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 residence for the fifth instance. The reserve cost remains the same 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 advertising broker JLL.

“Due to its area within the Central Location, Horizon Towers is exempt to minimum common unit dimension controls. This will certainly offer potential property developers with the flexibility to construct various little- along with large-unit alterations to fulfill the diverse needs of an unique, luxury-focused group,” states Tan Hong Boon, managing supervisor, funding markets, Singapore, at JLL.

This follows the September 2022 cumulative sale tender which closed in the absence of a profitable quote. Before that, the owners of Horizon Towers had actually released a tender at the exact same cost in 2019 and 2018, after the initial collective sale bid in 2007.

Blossoms By The Park Slims Barracks Rise

“We assume the main sector to stay strong in 2023 by having the relaunch of this site to permit property developers to boost their landbank and prepare to capitalise on the continued increasing need for CCR units,” says Tan.

Horizon Towers remains on a 1.9 ha raised spot in between Leonie Hill as well as Leonie Hill Road in prime District 9. The condominium was finished in 1984 including the land period started in 1979. This indicates that the property has around 55 years left on its contract.

JLL claims that the Horizon Towers site holds “considerable advantage potential” for redevelopment into a super luxurious, high-rise non commercial project.

Tan adds that this provides a possibility for property developers to add this location to their landbanks, as large higher housing plots in the central region are seldom available, combined with the dwindling number of unsold brand-new units in the Core Central Region (CCR).

The site shows off closeness to the Orchard Road shopping belt, and the newest section of the Thomson-East Coast Line has actually enhanced its public transportation connectivity. The brand-new Orchard MRT Interchange along with Great World Stations are next to the condominium.

The tender for Horizon Towers closes up on March 30.