Horizon Towers sits on a 1.9ha elevated site between Leonie Hill and Leonie Hill Road in prime District 9. (Picture: JLL)
The owners of Horizon Towers have relaunched the collective sale tender of the 99-year leasehold condominium for the fifth time. The reserve price remains unchanged at $1.1 billion, which translates to a unit land rate of $2,049 psf per plot ratio, according to a press release by the marketing agent JLL.
This follows the September 2022 collective sale tender which closed without a successful bid. Prior to that, the owners of Horizon Towers had launched a tender at the same price in 2019 and 2018, after the first collective sale bid in 2007.
Horizon Towers sits on a 1.9ha elevated site between Leonie Hill and Leonie Hill Road in prime District 9. The condo was completed in 1984 and the land tenure started in 1979. This means that the land has about 55 years left on its lease.
JLL says that the Horizon Towers site holds “significant upside potential” for redevelopment into a super luxurious, high-rise residential project.
Horizon Towers boasts an enviable central location that is close to Orchard Road and the CBD. (Picture: JLL)
“Due to its location within the Central Area, Horizon Towers is not subject to 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 demands of a diverse, luxury-focused demographic,” says Tan Hong Boon, executive director, capital markets, Singapore, at JLL.
The site boasts proximity to the Orchard Road shopping belt, and the newest section of the Thomson-East Coast Line has enhanced its public transport connectivity. The new Orchard MRT Interchange and Great World Stations are close to the condo.
According to an estimation by EdgeProp's Landlens tool, if Horizon Towers is sold at $1.1 billion, the new development could see initial selling prices of about $2,990 psf. (Map: EdgeProp Landlens)
Tan adds that this presents an opportunity for developers to add this site to their landbanks, as large elevated residential plots in the central region are rarely available, coupled with the dwindling number of unsold new units in the Core Central Region (CCR).
“We expect the primary market to remain robust in 2023 with the relaunch of this site to allow developers to bolster their landbank and be ready to capitalise on the continued rising demand for CCR units,” says Tan.
The tender for Horizon Towers closes on March 30.