Based on the press release issued by Bidnow Sdn Bhd, Bidnow.my is Malaysia’s largest and fastest growing property auction business platform. Foreseeing tremendous potential for the development of robust real estate auction sales.
Bidnow.my, a Malaysian real estate auction service platform, recently completed their funding exercise from MyStartr, a licensed Crowdfunding Recognized Market Operators by Securities Commission Malaysia, surpassed their target funding amount by 385% at MYR 1.93 million, becoming a MyStartr record holder for the fastest to reach 100% subscription within the first hour and the highest number of investors with 414 investors.
Bidnow.my will use a majority of the funds for software upgrading and operational costs. Some of the upgrades will include a more comprehensive platform to provide in-depth information on auction reserved price, historical data of past transaction, bank valuation, auction venue, property images and real-time auction result to benefit all stakeholders including property buyers, property agents, banking services and relevant government bodies.
The successfully secured funding can help to progress Bidnow.my to build a One-Stop Station Platform to increase the exposure towards `below market value’ auction properties in Malaysia with plans to expand to Southeast Asia.
“After Bidnow.my achieved the largest property auction trading platform status in Malaysia, we set our target to attract more people to make full use of this E-Auction Service which will be fully implemented in 2021 to replace the traditional auction model to hasten transactions and to avoid other matters arising,” said Frankie Goh, Founder and CEO of Bidnow.my.
The property auction market has seen an increase as more investors and real estate buyers become more aware of the potential of bank auctioned properties. Bidnow.my currently has over 1,800 active listings on their platform with an average successful sales rate of 70% with the remaining being redlined auctions. Although the Covid-19 pandemic has slowed down the expansion of the real estate market globally, Bidnow.my has still been increasing their active listings by around 2,000 per month.
The properties listed on Bidnow.my are sourced directly from banking institutions and their agents.
Bidnow.my is a real estate auction platform that partners with banks and realtor agents to provide listings of available bank auctioned properties. The one-stop property auction business platform is transforming the traditional landscape by digitalizing the business operations. One of the key features of Bidnow.my is its search engine, which helps users to locate their preferred property quickly by performing multiple searches with several keywords.
For more information, visit https://www.bidnow.my/.
SOURCE Bidnow Sdn Bhd