Horizon Towers relaunch $1.1 bil collective sale for the fifth time

The operators of Horizon Towers have recently relaunched the shared sale tender of the 99-year leasehold condo for the 5th instance. The reservation rate remains unmodified at $1.1 billion, which equates to a unit land charge of $2,049 psf per plot ratio, according to a news release by the promotion agent JLL.

This follows the September 2022 collective sale tender which shut without having a successful proposal. Before that, the property owners of Horizon Towers had launched a tender at the very same rate in 2019 and 2018, after the very first cumulative sale proposal in 2007.

“We anticipate the main industry to stay robust in 2023 with the relaunch of this area to permit property developers to strengthen their landbank as well as be ready to capitalise on the proceeded growing interest for CCR units,” says Tan.

“Due to its place within the Central Area, Horizon Towers is exempt to minimum common unit dimension controls. This will definitely offer prospective constructors with the adaptability to develop various little- and even large-unit alterations to satisfy the varied demands of a diverse, luxury-focused market,” states Tan Hong Boon, managing director, capital markets, Singapore, at JLL.

Sky Eden price

The location shows off distance to the Orchard Road shopping belt, and the latest area of the Thomson-East Coast Line has certainly enhanced its public transportation connection. The new Orchard MRT Interchange and Great World Stations are close to the condo.

Horizon Towers sits on a 1.9 ha raised location in between Leonie Hill and also Leonie Hill Road in prime District 9. The apartment was finalized in 1984 including the land tenure began in 1979. This suggests that the real estate has about 55 years left on its rent.

Tan includes that this presents an opportunity for property developers to include this place to their landbanks, as big higher home plots in the central region are seldom offered, paired with the dwindling number of unsold new units in the Core Central Region (CCR).

JLL says that the Horizon Towers location has “substantial advantage possibility” for redevelopment into an extremely lavish, skyscraper non commercial property.

The tender for Horizon Towers closes up on March 30.

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