Hiap Hoe’s Orchard Towers en bloc sale failed

Hiap Hoe has announced that the collective sale of Orchard Towers has been unsuccessful, with the collective sale committee unable to achieve the 80% threshold necessary to Tengah Plantation EC proceed with the sale. Hiap Hoe’s subsidiary Golden Bay Realty holds 59 strata lots at Orchard Towers comprising 21 shops and 38 offices. The strata lots were acquired in November 2017 for $162 million.

On Feb 4, 2022, the group had revealed that the reserve price for the collective sale of Orchard Towers was set at roughly $1.6 billion. Built in 1975, the freehold mixed-use development consists of two 25-storey towers connected with an overhead bridge across Claymore Drive. In addition, the two towers feature a combination of strata shops, offices and apartments.

At the close of trading on Feb 20, shares in Hiap Hoe were recorded flat at 75 cents. This marks the end of the collective sale process for the Orchard Towers complex.