In exclusive District 9, Horizon Towers is located on a 1.9ha elevated location between Leonie Hill and Leonie Hill Road

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Owners of Horizon Towers have relaunched the collective sale tender for this 99-year leasehold condominium five times. The reserve price remains the same as $1.1 billion. This is equivalent into a land-use rate of $2,049 psf for each plot ratio, as per an announcement by the marketing agency JLL.

The announcement follows the collective sale in September 2022 tender, which ended without a bid that was accepted. Prior to this Horizon Towers’ owners Horizon Towers had launched a tender for the same amount in the years 2019 and 2018 following the initial collective sale bid in 2007.

Horizon Towers sits on a 1.9ha elevated site between Leonie Hill and Leonie Hill Road in the District 9 area of prime. The condominium was built in 1984, and the lease was signed in 1979. The land is currently leased for about 55 years. remaining on the lease.

JLL declares they believe that Horizon Towers site holds “significant upside potential” to develop into a luxurious high-rise residential building.

“Due due to its location in its location within the Central Area, Horizon Towers is not subject to any minimum sizes for units. This provides prospective developers with the freedom to construct various smaller and larger-unit combinations to satisfy the diverse needs of a diverse, high-end population,” says Tan Hong Boon Executive Director, market development, Singapore, at JLL.

The site has a close proximity to The Orchard Road shopping belt, and the most recent segment of the Thomson-East Coast Line has enhanced the accessibility of public transportation. The brand-new Orchard MRT Interchange and Great World Stations are within walking distance of the condominium.

Tan says that this is potential for developers to include the site onto their existing landbanks since large residential areas elevated located in central regions are not often available, and this is exacerbated by the decreasing number of un-sold new units that are being constructed in the Core Central Region (CCR).

“We anticipate the primary market to continue to grow in 2023 following the relaunch of this site in order to permit developers to increase their landbank and capitalize on the growing need of CCR unit,” says Tan.

The bid of Horizon Towers closes on March 30.