Horizon Towers relaunch $1.1 bil collective sale for the fifth time
Horizon Towers remains on a 1.9 ha elevated spot between Leonie Hill and also Leonie Hill Road in prime District 9. The condominium was completed in 1984 plus the land tenure began in 1979. This indicates that the land has approximately 55 years left on its contract.
The owners of Horizon Towers have relaunched the combined sale tender of the 99-year leasehold residence for the 5th time. The reservation price continues to be unmodified at $1.1 billion, that converts to a unit land rate of $2,049 psf per plot ratio, according to a news release by the marketing representative JLL.
The location shows off distance to the Orchard Road shopping belt, and also the newest section of the Thomson-East Coast Line has certainly improved its public transportation connection. The new Orchard MRT Interchange and Great World Terminals are next to the condo.
“As a result of its place inside the Central Area, Horizon Towers is not subject to minimal common unit dimension controls. This will give potential property developers with the adaptability to develop numerous little- and even large-unit alterations to satisfy the diverse demands of a diverse, luxury-focused demographic,” claims Tan Hong Boon, managing supervisor, resources markets, Singapore, at JLL.
JLL says that the Horizon Towers spot has “significant benefit capacity” for redevelopment within a super luxurious, skyscraper non commercial property.
This complies with the September 2022 cumulative sale tender which shut without a profitable quote. Prior to that, the property owners of Horizon Towers had actually introduced a tender at the very same rate in 2019 and 2018, after the initial collective sale proposal in 2007.
Tan includes that this presents a chance for property developers to add this location to their landbanks, as huge higher residential plots in the main area are hardly ever readily available, coupled with the diminishing variety of unsold brand-new units in the Core Central Region (CCR).
“We assume the main sector to continue to be strong in 2023 by having the relaunch of this spot to permit property developers to boost their landbank and prepare to capitalise on the continued growing interest for CCR units,” claims Tan.
The tender for Horizon Towers shuts on March 30.
