Instagram Orchard Towers En Bloc Sale 2021 - Status: Progressing

Orchard Towers Begin Their En Bloc Route in 2021

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.

80% Owner’s Consent Will Be Quite a Challenge

As always, it will be difficult for a mixed-use development to reach the required 80 percent approval requirement, according to ERA head of research and consultancy Nicholas Mak.

Reasons why is that owners of different types of space are more likely to disagree on the apportionment method.

Orchard Towers is not the only sites that face the same issue, there are many commercial sites with on-going collective sales experience the same problem as well.

In order to get more support and reach the desire numbers for this collective sale, the CSC and the consultants will have a lot of work to do.

Hopefully they will come out and used a fair apportionment method and is accepted by the majority of the owners.

Orchard Towers Prime Site Information

Orchard Towers is located at 400 Orchard Road, prime district 9 of Singapore.

It was built in the 1970s and is within a short distance from the Orchard MRT station. The Palais Renaissance shopping complex and the Forum Shopping Mall are also nearby.

The freehold site occupies an area of 65,982 sq ft and has a gross plot ratio of 4.9.

The Orchard Tower consists of two buildings: the first tower, which faces Orchard Road, has both office and retail space, while the second tower, which faces Claymore Road, has around 58 residential private apartments and a few commercial units.

In addition, 361 parking spaces are available.

Orchard Towers Potential Sale and Redevelopment

Prospective purchasers should be interested in Orchard Towers site, which is surrounded by prominent and high-end projects, according to Colliers’ senior director of investment services, Mr. Steven Tans.

The property’s prime location in the vibrant Claymore/Orchard neighborhood and freehold tenure, he claims, are enough to entice potential buyers.

He also mentioned that there aren’t many en bloc  sites like this in the neighborhood, so it should appeal to any investors.

Orchard Tower’s redevelopment potential, according to Nicholas Mak, ERA’s head of research and consultation, is enormous, considering its proximity to other prominent real estate sites.

Many developers will be on the horizon if the selling price is good, he added.

Orchard Towers En Bloc Details
Orchard Towers En Bloc Sale 2021 Pinterest
  • Status: Progressing (Aiming 80%)

  • Tenure: Freehold

  • Land Size:  65,982 sq ft

  • Plot Ratio: 4.9

  • Property Address: 400 Orchard Road

  • Nearest MRT: Orchard (400m)

  • District: 9

  • Marketing Agent: Edmund Tie

  • Reserve Price: Not Set Yet

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