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

The site flaunts proximity to the Orchard Road shopping belt, and also the newest section of the Thomson-East Coast Line has certainly improved its general transportation connection. The new Orchard MRT Interchange together with Great World Stations are near to the condominium.

JLL states that the Horizon Towers location has “considerable advantage capacity” for redevelopment right into a super luxurious, skyscraper housing property.

“We assume the main market to stay sturdy in 2023 by having the relaunch of this site to enable developers to strengthen their landbank and also be ready to capitalise on the continued increasing need for CCR units,” states Tan.

The owners of Horizon Towers have recently relaunched the combined sale tender of the 99-year leasehold condo for the 5th time. The reservation rate stays unchanged at $1.1 billion, that translates to a unit land charge of $2,049 psf per plot ratio, according to a press release by the promotion representative JLL.

Tembusu Grand showflat location

This follows the September 2022 collective sale tender which closed up without an effective bid. Just before that, the owners of Horizon Towers had actually released a tender at the same rate in 2019 and 2018, after the initial cumulative sale proposal in 2007.

“Because of its location throughout the Central Area, Horizon Towers is not subject to minimal common unit size controls. This will certainly give prospective constructors with the adaptability to develop various tiny- along with large-unit alterations to meet the different needs of a different, luxury-focused market,” claims Tan Hong Boon, managing supervisor, resources markets, Singapore, at JLL.

Horizon Towers sits on a 1.9 ha raised spot between Leonie Hill as well as Leonie Hill Roadway in prime District 9. The condo was completed in 1984 plus the land tenure started in 1979. This means that the property has approximately 55 years left on its rent.

Tan adds that this presents an opportunity for property developers to include this place to their landbanks, as large higher housing plots in the main area are seldom offered, coupled with the dwindling number of unsold brand-new units in the Core Central Region (CCR).

The tender for Horizon Towers closes on March 30.

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