Horizon Towers relaunch $1.1 bil collective sale for the fifth time
This follows the September 2022 cumulative sale tender that shut without an effective quote. Just before that, the property owners of Horizon Towers had recently launched a tender at the very same price in 2019 and 2018, after the first collective sale bid in 2007.
“We anticipate the key market to stay strong in 2023 with the relaunch of this area to enable builders to bolster their landbank as well as be ready to capitalise on the proceeded rising interest for CCR units,” claims Tan.
Horizon Towers remains on a 1.9 ha raised location in between Leonie Hill as well as Leonie Hill Roadway in prime District 9. The apartment was finalized in 1984 including the land period began in 1979. This implies that the real estate has about 55 years remained on its lease.
The operators of Horizon Towers have relaunched the shared sale tender of the 99-year leasehold condo for the fifth time. The reservation price continues to be unchanged at $1.1 billion, which converts to a unit land rate of $2,049 psf per plot ratio, according to a press release by the advertising representative JLL.
JLL states that the Horizon Towers location keeps “significant upside capacity” for redevelopment within a super first-class, high-rise residential assignment.
The location shows off proximity to the Orchard Road shopping belt, and the latest part of the Thomson-East Coast Line has certainly boosted its public transportation connection. The new Orchard MRT Interchange and Great World Terminals are next to the condominium.
“Because of its location within the Central Location, Horizon Towers is not subject to minimal common unit measurements controls. This will definitely supply potential developers with the versatility to develop various little- and large-unit modifications to meet the different needs of a different, luxury-focused demographic,” states Tan Hong Boon, managing supervisor, capital markets, Singapore, at JLL.
Tan adds in that this offers a chance for property developers to add this place to their landbanks, as big higher residential plots in the central area are rarely readily available, paired with the dwindling number of unsold new units in the Core Central Region (CCR).
The tender for Horizon Towers closes on March 30.