Horizon Towers relaunch $1.1 bil collective sale for the fifth time

The location flaunts proximity to the Orchard Road purchasing belt, including the newest area of the Thomson-East Coast Line has actually enhanced its public transport connectivity. The brand-new Orchard MRT Interchange along with Great World Terminals are near to the condominium.

Horizon Towers sits on a 1.9 ha raised location between Leonie Hill as well as Leonie Hill Roadway in prime District 9. The condo was finalized in 1984 plus the land period started in 1979. This means that the property has about 55 years left on its rent.

The owners of Horizon Towers have recently relaunched the shared sale tender of the 99-year leasehold condominium for the 5th instance. The reserve rate remains unchanged at $1.1 billion, that translates to a unit land rate of $2,049 psf per plot ratio, according to a press release by the advertising agent JLL.

JLL states that the Horizon Towers site keeps “substantial upside possibility” for redevelopment into an incredibly luxurious, high-rise residential assignment.

“We expect the key industry to stay strong in 2023 with the relaunch of this site to permit property developers to strengthen their landbank as well as be ready to capitalise on the continued increasing interest for CCR units,” says Tan.

Tan adds in that this provides an opportunity for developers to add this site to their landbanks, as large elevated home plots in the main region are hardly ever offered, combined with the decreasing variety of unsold brand-new units in the Core Central Region (CCR).

Terra Hill Singapore

This follows the September 2022 cumulative sale tender which closed up without having a successful proposal. Before that, the proprietors of Horizon Towers had actually introduced a tender at the exact same rate in 2019 and 2018, after the very first collective sale bid in 2007.

“Because of its location throughout the Central Area, Horizon Towers is not subject to minimum average unit measurements controls. This will offer potential property developers with the versatility to construct various little- and large-unit permutations to meet the different demands of an unique, luxury-focused market,” says Tan Hong Boon, corporate supervisor, capital markets, Singapore, at JLL.

The tender for Horizon Towers closes on March 30.

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