Horizon Towers relaunch $1.1 bil collective sale for the fifth time
Horizon Towers remains on a 1.9 ha elevated location in between Leonie Hill and Leonie Hill Road in prime District 9. The apartment was finished in 1984 plus the land tenure started in 1979. This implies that the land has around 55 years left on its contract.
JLL claims that the Horizon Towers spot keeps “significant upside potential” for redevelopment into an incredibly luxurious, high-rise residential project.
The location shows off closeness to the Orchard Road purchasing belt, including the most recent area of the Thomson-East Coast Line has actually boosted its public transport connection. The brand-new Orchard MRT Interchange along with Great World Stations are close to the condo.
The property owners of Horizon Towers have recently relaunched the shared sale tender of the 99-year leasehold residence for the 5th time. The reserve cost continues to be the same at $1.1 billion, which converts to a unit land price of $2,049 psf per plot ratio, according to a news release by the advertising agent JLL.
“Because of its area inside the Central Area, Horizon Towers is not subject to minimum regular unit size controls. This will give prospective constructors with the versatility to develop numerous small- along with large-unit modifications to satisfy the diverse needs of an unique, luxury-focused market,” says Tan Hong Boon, executive director, capital markets, Singapore, at JLL.
“We expect the main market to continue to be robust in 2023 by having the relaunch of this spot to allow property developers to strengthen their landbank and also be ready to capitalise on the proceeded rising need for CCR units,” says Tan.
This follows the September 2022 cumulative sale tender which closed without a successful bid. Prior to that, the proprietors of Horizon Towers had recently launched a tender at the same price in 2019 and 2018, after the very first cumulative sale quote in 2007.
Tan adds in that this presents a chance for property developers to include this place to their landbanks, as big higher residential plots in the central area are hardly ever available, paired with the dwindling number of unsold brand-new units in the Core Central Region (CCR).
The tender for Horizon Towers closes up on March 30.
