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 condominium for the 5th time. The reserve rate continues to be 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 marketing representative JLL.
“Due to its location inside the Central Location, Horizon Towers is not subject to minimum common unit size controls. This will offer potential developers with the versatility to develop different tiny- along with large-unit modifications to satisfy the diverse demands of a diverse, luxury-focused demographic,” states Tan Hong Boon, managing supervisor, resources markets, Singapore, at JLL.
This complies with the September 2022 collective sale tender which shut in the absence of an effective quote. Before that, the owners of Horizon Towers had recently released a tender at the exact same cost in 2019 and 2018, after the first cumulative sale proposal in 2007.
The area flaunts distance to the Orchard Road shopping belt, and also the most recent area of the Thomson-East Coast Line has actually enhanced its general transportation connectivity. The new Orchard MRT Interchange along with Great World Terminals are next to the condo.
“We expect the key market to stay strong in 2023 with the relaunch of this site to enable property developers to boost their landbank and also prepare to capitalise on the proceeded growing interest for CCR units,” claims Tan.
JLL claims that the Horizon Towers location holds “significant upside potential” for redevelopment within a very luxurious, high-rise non commercial assignment.
Tan includes that this provides an opportunity for developers to include this location to their landbanks, as large elevated home plots in the main region are rarely readily available, paired with the decreasing variety of unsold brand-new units in the Core Central Region (CCR).
Horizon Towers sits on a 1.9 ha raised location in between Leonie Hill and also Leonie Hill Roadway in prime District 9. The condominium was finalized in 1984 and the land tenure began in 1979. This suggests that the real estate has around 55 years remained on its lease.
The tender for Horizon Towers closes on March 30.