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 condo was finalized in 1984 plus the land tenure began in 1979. This implies that the property has around 55 years left on its contract.
Tan adds that this provides an opportunity for developers to add this site to their landbanks, as big elevated residential plots in the main region are rarely available, combined with the dwindling variety of unsold brand-new units in the Core Central Region (CCR).
This adheres to the September 2022 collective sale tender that shut without having an effective proposal. Prior to that, the property owners of Horizon Towers had introduced a tender at the very same price in 2019 and 2018, after the initial cumulative sale proposal in 2007.
“Because of its place within the Central Area, Horizon Towers is not subject to minimum standard unit dimension controls. This will offer prospective developers with the flexibility to develop numerous tiny- and even large-unit alterations to fulfill the diverse demands of a different, luxury-focused group,” says Tan Hong Boon, executive director, resources markets, Singapore, at JLL.
The tender for Horizon Towers closes on March 30.
The property owners of Horizon Towers have recently relaunched the collective sale tender of the 99-year leasehold residence for the fifth instance. The reserve cost stays unchanged at $1.1 billion, which converts to a unit land charge of $2,049 psf per plot ratio, according to a press release by the advertising representative JLL.
JLL says that the Horizon Towers spot has “significant benefit capacity” for redevelopment right into a super luxurious, skyscraper housing assignment.
The area boasts proximity to the Orchard Road retail belt, including the latest part of the Thomson-East Coast Line has boosted its public transport connection. The brand-new Orchard MRT Interchange along with Great World Stations are near to the condo.
“We expect the key industry to remain robust in 2023 with the relaunch of this area to enable property developers to boost their landbank as well as be ready to capitalise on the proceeded growing demand for CCR units,” states Tan.
