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

The owners of Horizon Towers have relaunched the shared sale tender of the 99-year leasehold residence for the fifth instance. The reserve price continues to be unchanged at $1.1 billion, which equates to a unit land price of $2,049 psf per plot ratio, according to a news release by the advertising broker JLL.

This complies with the September 2022 cumulative sale tender that closed without having an effective proposal. Prior to that, the property owners of Horizon Towers had recently released a tender at the same rate in 2019 and 2018, after the initial cumulative sale proposal in 2007.

Tan adds in that this provides a chance for property developers to include this site to their landbanks, as large higher residential plots in the central area are seldom readily available, paired with the dwindling variety of unsold brand-new units in the Core Central Region (CCR).

The location flaunts closeness to the Orchard Road purchasing belt, and the most recent area of the Thomson-East Coast Line has enhanced its public transport connectivity. The brand-new Orchard MRT Interchange and Great World Stations are close to the condo.

Hill House condo

“Due to its area throughout the Central Location, Horizon Towers is not subject to minimum common unit measurements controls. This will certainly give prospective constructors with the flexibility to build various little- and even large-unit alterations to meet the diverse needs of a diverse, luxury-focused group,” claims Tan Hong Boon, managing supervisor, capital markets, Singapore, at JLL.

Horizon Towers sits on a 1.9 ha raised spot between Leonie Hill and also Leonie Hill Roadway in prime District 9. The apartment was finalized in 1984 including the land period started in 1979. This suggests that the land has approximately 55 years left on its lease.

JLL says that the Horizon Towers site has “significant benefit potential” for redevelopment right into a very first-class, skyscraper residential project.

“We anticipate the key sector to stay robust in 2023 by having the relaunch of this area to permit property developers to bolster their landbank and be ready to capitalise on the continued rising demand for CCR units,” says Tan.

The tender for Horizon Towers shuts on March 30.

error: Content is protected !!