Horizon Towers relaunch $1.1 bil collective sale for the fifth time
The location shows off proximity to the Orchard Road purchasing belt, including the most recent area of the Thomson-East Coast Line has enhanced its general transport connectivity. The brand-new Orchard MRT Interchange and Great World Stations are next to the condo.
Horizon Towers sits on a 1.9 ha raised location between Leonie Hill as well as Leonie Hill Road in prime District 9. The apartment was finished in 1984 including the land period began in 1979. This implies that the land has around 55 years remained on its rent.
The operators of Horizon Towers have recently relaunched the collective sale tender of the 99-year leasehold condo for the 5th time. The reservation cost remains the same at $1.1 billion, which converts to a unit land charge of $2,049 psf per plot ratio, according to a statement by the marketing representative JLL.
Tan adds in that this provides a possibility for developers to add this location to their landbanks, as huge higher housing plots in the main region are rarely offered, combined with the diminishing number of unsold brand-new units in the Core Central Region (CCR).
“We anticipate the main sector to continue to be robust in 2023 with the relaunch of this area to enable property developers to strengthen their landbank and be ready to capitalise on the proceeded increasing demand for CCR units,” claims Tan.
The tender for Horizon Towers shuts on March 30.
This complies with the September 2022 cumulative sale tender which closed up without an effective proposal. Prior to that, the proprietors of Horizon Towers had released a tender at the very same price in 2019 and 2018, after the very first cumulative sale bid in 2007.
“Because of its area inside the Central Area, Horizon Towers is not subject to minimal regular unit dimension controls. This will offer prospective property developers with the flexibility to build various tiny- along with large-unit alterations to fulfill the diverse demands of an unique, luxury-focused demographic,” states Tan Hong Boon, managing director, resources markets, Singapore, at JLL.
JLL says that the Horizon Towers site has “considerable advantage possibility” for redevelopment into a super luxurious, high-rise housing property.