Horizon Towers relaunch $1.1 bil collective sale for the fifth time
The operators of Horizon Towers have recently relaunched the collective sale tender of the 99-year leasehold condo for the fifth time. The reservation price stays unchanged at $1.1 billion, that translates to a unit land price of $2,049 psf per plot ratio, according to a news release by the advertising broker JLL.
“We anticipate the primary sector to continue to be sturdy in 2023 with the relaunch of this spot to permit builders to bolster their landbank as well as be ready to capitalise on the continued growing interest for CCR units,” states Tan.
This follows the September 2022 collective sale tender which closed without a profitable quote. Prior to that, the owners of Horizon Towers had launched a tender at the same rate in 2019 and 2018, after the first cumulative sale quote in 2007.
The area flaunts closeness to the Orchard Road purchasing belt, including the latest part of the Thomson-East Coast Line has certainly improved its general transportation connectivity. The brand-new Orchard MRT Interchange together with Great World Terminals are next to the condo.
JLL claims that the Horizon Towers spot has “substantial upside potential” for redevelopment right into a super luxurious, high-rise residential property.
Tan includes that this presents a possibility for property developers to add this place to their landbanks, as huge elevated housing plots in the central region are hardly ever readily available, paired with the diminishing variety of unsold brand-new units in the Core Central Region (CCR).
“Because of its area inside the Central Area, Horizon Towers is not subject to minimum common unit size controls. This will provide possible developers with the flexibility to develop numerous little- and large-unit permutations to satisfy the different needs of an unique, luxury-focused market,” claims Tan Hong Boon, executive supervisor, resources markets, Singapore, at JLL.
Horizon Towers rests on a 1.9 ha raised site between Leonie Hill as well as Leonie Hill Road in prime District 9. The condominium was completed in 1984 and the land tenure began in 1979. This implies that the property has about 55 years remained on its lease.
The tender for Horizon Towers closes up on March 30.
