Horizon Towers relaunch $1.1 bil collective sale for the fifth time

The area flaunts distance to the Orchard Road retail belt, and the latest section of the Thomson-East Coast Line has actually enhanced its public transport connection. The new Orchard MRT Interchange together with Great World Stations are close to the condo.

Horizon Towers remains on a 1.9 ha elevated spot in between Leonie Hill as well as Leonie Hill Roadway in prime District 9. The condo was finalized in 1984 plus the land tenure started in 1979. This means that the real estate has approximately 55 years remained on its lease.

“As a result of its area within the Central Area, Horizon Towers is exempt to minimal regular unit dimension controls. This will certainly supply possible constructors with the versatility to build various little- along with large-unit alterations to satisfy the different needs of a diverse, luxury-focused group,” claims Tan Hong Boon, managing director, funding markets, Singapore, at JLL.

Tan adds that this provides an opportunity for developers to add this location to their landbanks, as big higher housing plots in the main region are hardly ever readily available, combined with the decreasing number of unsold new units in the Core Central Region (CCR).

The Botany at Dairy Farm showflat location

“We expect the key market to continue to be strong in 2023 by having the relaunch of this site to permit developers to strengthen their landbank and also be ready to capitalise on the continued increasing interest for CCR units,” claims Tan.

JLL states that the Horizon Towers location holds “substantial upside possibility” for redevelopment into an incredibly luxurious, skyscraper housing property.

The property owners of Horizon Towers have recently relaunched the collective sale tender of the 99-year leasehold condominium for the 5th time. The reservation price remains unmodified at $1.1 billion, which equates to a unit land price of $2,049 psf per plot ratio, according to a press release by the advertising agent JLL.

This follows the September 2022 collective sale tender that shut without a profitable bid. Prior to that, the property owners of Horizon Towers had introduced a tender at the exact same price in 2019 and 2018, after the initial cumulative sale bid in 2007.

The tender for Horizon Towers closes on March 30.

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