Horizon Towers relaunch $1.1 bil collective sale for the fifth time
The site shows off proximity to the Orchard Road retail belt, and the most recent part of the Thomson-East Coast Line has improved its public transportation connection. The new Orchard MRT Interchange along with Great World Terminals are close to the apartment.
“Due to its location throughout the Central Location, Horizon Towers is not subject to minimal regular unit size controls. This will supply possible developers with the flexibility to build various tiny- along with large-unit permutations to meet the different needs of an unique, luxury-focused group,” says Tan Hong Boon, managing director, capital markets, Singapore, at JLL.
Midtown Modern showflat location
Horizon Towers rests on a 1.9 ha elevated site in between Leonie Hill and also Leonie Hill Road in prime District 9. The condo was finalized in 1984 and the land tenure began in 1979. This means that the property has around 55 years remained on its contract.
The property owners of Horizon Towers have relaunched the combined sale tender of the 99-year leasehold condo for the fifth time. The reserve cost stays unmodified at $1.1 billion, which translates to a unit land price of $2,049 psf per plot ratio, according to a press release by the advertising agent JLL.
JLL claims that the Horizon Towers location holds “substantial upside potential” for redevelopment within a super luxurious, high-rise housing assignment.
Tan adds in that this provides an opportunity for developers to include this location to their landbanks, as big higher housing plots in the main region are rarely offered, combined with the dwindling variety of unsold new units in the Core Central Region (CCR).
This complies with the September 2022 collective sale tender which shut without a successful proposal. Before that, the owners of Horizon Towers had recently launched a tender at the same price in 2019 and 2018, after the first cumulative sale bid in 2007.
The tender for Horizon Towers shuts on March 30.
“We expect the primary industry to continue to be robust in 2023 by having the relaunch of this area to permit property developers to reinforce their landbank and also be ready to capitalise on the continued growing interest for CCR units,” states Tan.
