reporter2
09-02-22, 08:37
Why the most expensive en bloc sale may not go through
8 February, 2022
Jamie Wong
Orchard Towers is on the en bloc chopping block for S$1.6 billion. Yes, you read that right. That’s a billion, with a capital B. It will be Singapore’s most expensive collective sale if it goes through, surpassing Farrer Court’s, which sold for S$1.34b in 2007 (and is now the d’Leedon site).
Its unit owners will hold an Extraordinary General Meeting (EGM) for this extraordinary sale on 18 February at 2 pm. EGMs refer to a company meeting that convenes in the event any matter requiring the approval of shareholders arises. During the meeting, a vote will be called to green-light the proposed reserve price, amongst other things.
The collective sale committee (CSC) of Orchard Towers appointed real estate consulting firm Edmund Tie as the sole marketing agent to tender the sale. For the en bloc tender to be launched, at least 80% of the owners need to give their consent.
Previous record-breaking collective sale attempt
Last year, International Plaza went for a similar collective sale effort with an impressive reserve price of S$2.7 billion, with Edmund Tie being its marketing agent as well. The tender closed on 30 November 2021, but its outcome remains unknown.
Orchard Towers
Completed in 1975 and located at the corner of Claymore Road and Orchard Road, the freehold site sits in the prime shopping strip of District 9.
https://i.imgur.com/1TCbkyS.png
Orchard Tower is a mixed-use development comprising of two buildings. The front building houses five floors of retail and office space, with commercial and 58 freehold residential units in the rear complex.
Read more at: https://www.99.co/singapore/insider/why-the-most-expensive-en-bloc-sale-may-not-go-through/
8 February, 2022
Jamie Wong
Orchard Towers is on the en bloc chopping block for S$1.6 billion. Yes, you read that right. That’s a billion, with a capital B. It will be Singapore’s most expensive collective sale if it goes through, surpassing Farrer Court’s, which sold for S$1.34b in 2007 (and is now the d’Leedon site).
Its unit owners will hold an Extraordinary General Meeting (EGM) for this extraordinary sale on 18 February at 2 pm. EGMs refer to a company meeting that convenes in the event any matter requiring the approval of shareholders arises. During the meeting, a vote will be called to green-light the proposed reserve price, amongst other things.
The collective sale committee (CSC) of Orchard Towers appointed real estate consulting firm Edmund Tie as the sole marketing agent to tender the sale. For the en bloc tender to be launched, at least 80% of the owners need to give their consent.
Previous record-breaking collective sale attempt
Last year, International Plaza went for a similar collective sale effort with an impressive reserve price of S$2.7 billion, with Edmund Tie being its marketing agent as well. The tender closed on 30 November 2021, but its outcome remains unknown.
Orchard Towers
Completed in 1975 and located at the corner of Claymore Road and Orchard Road, the freehold site sits in the prime shopping strip of District 9.
https://i.imgur.com/1TCbkyS.png
Orchard Tower is a mixed-use development comprising of two buildings. The front building houses five floors of retail and office space, with commercial and 58 freehold residential units in the rear complex.
Read more at: https://www.99.co/singapore/insider/why-the-most-expensive-en-bloc-sale-may-not-go-through/