No bids for Country Heights' RM152.8m Mines Waterfront park
- The court auction of Mines Waterfront Business Park, 15.3 acres of leasehold commercial land in Seri Kembangan, drew no bids on 4 November 2026 at a RM152.77m reserve, about RM229 psf.
- MBSB Bank called the auction after the owner, a Country Heights subsidiary now in liquidation, defaulted on Islamic financing in 2023.
- Country Heights and Tan Sri Lee Kim Yew guaranteed the financing; the cost to the group depends on the final sale price and recoveries.
- A 6.41-acre Country Heights site in Kajang also failed to sell at a RM55m reserve in September 2026.
A court auction of the Mines Waterfront Business Park in Seri Kembangan, Selangor, drew no bids on 4 November, Country Heights Holdings Bhd told Bursa Malaysia the same day. The reserve price was RM152.77m.
The property belongs to Mines Waterfront Business Park Sdn Bhd, a Country Heights subsidiary in liquidation. MBSB Bank Bhd called the auction under a High Court order for sale (Shah Alam, case BA-38-558-02/2026), and it ran on the court's e-Lelong online system.
The property
- Title: HSD 59887, PT 16715, Mukim Petaling, Petaling district
- Land: about 667,147 sq ft (15.3 acres), leasehold, express condition "commercial building"
- What is on it: completed office blocks, unsold units, unfinished buildings and vacant commercial land
- Reserve price: RM152,766,000, about RM229 psf of land
The business park is in Mines Resort City, Seri Kembangan.
How it came to auction
- August 2023: MBSB sent default notices on two Islamic financing facilities of the subsidiary, an RM82.7m term facility and a bridging facility of up to RM17.3m. Land of a sister company, Mines International Exhibition Centre Sdn Bhd, was also charged as security. Country Heights put the amount in default at RM89.67m as at 1 August 2023, including RM64.74m of principal.
- December 2023: by then the subsidiary was in liquidation, after a winding-up petition.
- March 2024: Country Heights said the debt to MBSB was about RM72m to RM79m, and valued the business park and the exhibition centre together at RM550m.
- 12 December 2025 and 26 August 2026: High Court orders for the sale; the proclamation of sale was issued on 27 August 2026.
- 4 November 2026: the auction, with no bidders.
Country Heights gave a corporate guarantee for the financing, and its major shareholder Tan Sri Lee Kim Yew a personal guarantee. The company said the final cost to the group will depend on the eventual sale price, what MBSB has already recovered, interest, any recovery from Tan Sri Lee's personal estate and what remains under its own guarantee. The reserve price equals about 26% of the group's net assets of RM581.15m. In its latest monthly update, on 30 October, Country Heights said the default on principal and profit was unchanged.
A second failed auction
This is the second Country Heights property to find no buyer at auction in two months. On 21 September, an e-Lelong for 6.41 acres of freehold commercial land on Jalan Sinar Pagi, Country Heights, Kajang (GRN 122934, Lot 37653), owned by Country Heights Commercial Development Sdn Bhd, was cancelled because no one bid. Its reserve of RM55m, about RM197 psf, had already been cut 21% from RM69.85m after a failed auction in March 2025. The land secures a S$11.5m term loan to Country Heights from CGS-CIMB Capital, and its book value is about RM33.5m.
Country Heights said it will announce any material developments.
Setting up a factory or plant? Buying / selling industrial property or land in Malaysia? Reach out to Scott now.
Related news
SunCon wins RM1.74b Serendah data centre, its second there
Sunway Construction's RM1.739b job for an unnamed hyperscaler in Bandar Serendah follows a RM1.75b one in April: about RM3.49b in all, due in 2028.
Binastra wins RM303.8m PTT automated warehouse in Bukit Raja
A PTT Synergy unit gave Binastra a RM303.8m fixed-price job to build an automated warehouse on 20 lots in Bandar Bukit Raja, Klang, due September 2027.
ViTrox's 500,000 sq ft Batu Kawan plant to triple capacity
ViTrox is building a five-storey, 500,000 sq ft plant in Batu Kawan, more than three times its factory space today. CIMB puts the cost at RM150m–RM200m.