Horizon Towers relaunch $1.1 bil collective sale for the fifth time
The site boasts distance to the Orchard Road purchasing belt, including the newest area of the Thomson-East Coast Line has improved its general transport connection. The brand-new Orchard MRT Interchange along with Great World Terminals are near to the apartment.
Tan includes that this offers a chance for developers to add this location to their landbanks, as huge elevated home plots in the central region are rarely readily available, coupled with the dwindling variety of unsold new units in the Core Central Region (CCR).
Horizon Towers sits on a 1.9 ha elevated site between Leonie Hill and Leonie Hill Road in prime District 9. The condo was finished in 1984 including the land period started in 1979. This indicates that the land has around 55 years remained on its contract.
JLL states that the Horizon Towers site holds “significant benefit potential” for redevelopment within an incredibly luxurious, high-rise housing assignment.
The tender for Horizon Towers shuts on March 30.
“Because of its area within the Central Location, Horizon Towers is exempt to minimal common unit dimension controls. This will definitely give possible constructors with the versatility to build various small- and even large-unit alterations to fulfill the different needs of an unique, luxury-focused group,” says Tan Hong Boon, corporate supervisor, capital markets, Singapore, at JLL.
This complies with the September 2022 collective sale tender that closed up in the absence of a profitable bid. Prior to that, the owners of Horizon Towers had recently introduced a tender at the exact same price in 2019 and 2018, after the initial collective sale proposal in 2007.
The property owners of Horizon Towers have recently relaunched the collective sale tender of the 99-year leasehold condominium for the fifth instance. The reserve price continues to be the same at $1.1 billion, which equates to a unit land price of $2,049 psf per plot ratio, according to a news release by the marketing broker JLL.
“We expect the key industry to remain strong in 2023 with the relaunch of this spot to permit developers to reinforce their landbank as well as prepare to capitalise on the continued rising interest for CCR units,” claims Tan.
