SINGAPORE (Nov 3): Hiap Hoe is acquiring 21 shops and 38 offices at Orchard Towers.

The property group said it had entered into a sale and purchase agreement to acquire a 100% stake in Golden Bay Realty from AFP Land -- a wholly-owned subsidiary of Sinarmas Land -- for $162 million.

Golden Bay Realty is in the business of property investment holdings. It is the proprietor of 59 strata lots in Orchard Towers.

The properties have an aggregate strata floor area of 128,000 sf and net leasable area of 89,000 sf.

The group will fund the acquisition in cash through internal resources and bank borrowings.

Hiap Hoe has already paid a deposit of $9.72 million.

Shares in Hiap Hoe and Sinarmas Land closed at 87 cents and 42 cents respectively on Friday.