Horizon Towers relaunch $1.1 bil collective sale for the fifth time
The location shows off closeness to the Orchard Road shopping belt, and the latest area of the Thomson-East Coast Line has certainly enhanced its general transport connectivity. The new Orchard MRT Interchange along with Great World Stations are next to the condominium.
The operators of Horizon Towers have recently relaunched the shared sale tender of the 99-year leasehold condo for the 5th time. The reservation cost stays unchanged at $1.1 billion, that translates to a unit land charge of $2,049 psf per plot ratio, according to a statement by the marketing representative JLL.
This adheres to the September 2022 collective sale tender which closed without having an effective proposal. Prior to that, the owners of Horizon Towers had actually launched a tender at the exact same cost in 2019 and 2018, after the very first collective sale quote in 2007.
Horizon Towers sits on a 1.9 ha raised location in between Leonie Hill and Leonie Hill Roadway in prime District 9. The apartment was completed in 1984 and the land tenure began in 1979. This suggests that the land has around 55 years remained on its rent.
JLL claims that the Horizon Towers spot has “substantial upside potential” for redevelopment into an extremely lavish, skyscraper housing property.
Tan adds that this provides a chance for developers to include this location to their landbanks, as big higher home plots in the main area are seldom available, combined with the dwindling number of unsold new units in the Core Central Region (CCR).
The tender for Horizon Towers closes up on March 30.
“We anticipate the primary market to stay robust in 2023 by having the relaunch of this area to allow property developers to strengthen their landbank and be ready to capitalise on the proceeded increasing interest for CCR units,” claims Tan.
“Because of its location within the Central Area, Horizon Towers is not subject to minimum average unit dimension controls. This will definitely give potential property developers with the versatility to construct different little- and even large-unit permutations to meet the diverse demands of a different, luxury-focused group,” says Tan Hong Boon, executive supervisor, resources markets, Singapore, at JLL.