Horizon Towers relaunch $1.1 bil collective sale for the fifth time

The operators of Horizon Towers have recently relaunched the combined sale tender of the 99-year leasehold condominium for the 5th time. The reservation price continues to be unmodified at $1.1 billion, that translates to a unit land charge of $2,049 psf per plot ratio, according to a press release by the marketing agent JLL.

JLL states that the Horizon Towers location has “significant upside possibility” for redevelopment right into a very first-class, high-rise residential property.

Tan includes that this provides an opportunity for developers to add this site to their landbanks, as big elevated home plots in the main region are seldom readily available, coupled with the dwindling variety of unsold new units in the Core Central Region (CCR).

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“We assume the key market to remain robust in 2023 with the relaunch of this site to allow builders to bolster their landbank as well as prepare to capitalise on the continued increasing demand for CCR units,” says Tan.

The site boasts proximity to the Orchard Road purchasing belt, including the latest section of the Thomson-East Coast Line has certainly boosted its general transportation connectivity. The brand-new Orchard MRT Interchange and Great World Stations are close to the apartment.

This adheres to the September 2022 collective sale tender which closed up without an effective quote. Before that, the owners of Horizon Towers had actually introduced a tender at the very same cost in 2019 and 2018, after the very first cumulative sale bid in 2007.

The tender for Horizon Towers closes on March 30.

Horizon Towers remains on a 1.9 ha elevated location in between Leonie Hill as well as Leonie Hill Road in prime District 9. The apartment was completed in 1984 including the land period started in 1979. This indicates that the real estate has around 55 years left on its rent.

“Because of its location within the Central Location, Horizon Towers is not subject to minimal standard unit dimension controls. This will definitely provide possible developers with the versatility to develop different little- and large-unit modifications to meet the diverse demands of a diverse, luxury-focused group,” claims Tan Hong Boon, executive director, capital markets, Singapore, at JLL.

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