Horizon Towers relaunch $1.1 bil collective sale for the fifth time
Horizon Towers rests on a 1.9 ha raised spot in between Leonie Hill and Leonie Hill Roadway in prime District 9. The condominium was completed in 1984 including the land period started in 1979. This suggests that the property has around 55 years remained on its contract.
Tan includes that this presents a chance for developers to include this site to their landbanks, as large higher housing plots in the central region are rarely available, paired with the decreasing variety of unsold new units in the Core Central Region (CCR).
The location shows off closeness to the Orchard Road retail belt, and the newest area of the Thomson-East Coast Line has certainly boosted its public transport connection. The new Orchard MRT Interchange together with Great World Stations are close to the condo.
“We anticipate the main market to continue to be robust in 2023 by having the relaunch of this area to enable property developers to bolster their landbank and also prepare to capitalise on the continued increasing demand for CCR units,” claims Tan.
“As a result of its place within the Central Location, Horizon Towers is exempt to minimal standard unit measurements controls. This will certainly offer potential constructors with the versatility to build different tiny- and large-unit permutations to satisfy the different demands of an unique, luxury-focused demographic,” claims Tan Hong Boon, corporate supervisor, funding markets, Singapore, at JLL.
This follows the September 2022 collective sale tender that shut in the absence of an effective proposal. Prior to that, the property owners of Horizon Towers had actually released a tender at the exact same price in 2019 and 2018, after the initial collective sale proposal in 2007.
The tender for Horizon Towers shuts on March 30.
The property owners of Horizon Towers have relaunched the shared sale tender of the 99-year leasehold residence for the 5th instance. The reservation price stays the same at $1.1 billion, that translates to a unit land price of $2,049 psf per plot ratio, according to a statement by the advertising representative JLL.
JLL says that the Horizon Towers spot holds “considerable benefit potential” for redevelopment right into a super first-class, high-rise non commercial property.