Hiap Hoe, via a subsidiary Golden Bay Realty, has announced that it owns 59 strata units of Orchard Tower, which is in the process of being put up for collective sale.
Of the 59 units, 21 are shops and 38 are offices.
Callie Yah, chairman of the collective sales committee, was appointed chief operating officer of Hiap Hoe on April 19.
"Shareholders are advised that there is no certainty that the collective sale of Orchard Towers will proceed or be completed," the company adds.
"Accordingly, shareholders are advised to exercise caution in dealings with the shares of the company,” adds Hiap Hoe.
According to URA Realis data, a sixth floor office 786 sq ft unit at Orchard Towers changed hands for $2,113 psf in April, and another 958 sq ft unit, also on the sixth floor, was sold for $1,953 psf the following month.
The most recent retail unit transactions were in December 2020. A 312 sq ft unit on the second level sold $3,527 psf; a fourth level unit of 258 sq ft changed hands at $2,926 psf and a 269 sq ft unit on the third level fetched $3,344 psf.
As at June 30 2021, Hiap Hoe’s net asset value was 157.76 cents, up slightly from 156.72 cent as at Dec 30 2020.
As at June 30, the company carries investment properties worth $593.8 million on its books.
Hiap Hoe shares last traded at 66 cents.
see also: Cleaning up Orchard Towers, one strata unit at a time
