Charity auction of Tan Sri Lee Kim Yew’s bungalows raises more than RM2 million

PETALING JAYA (Dec 13): The founder and chairman of The Mines Resort Bhd and Country Heights Holdings Bhd Tan Sri Lee Kim Yew has successfully raised more than RM2 million for charity by putting up his own bungalow collection through private auction.

“Two out of the four bungalows which I put up for auction were sold during the charity auction. Both bungalows were sold at a reserve price of RM2.5 million each,” he told TheEdgeProperty.com via phone interview.

The private auction of the four bungalows took place on Nov 19, 2016, at the Palace of Golden Horses with the objective of raising funds for the Malaysian Education Care Society (MECS).

All proceeds from the auction of the first property, a two-storey bungalow located at Jalan Kekwa, The Mines Resort City, with a land area of 9,604 sq ft, will be donated to MECS while 10% of the net earnings from the other three auction bungalows will also be channelled MECS.

The other bungalow which was auctioned is also a two-storey bungalow with a land area pf 9,604 sq ft located in the same area.

“We have exceeded the RM1 million target. After deducting the tax and other expenses, more than RM2 million will be donated to MECS,” he added, without revealing the actual donated amount.

For the other two bungalows which could not find new owners during the charity auction, Lee said he will keep the properties as his collection.

The four bungalows belonged to one of Lee’s privately-owned companies.

The 2- and 2 1/2-storey bungalows all located in the same area have land areas ranging from 9,604 sq ft to 18,811 sq ft, and reserve prices ranging from RM2.5 million to RM3 million.