Orchard Towers, the prime commercial site within Orchard Road shopping district, had reached early stages of the collective sale process.
The Collective sales committee (CSC) which formed earlier in April had appointed Edmund Tie as their marketing consultant and Legal Solutions LLC, the selected law firm.
The CSC had invited 12 marketing consultants and seven lawyers to submit their marketing ideas and legal fee quotes before deciding on Edmund Tie and Legal Solutions.
The following steps in the enbloc process will be to determine the reserve price and the method of apportionment of the collective sale proceeds.
Before the marketing agency may issue an en bloc tender, at least 80% of the owners will have to agree.
The CSC had informed the owners of the two appointments in a letter dated August 17 and said it has initiated preliminary talks on the different apportionment methods with the assistance of both consultants.
“Considering that Orchard Towers is a mixed-use development which comprised of commercial and residential strata apartments as well as a strata-titled car park, the CSC is of the opinion that the method of apportionment would include valuation as one of its components,” committee chairman Callie Yah stated.
Orchard Towers owners have until September 1st to provide the necessary documents for an independent valuation of their property owned.