Hiap Hoe’s Orchard Towers en bloc sale failed
On Feb 20, Hiap Hoe announced that the collective sale of its 59 strata lots at Orchard Towers had fallen through. The collective sale of the freehold mixed-use property had failed to reach the required threshold of 80% of owners’ decisions in favour of the sale.
Hiap Hoe’s subsidiary Golden Bay Realty had acquired the units in November 2017 for $162 million. Orchard Towers is a 25-storey development of strata shops, offices and apartments Senja Close EC linked by an overhead bridge across Claymore Drive. On Feb 4, 2022, the group had set the reserve price for the collective sale at around $1.6 billion.
Despite the unsuccessful outcome of the attempt to sell the property, the Singapore-listed real estate developer saw its shares close flat at 75 cents on Feb 20.