On February 20, Hiap Hoe announced that the large-scale sale of the Orchard Towers development had fallen through as the collective sale committee had failed to reach the required 80% threshold for the sale process to move forward. Hiap Hoe is a Singapore-based real estate company and its subsidiary Golden Bay Realty are the registered proprietor of 59 strata lots, 21 of which are shops and 38 of which are offices, that the group purchased in November 2017 for the sum of $162 million.
In the earlier announcement of February 4th, 2022, Hiap Hoe had declared the reserve price for the collective sale of the Orchard Towers to be approximately $1.6 billion.
Orchard Towers was built back in 1975 and is a freehold mixed-use development with two 25-story towers linked by an overhead bridge across Claymore Drive, making up a mix of strata shops, offices, and apartments.
No movement occurred Champions Way Condo in the stock prices of Hiap Hoe at the close of market on the day of the announcement, with shares closing at 75 cents.