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

The owners of Horizon Towers have once again relaunched its collective sale tender of the 99-year leasehold condominium, this time for the fifth time. Preserving the original reserve price at $1.1 billion, the unit land rate translates to $2,049 per square foot per plot ratio (psf ppr), as informed by the marketing agent JLL.

The current tender succeeded their September 2022 attempt which closed without a successful bid. Prior to the last bid, the owners of the development had launched a tender at the same price in 2018 and 2019, following their initial collective sale bid in 2007.

Seated between Leonie Hill and Leonie Hill Road, Horizon Towers sits on a 1.9-hectare elevated site in Singapore’s prime District 9. Between the years 1979 and 1984, the land tenure began along with the completion of the condo. This means that the land has about 55 years left in its lease.

Future developers of the estate will benefit from its significant upside potential when redeveloping the Horizon Towers complex into a luxury high-rise residential project. Its privileged location is in the vicinity of Orchard Road and the Central Business District, boosting its appeal and potential.

JLL further affirms that, due to its location within the Central Area, Horizon Towers is free from minimum average unit size controls. This will provide potential developers with the flexibility to build various small- and large-unit permutations to meet the varied Tengah EC demands of a high-end and luxurious demographic.

Besides its strategic position, the site is well connected with the public transportation system. The newest section of the Thomson-East Coast Line has boosted its public transport connectivity, with the new Orchard MRT Interchange and Great World Stations lying close to the apartment.

Should the condo be sold at the above-mentioned reserve price, EdgeProp’s Landlens tool projects initial selling prices of about $2,990 psf for the new development. Tan Hong Boon, executive director of capital markets, Singapore at JLL, believes that developers need to take advantage of this chance to capitalize on the growing demand for CCR properties, while landbanks are fast becoming a rarity in the central region.

The tender of Horizon Towers will remain open until March 30. Don’t miss your opportunity, tap into the growth potential of this collective sale prospect.