Horizon Towers relaunch $1.1 bil collective sale for the fifth time
The site boasts proximity to the Orchard Road retail belt, and the latest area of the Thomson-East Coast Line has actually improved its public transportation connection. The brand-new Orchard MRT Interchange together with Great World Terminals are close to the condominium.
Tan adds in that this presents a possibility for property developers to include this location to their landbanks, as large higher home plots in the central region are rarely readily available, combined with the diminishing number of unsold brand-new units in the Core Central Region (CCR).
The operators of Horizon Towers have recently relaunched the combined sale tender of the 99-year leasehold residence for the fifth instance. The reserve rate remains unchanged at $1.1 billion, which translates to a unit land charge of $2,049 psf per plot ratio, according to a news release by the promotion agent JLL.
“Because of its place within the Central Area, Horizon Towers is not subject to minimal regular unit dimension controls. This will certainly provide potential constructors with the versatility to construct numerous small- and large-unit alterations to meet the varied demands of an unique, luxury-focused demographic,” states Tan Hong Boon, executive director, capital markets, Singapore, at JLL.
“We anticipate the key market to continue to be robust in 2023 with the relaunch of this area to permit developers to strengthen their landbank as well as be ready to capitalise on the proceeded growing need for CCR units,” claims Tan.
Horizon Towers remains on a 1.9 ha raised site in between Leonie Hill as well as Leonie Hill Road in prime District 9. The condominium was finalized in 1984 plus the land tenure began in 1979. This indicates that the real estate has approximately 55 years remained on its lease.
JLL claims that the Horizon Towers site has “significant benefit capacity” for redevelopment right into an incredibly first-class, high-rise housing assignment.
This complies with the September 2022 cumulative sale tender that shut without a successful quote. Just before that, the owners of Horizon Towers had introduced a tender at the same price in 2019 and 2018, after the initial collective sale proposal in 2007.
The tender for Horizon Towers closes on March 30.