Tan Sri Lee Kim Yew donates four bungalows for charity auction

SERI KEMBANGAN (Nov 5): The founder and chairman of The Mines Resort Bhd and Country Heights Holdings Bhd Tan Sri Lee Kim Yew has donated four bungalows worth more than RM12 million in total for a charity auction to aid the Malaysian Education Care Society (MECS) in raising funds for its education activities.

"Part of the proceeds from this auction — after deducting the tax, auction and title transfer cost, will go to the MECS which is founded by the National Union of Heads of Schools in Malaysia," he said at a press conference announcing the event today.

According to Lee, all proceeds from the first auction property, which is a two-storey bungalow with a land area of 9,604 sq ft with a reserve price of RM2.5 million, will be donated to MECS while 10% of the net earnings from the other three auction bungalows will be channeled to MECS as well.

"Conservatively, the auction of the first bungalow could raise at least RM1 million for MECS," he said.

Lee hopes this charity auction could encourage more people to contribute to children's education.

The charity auction will be held on Nov 19, 2016, which will see the four bungalows located at The Mines Resort City put up for bids.

There will be an open house of the auction bungalows on Nov 12, 2016 for interested bidders to view the property.

Poly Properties Sdn Bhd has been appointed to facilitate the charity auction to be conducted at Palace of the Golden Horses in Seri Kembangan.

The 2- and 2 1/2-storey bungalows,  located at Jalan Kekwa, The Mines Resort City, with land areas ranging from 9,604 sq ft to 18,811 sq ft, will have reserve prices ranging between RM2.5 million and RM3 million.

According to Lee, the bungalows belonged to one of his privately-owned companies.

MECS was formed only in May 31, 2016 and the funds raised will help its activities get off the ground.

Lee noted that the objective of MECS is to promote cultural and health activities in school, helping needy students and assisting schools to improve their hardware and software as well as promoting the smart school concept.

"Schools that need funds for these activities or other purposes could approach MECS for financial assistance, priority will be given to schools in rural areas that lack development funds," he added.

Meanwhile, Poly Properties' Wong Chee Yong said this could be a first in Malaysia where a developer donates his properties for charity via an auction.

"The well-maintained bungalows are in a good location. They have an indicative value ranging between RM3.5 million to RM4 million," he added.