Hiap Hoe's Orchard Towers en bloc sale fails
By Samantha Chiew,
The Edge Singapore
/ EdgeProp Singapore |
The rear block of Orchard Towers with the overhead bridge across Claymore Drive (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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SINGAPORE (EDGEPROP) - Hiap Hoe announced on Feb 20 that the collective sale of Orchard Towers has fallen through as the collective sale committee did not obtain the required 80% threshold for the collective sale to proceed.
Hiap Hoe’s subsidiary Golden Bay Realty is the registered proprietor that holds 59 strata lots at Orchard Towers. Of these, 21 are shops and 38 are offices. The group acquired the 59 strata lots in November 2017 for $162 million.
On Feb 4, 2022, Hiap Hoe announced that the reserve price for the Orchard Towers collective sale was set at about $1.6 billion.
Orchard Towers was built in 1975. The freehold mixed-use development has two 25-storey towers linked by an overhead bridge across Claymore Drive. The two towers have a mix of strata shops, offices and apartments.
Shares in Hiap Hoe closed flat at 75 cents on Feb 20.
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