Hiap Hoe’s Orchard Towers en bloc sale failed

Hiap Hoe announced on Feb 20 that their attempt to sell the collective at Orchard Towers has failed, since the collective sale committee failed to reach the required 80% threshold for the process to continue. Golden Bay Realty, a Hiap Hoe subsidiary, is the owner of 59 strata lots at Orchard Towers – 21 of which are shops and 38 of which are offices. In November of 2017, the group acquired the 59 strata lots for a total of $162 million.

On Feb 4, 2022, Hiap Hoe had announced plans to potentially sell the Orchard Towers collective at a reserve price of around $1.6 billion. The freehold mixed-use development located across Claymore Drive was built in The Myst 1975 and consists of two 25-storey towers that are connected by an overhead bridge. These towers contain a mix of apartments, offices, and strata shops.

On Feb 20, shares in Hiap Hoe closed without any major changes at 75 cents.