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

The property owners of Horizon Towers have relaunched the shared sale tender of the 99-year leasehold residence for the fifth instance. The reservation rate remains the same at $1.1 billion, that equates to a unit land rate of $2,049 psf per plot ratio, according to a news release by the advertising agent JLL.

“We anticipate the main market to stay sturdy in 2023 with the relaunch of this area to allow property developers to bolster their landbank and prepare to capitalise on the proceeded rising interest for CCR units,” claims Tan.

Horizon Towers remains on a 1.9 ha raised spot in between Leonie Hill and also Leonie Hill Roadway in prime District 9. The apartment was finished in 1984 including the land period began in 1979. This indicates that the property has about 55 years remained on its contract.

“Due to its place within the Central Location, Horizon Towers is not subject to minimum average unit dimension controls. This will certainly supply potential property developers with the adaptability to build different tiny- and even large-unit permutations to satisfy the different demands of a diverse, luxury-focused demographic,” says Tan Hong Boon, corporate supervisor, funding markets, Singapore, at JLL.

Tan includes that this presents a chance for property developers to add this place to their landbanks, as huge higher residential plots in the central area are rarely readily available, paired with the decreasing variety of unsold new units in the Core Central Region (CCR).

JLL says that the Horizon Towers site keeps “substantial upside potential” for redevelopment right into an extremely luxurious, skyscraper non commercial project.

Grand Dunman condo

The location flaunts distance to the Orchard Road shopping belt, including the newest section of the Thomson-East Coast Line has enhanced its general transportation connection. The brand-new Orchard MRT Interchange along with Great World Stations are near to the condominium.

This follows the September 2022 cumulative sale tender that closed without a profitable quote. Prior to that, the owners of Horizon Towers had recently launched a tender at the very same cost in 2019 and 2018, after the initial collective sale bid in 2007.

The tender for Horizon Towers shuts on March 30.

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