Horizon Towers relaunch $1.1 bil collective sale for the fifth time
Horizon Towers sits on a 1.9 ha raised spot in between Leonie Hill and also Leonie Hill Roadway in prime District 9. The condo was finished in 1984 and the land period began in 1979. This implies that the property has around 55 years remained on its lease.
The owners of Horizon Towers have relaunched the collective sale tender of the 99-year leasehold condo for the fifth instance. The reserve cost remains the same at $1.1 billion, that converts to a unit land rate of $2,049 psf per plot ratio, according to a press release by the marketing broker JLL.
“We expect the main industry to continue to be robust in 2023 with the relaunch of this spot to allow property developers to bolster their landbank and be ready to capitalise on the continued growing demand for CCR units,” says Tan.
“Because of its area throughout the Central Area, Horizon Towers is exempt to minimum standard unit dimension controls. This will give prospective property developers with the adaptability to develop numerous tiny- and large-unit permutations to satisfy the different demands of an unique, luxury-focused group,” states Tan Hong Boon, managing supervisor, funding markets, Singapore, at JLL.
Tan includes that this provides a possibility for developers to include this site to their landbanks, as big elevated residential plots in the central region are rarely offered, coupled with the diminishing variety of unsold new units in the Core Central Region (CCR).
JLL claims that the Horizon Towers location has “considerable upside possibility” for redevelopment into a super luxurious, skyscraper residential assignment.
The site boasts closeness to the Orchard Road shopping belt, and also the most recent section of the Thomson-East Coast Line has certainly boosted its general transport connection. The brand-new Orchard MRT Interchange together with Great World Terminals are close to the apartment.
This follows the September 2022 collective sale tender that closed up in the absence of a profitable bid. Just before that, the owners of Horizon Towers had actually launched a tender at the same cost in 2019 and 2018, after the very first cumulative sale bid in 2007.
The tender for Horizon Towers closes on March 30.
