Horizon Towers relaunch $1.1 bil collective sale for the fifth time
The property owners of Horizon Towers have recently relaunched the combined sale tender of the 99-year leasehold condo for the 5th instance. The reservation cost remains the same at $1.1 billion, which translates to a unit land price of $2,049 psf per plot ratio, according to a news release by the promotion agent JLL.
JLL says that the Horizon Towers location keeps “considerable benefit capacity” for redevelopment within a super luxurious, skyscraper housing project.
The tender for Horizon Towers closes up on March 30.
Horizon Towers rests on a 1.9 ha raised location in between Leonie Hill as well as Leonie Hill Road in prime District 9. The apartment was finalized in 1984 plus the land tenure started in 1979. This suggests that the property has approximately 55 years remained on its contract.
This adheres to the September 2022 cumulative sale tender that closed up in the absence of an effective bid. Before that, the owners of Horizon Towers had actually released a tender at the very same cost in 2019 and 2018, after the very first cumulative sale proposal in 2007.
The site flaunts closeness to the Orchard Road retail belt, and the latest part of the Thomson-East Coast Line has actually boosted its public transport connectivity. The brand-new Orchard MRT Interchange along with Great World Terminals are close to the condominium.
“As a result of its location inside the Central Location, Horizon Towers is not subject to minimum standard unit dimension controls. This will supply potential property developers with the versatility to construct different little- along with large-unit permutations to meet the diverse needs of an unique, luxury-focused group,” says Tan Hong Boon, corporate supervisor, funding markets, Singapore, at JLL.
Tan adds that this offers a possibility for developers to include this place to their landbanks, as big elevated housing plots in the central area are rarely available, combined with the decreasing number of unsold new units in the Core Central Region (CCR).
“We assume the primary market to stay sturdy in 2023 by having the relaunch of this site to enable property developers to strengthen their landbank as well as prepare to capitalise on the continued increasing interest for CCR units,” says Tan.