EGM To Be Conducted For Possible $1.6 Billion En Bloc Sale Of Orchard Towers
Functioning as a retail and office building during the day, Orchard Towers is famously known for its bustling nightlife. The iconic building has even been referred to as the ‘Four Floors of Whores’.
Now, Orchard Towers could potentially be sold for $1.6 billion in an en bloc sale.
An extraordinary general meeting (EGM) will be conducted on 18 Feb for its unit owners to discuss the details.
Discussions ongoing for en bloc sale of Orchard Towers
In order to commence the en bloc tender, at least 80% of the owners would have to agree to the details of the transaction, reports Business Times.
During the upcoming EGM, they will be voting on the proposed price and how proceeds will be distributed among them.
However, ERA head of research and consultancy, Nicholas Mak, had earlier said that it is not guaranteed that the deal would go through — it’s possible that owners may disagree on the apportionment methods.
However, if the sale is successful, it would be the most expensive collectives sale in Singapore.
Opened its doors in 1975
When it opened in 1975, Orchard Towers was designed as a family-friendly retail hub.
This changed over time as it became known for its thrilling nightclubs and was the site of several infamous murder cases.
Nevertheless, roots of the early Orchard Towers still remain and it is still a great place to find delicious Singapore cuisine.
Anticipating the outcome of en bloc discussions
Given that it could potentially be Singapore’s most expensive collective sale, we look forward to the outcome of the EGM.
In any case, given its rich history, this definitely wouldn’t be the first time Orchard Towers becomes the talk of the town.
What are some memories you have at Orchard Towers? Share them in the comments below.
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Featured image adapted from Google Maps.
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