Horizon Towers relaunch $1.1 bil collective sale for the fifth time
This follows the September 2022 collective sale tender that closed without an effective quote. Before that, the property owners of Horizon Towers had recently introduced a tender at the exact same cost in 2019 and 2018, after the first cumulative sale proposal in 2007.
JLL says that the Horizon Towers location holds “substantial advantage possibility” for redevelopment into a very luxurious, skyscraper residential property.
“We assume the key industry to remain robust in 2023 by having the relaunch of this site to allow developers to reinforce their landbank and also be ready to capitalise on the continued increasing need for CCR units,” says Tan.
“Due to its area within the Central Location, Horizon Towers is exempt to minimum average unit size controls. This will certainly provide potential property developers with the flexibility to develop different small- and large-unit alterations to fulfill the diverse needs of an unique, luxury-focused group,” says Tan Hong Boon, managing supervisor, capital markets, Singapore, at JLL.
The owners of Horizon Towers have recently relaunched the collective sale tender of the 99-year leasehold residence for the fifth time. The reservation price stays unmodified at $1.1 billion, which converts to a unit land price of $2,049 psf per plot ratio, according to a statement by the promotion agent JLL.
The area flaunts proximity to the Orchard Road retail belt, and also the newest section of the Thomson-East Coast Line has certainly improved its general transport connection. The new Orchard MRT Interchange and Great World Terminals are next to the condo.
Horizon Towers sits on a 1.9 ha elevated spot in between Leonie Hill and Leonie Hill Road in prime District 9. The condo was finished in 1984 and the land period began in 1979. This implies that the real estate has about 55 years remained on its contract.
Tan adds that this offers a possibility for property developers to include this place to their landbanks, as big higher residential plots in the central area are hardly ever readily available, paired with the diminishing variety of unsold brand-new units in the Core Central Region (CCR).
The tender for Horizon Towers closes on March 30.