Horizon Towers relaunch $1.1 bil collective sale for the fifth time
This complies with the September 2022 collective sale tender which shut in the absence of an effective quote. Before that, the property owners of Horizon Towers had launched a tender at the exact same cost in 2019 and 2018, after the very first collective sale bid in 2007.
Horizon Towers sits on a 1.9 ha raised site in between Leonie Hill as well as Leonie Hill Road in prime District 9. The condominium was completed in 1984 including the land tenure started in 1979. This implies that the real estate has about 55 years left on its rent.
The area boasts closeness to the Orchard Road purchasing belt, including the newest section of the Thomson-East Coast Line has certainly boosted its general transportation connectivity. The brand-new Orchard MRT Interchange along with Great World Stations are near to the condominium.
Tan adds that this presents a chance for property developers to add this location to their landbanks, as huge elevated home plots in the main region are rarely offered, combined with the diminishing variety of unsold new units in the Core Central Region (CCR).
“We assume the main sector to remain sturdy in 2023 with the relaunch of this site to enable property developers to bolster their landbank and be ready to capitalise on the proceeded growing demand for CCR units,” claims Tan.
JLL states that the Horizon Towers spot holds “considerable benefit capacity” for redevelopment within an incredibly first-class, skyscraper housing property.
“Because of its place within the Central Area, Horizon Towers is not subject to minimal average unit size controls. This will provide potential constructors with the flexibility to build different small- along with large-unit permutations to satisfy the different demands of a diverse, luxury-focused demographic,” states Tan Hong Boon, corporate director, resources markets, Singapore, at JLL.
The property owners of Horizon Towers have relaunched the shared sale tender of the 99-year leasehold residence for the fifth instance. The reservation price stays the same at $1.1 billion, which translates to a unit land charge of $2,049 psf per plot ratio, according to a statement by the promotion representative JLL.
The tender for Horizon Towers closes on March 30.