Horizon Towers relaunch $1.1 bil collective sale for the fifth time
The area boasts proximity to the Orchard Road retail belt, and the latest section of the Thomson-East Coast Line has actually boosted its public transportation connectivity. The new Orchard MRT Interchange and Great World Terminals are close to the condo.
This complies with the September 2022 cumulative sale tender which closed without a successful quote. Just before that, the property owners of Horizon Towers had actually launched a tender at the exact same price in 2019 and 2018, after the first collective sale quote in 2007.
Horizon Towers remains on a 1.9 ha raised location between Leonie Hill as well as Leonie Hill Road in prime District 9. The condo was finalized in 1984 and the land tenure started in 1979. This implies that the property has about 55 years left on its contract.
“We assume the main sector to continue to be robust in 2023 with the relaunch of this area to permit developers to boost their landbank as well as be ready to capitalise on the continued rising demand for CCR units,” says Tan.
The owners of Horizon Towers have recently relaunched the shared sale tender of the 99-year leasehold condo for the 5th instance. The reservation cost continues to be unchanged at $1.1 billion, that equates to a unit land rate of $2,049 psf per plot ratio, according to a statement by the advertising representative JLL.
JLL states that the Horizon Towers spot holds “significant benefit potential” for redevelopment right into a super luxurious, high-rise non commercial property.
Tan adds in that this provides a chance for property developers to add this place to their landbanks, as huge elevated housing plots in the main region are hardly ever readily available, combined with the decreasing variety of unsold brand-new units in the Core Central Region (CCR).
“As a result of its location throughout the Central Location, Horizon Towers is exempt to minimal regular unit dimension controls. This will offer potential property developers with the adaptability to build various tiny- along with large-unit alterations to meet the diverse needs of a different, luxury-focused market,” states Tan Hong Boon, managing director, funding markets, Singapore, at JLL.
The tender for Horizon Towers closes up on March 30.
