Hiap Hoe announced on February 20 that the proposed collective sale of Orchard Towers has fallen through because the committee for the collective sale was unable to reach the 80% threshold needed for the collective sale to be approved.
His subsidiary Golden Bay Realty is the registered owner of the 59 strata lots in Orchard Towers. Of them, 21 are shops while 38 of them are office spaces. The company purchased the strata lots of 59 in November 2017 for $162 million.
On February 4 2022 Hiap Hoe announced that the reserve price for the Orchard Towers collective sale was set at approximately $1.6 billion.
Orchard Towers was constructed in 1975. The mixed-use freehold development comprises two towers of 25 stories connected via an overhead bridge that spans Claymore Drive. The two towers are various strata shops, offices , and apartments.
Hiap Hoe shares Hiap Hoe closed flat at 75 cents on 20 February.