Horizon Towers relaunch $1.1 bil collective sale for the fifth time
This follows the September 2022 collective sale tender which closed without having a profitable proposal. Before that, the property owners of Horizon Towers had released a tender at the same cost in 2019 and 2018, after the first cumulative sale bid in 2007.
“We anticipate the primary market to remain robust in 2023 by having the relaunch of this site to allow property developers to reinforce their landbank and be ready to capitalise on the continued increasing interest for CCR units,” claims Tan.
The operators of Horizon Towers have relaunched the collective sale tender of the 99-year leasehold residence for the 5th time. The reservation price continues to be unmodified at $1.1 billion, which equates to a unit land charge of $2,049 psf per plot ratio, according to a statement by the marketing broker JLL.
Horizon Towers sits on a 1.9 ha raised location in between Leonie Hill and Leonie Hill Roadway in prime District 9. The apartment was finalized in 1984 including the land tenure started in 1979. This indicates that the land has around 55 years left on its contract.
JLL says that the Horizon Towers location keeps “significant benefit potential” for redevelopment right into an incredibly luxurious, skyscraper residential property.
Tan includes that this provides a possibility for property developers to include this location to their landbanks, as large elevated home plots in the main area are seldom offered, paired with the dwindling variety of unsold brand-new units in the Core Central Region (CCR).
The area flaunts proximity to the Orchard Road retail belt, and the newest section of the Thomson-East Coast Line has certainly boosted its public transportation connectivity. The new Orchard MRT Interchange together with Great World Stations are next to the condo.
“Because of its place throughout the Central Area, Horizon Towers is exempt to minimum common unit size controls. This will certainly provide potential developers with the adaptability to build various little- and even large-unit permutations to fulfill the varied demands of a diverse, luxury-focused demographic,” says Tan Hong Boon, corporate supervisor, capital markets, Singapore, at JLL.
The tender for Horizon Towers closes on March 30.