Horizon Towers relaunch $1.1 bil collective sale for the fifth time
The area boasts closeness to the Orchard Road retail belt, and also the most recent area of the Thomson-East Coast Line has certainly boosted its general transportation connectivity. The brand-new Orchard MRT Interchange and Great World Terminals are next to the condo.
Tan adds in that this provides a chance for property developers to include this place to their landbanks, as large elevated residential plots in the central region are seldom offered, coupled with the diminishing number of unsold new units in the Core Central Region (CCR).
This follows the September 2022 cumulative sale tender which closed without a successful quote. Just before that, the proprietors of Horizon Towers had actually released a tender at the exact same cost in 2019 and 2018, after the initial cumulative sale proposal in 2007.
The property owners of Horizon Towers have relaunched the collective sale tender of the 99-year leasehold condominium for the fifth instance. The reservation cost remains unmodified at $1.1 billion, that translates to a unit land price of $2,049 psf per plot ratio, according to a news release by the promotion broker JLL.
Horizon Towers rests on a 1.9 ha elevated spot between Leonie Hill and Leonie Hill Roadway in prime District 9. The condominium was finalized in 1984 plus the land tenure began in 1979. This indicates that the land has around 55 years left on its lease.
JLL says that the Horizon Towers location keeps “considerable advantage possibility” for redevelopment right into a super luxurious, high-rise housing project.
“We anticipate the primary sector to stay robust in 2023 by having the relaunch of this area to permit builders to strengthen their landbank and also be ready to capitalise on the proceeded growing need for CCR units,” states Tan.
“Because of its place throughout the Central Location, Horizon Towers is exempt to minimum average unit measurements controls. This will give prospective constructors with the flexibility to construct different tiny- along with large-unit modifications to satisfy the varied demands of an unique, luxury-focused group,” claims Tan Hong Boon, executive director, resources markets, Singapore, at JLL.
The tender for Horizon Towers closes on March 30.