Maju Junction has been a familiar sight in the heart of Kuala Lumpur for more than 20 years, but several properties within the complex are now heading to auction.
A total of 38 strata parcels, including office units, retail spaces and car park lots, will be auctioned through e-Lelong on Aug 20.
The properties have a combined reserve price of RM353.95 million, according to a listing on ListLelong.
They are registered under ASM Properties Sdn Bhd and are located within the leasehold complex along Jalan Sultan Ismail.
The successful bidder must pay a 10% deposit, amounting to about RM35.4 million, before settling the remaining sum within 120 days.
It should be noted that the auction only involves the 38 listed parcels and does not necessarily mean the entire Maju Junction complex is being sold.
So, why are the properties being auctioned?
According to the New Straits Times’ Business Times, the sale is part of court enforcement proceedings initiated by Perwaja Terengganu Sdn Bhd against ASM Properties.
In simpler terms, the auction is being carried out under a court order, allowing the properties to be sold as part of efforts to enforce a legal claim against the company.
The proclamation of sale stated that the auction was approved through an order for sale issued in June 2025, followed by another court order in June 2026.
Is it connected to an earlier RM197.99mil lawsuit?
Perwaja Terengganu was previously involved in a separate legal dispute with Maju Holdings Sdn Bhd over agreements linked to the privatisation of the Perwaja Group.
In 2019, the High Court ordered Maju Holdings to pay Perwaja RM197.99 million, along with interest.
Maju Holdings later appealed against the ruling, but the Court of Appeal upheld the decision in December 2022.
However, the court documents reviewed by Business Times did not clearly state whether the upcoming auction involving ASM Properties is directly connected to that earlier judgment.
The law firm representing Perwaja reportedly declined to clarify the matter when contacted.
