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 threshold for the collective sale and therefore the process will not proceed.
Hiap Hoe’s subsidiary Golden Bay Realty is the registered proprietor of properties which are registered as 59 strata lots, of which 21 are shops and 38 are offices, all of which are located at Orchard Towers, Singapore.
The group on Feb 4, 2022 announced that the reserve price for the en bloc sale was set at about $1.6 billion. The group acquired the 59 strata lots in November 2017 for $162 million.
Orchard Towers was built in 1975. The freehold building has two 25-storey blocks and are linked by an overhead bridge.
Shares in Hiap Hoe closed flat at 75 cents on Feb 20.
