Horizon Towers relaunch $1.1 bil collective sale for the fifth time
JLL claims that the Horizon Towers location holds “considerable benefit possibility” for redevelopment into an incredibly first-class, high-rise non commercial assignment.
Horizon Towers sits on a 1.9 ha elevated spot in between Leonie Hill and Leonie Hill Roadway in prime District 9. The condominium was finished in 1984 and the land tenure started in 1979. This means that the property has around 55 years remained on its contract.
This follows the September 2022 collective sale tender which closed up without a successful proposal. Prior to that, the owners of Horizon Towers had launched a tender at the very same cost in 2019 and 2018, after the initial collective sale quote in 2007.
The area boasts distance to the Orchard Road purchasing belt, and also the most recent part of the Thomson-East Coast Line has actually enhanced its general transport connectivity. The brand-new Orchard MRT Interchange together with Great World Stations are near to the apartment.
“Because of its place inside the Central Location, Horizon Towers is not subject to minimal standard unit size controls. This will provide possible property developers with the flexibility to construct various tiny- and large-unit alterations to fulfill the different demands of a diverse, luxury-focused market,” states Tan Hong Boon, managing supervisor, resources markets, Singapore, at JLL.
Tan adds in that this offers a possibility for property developers to include this location to their landbanks, as huge higher residential plots in the central area are hardly ever available, coupled with the dwindling variety of unsold new units in the Core Central Region (CCR).
“We assume the key industry to remain robust in 2023 by having the relaunch of this site to permit property developers to bolster their landbank and prepare to capitalise on the continued growing need for CCR units,” claims Tan.
The property owners of Horizon Towers have recently relaunched the combined sale tender of the 99-year leasehold residence for the 5th time. The reservation rate continues to be unmodified at $1.1 billion, which equates to a unit land charge of $2,049 psf per plot ratio, according to a news release by the marketing broker JLL.
The tender for Horizon Towers shuts on March 30.
