you can perform multiple searches with a few keywords that assist you to find your preferred property quickly. Besides, we also provide professional consultation services combining auction, valuation, agency and building management.
Through this online platform, we will also provide different professional training in the auction of real estate, sales announcements and various surveys on auction of real estate.
Below are the step by step guide to buy an auction property
- Search property by location
- Check auction property information
- Get access to previous auction transactions
- Reference similar properties
- Buy the Proclamation of sale and examine it carefully
- Do research, due diligence and mortgage loan checking on the property
- Seek legal advice
- Prepared bank draft and register as a bidder at Mybidding
The team behind Mybidding are experienced leaders who have been actively engaged in the auction industry since 2005 with more than 15 years of experience in the property industry.
Up until September 2022, we had gathered more than 5 licensed auctioneers and were the first platform to collaborate with 5 panel banks in Malaysia. We auctioned 23 units of property in the year of 2020 and successfully transacted more than 150 units of property value worth more than RM 50 million across the whole west Malaysia.
There are not main parties that Mybidding as a platform are serving:
a. Property Seller ( Bank, Property Agent and Property Owner )
Users can run advertisements for their property to reach more audiences to better secure a successful transaction.
Our platform will have a percentage of platform fee for each successful transaction based on the value of the property.
We have a membership portal that prioritizes our members in terms of auction property, new promotion and event.
b. Property Buyer ( Property Agent, Property Buyer and Public )
Consultation, Seminar and Training
We provide online and offline knowledge support in auction property and
We have an internal renovation team ready to transform the auction house into your dream home after you successfully bid your property on our platform.
Property auction is a massive underpenetrated market in Malaysia. There are more than 1,000 property developers in Malaysia and approximately 180,000 units of unsold property all the time. However, property auctions only contribute 9% to the whole Malaysia property transaction.
Apart from Malaysia, the real estate market contributes a total of RM253 billion value in SouthEast Asia (Malaysia, Singapore, Indonesia and Philippine) and auctions only consist of 5%.
Real estate auction is an underpenetrated market not only in Malaysia, huge market potential can be seen in the whole Southeast Asia. Below is the potential market size for the property industry in both Malaysia and Southeast Asia.
- Malaysia property auction market (approachable market): RM 14.2 billion per year
- Malaysia property market (serviceable market): RM98 billion per year
- Southeast Asia property market (addressable market): RM 253 billion per year
Our marketing strategy is specifically designed to target 4 types of different users.
Property agent - All the property agents can list their real estate on Mybidding for free.
Auctioneer - We will expand our team through collaboration with more licensed auctioneers.
Bank - Collaborate with panel banks to capture all the property listings.
Public - Educate and enhance public awareness in the auction market via webinars, seminars and offline events.
Mybidding is competitive in 2 main ways: an education oriented property auction platform that also provides sub sales (ordinary market property transaction) service
Apart from doing property auctions, users can list and buy non-auction real estate property through Mybidding. We are an education oriented platform where our team will focus on creating a transparent auction community.
Mybidding is looking to raise RM 2,500,000 in exchange for 16.13% of the company’s ordinary shares.
The use of the funds is mainly for the following usage:
Marketing - 28.1%
Administrative - 23.6%
Platform Development - 23.4%
Operational - 15.4%
Branding - 9.4%
- No shares will be allotted or issued based on this document after six months from the closing of the offer period.”
- “This issue, offer or invitation for the offering is a proposal not requiring authorisation of the Securities Commission under section 212(8) of the CMSA 2007.”
- “This document has not been reviewed by the Securities Commission Malaysia. The Securities Commission does not recommend nor assumes responsibility for any information including any statement, opinion or report disclosed in relation to this fund raising exercise and makes no representation as to its accuracy or completeness. The Securities Commission expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the information disclosed.”
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