Horizon Towers relaunch $1.1 bil collective sale for the fifth time
JLL claims that the Horizon Towers site holds “significant upside possibility” for redevelopment right into a very lavish, high-rise housing property.
Horizon Towers sits on a 1.9 ha elevated site in between Leonie Hill and also Leonie Hill Road in prime District 9. The condo was finished in 1984 including the land tenure started in 1979. This means that the real estate has about 55 years remained on its rent.
The property owners of Horizon Towers have recently relaunched the shared sale tender of the 99-year leasehold condo for the fifth time. The reserve price stays unmodified at $1.1 billion, that equates to a unit land price of $2,049 psf per plot ratio, according to a statement by the promotion representative JLL.
Tan adds that this presents a chance for developers to add this site to their landbanks, as large higher housing plots in the main region are rarely available, paired with the dwindling variety of unsold brand-new units in the Core Central Region (CCR).
“As a result of its place within the Central Location, Horizon Towers is not subject to minimum average unit measurements controls. This will supply potential developers with the adaptability to develop different small- and even large-unit permutations to fulfill the different needs of an unique, luxury-focused demographic,” states Tan Hong Boon, corporate director, funding markets, Singapore, at JLL.
The area flaunts proximity to the Orchard Road retail belt, and the newest section of the Thomson-East Coast Line has certainly boosted its public transportation connection. The new Orchard MRT Interchange along with Great World Stations are close to the apartment.
“We assume the main sector to remain sturdy in 2023 by having the relaunch of this area to permit property developers to strengthen their landbank and also prepare to capitalise on the proceeded growing interest for CCR units,” says Tan.
This follows the September 2022 collective sale tender that closed up in the absence of an effective quote. Just before that, the proprietors of Horizon Towers had released a tender at the exact same rate in 2019 and 2018, after the first collective sale bid in 2007.
The tender for Horizon Towers closes on March 30.