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

The owners of Horizon Towers have, for the fifth time, launched a collective sale tender of the 99-year leasehold condominium. With an unchanged reserve price at $1.1 billion, this equates to a unit land rate of $2,049 psf per plot ratio, as stated by the marketing agent JLL.

This is the fifth collective sale tender for Horizon Towers, following unsuccessful bids in September 2022, 2019, and 2018, when the owners had also launched tenders at the same price. The first collective sale bid was made in 2007.

The 1.9ha elevated site of Horizon Towers is situated between Leonie Hill and Leonie Hill Road, in the prestigious District 9. The land tenure started in 1979 and with the completion of the condominium in 1984, there are now around 55 years left in its lease.

According to JLL, the Horizon Towers site presents “significant upside potential” for redevelopment into a luxurious, high-rise residential project. Its excellent location, close to Orchard Road and the CBD, grants it an added bonus.

What’s more, excellently located in the Central Area, Horizon Towers is not subject to minimum average unit size controls. This allows for the flexibility of building various small and large unit combinations, tailored to meet the varied demands of luxury-lovers.

The convenient public transport connectivity has been further enhanced with the nearby Orchard MRT Interchange and Great World Stations. Ready access to the Orchard Road shopping belt also adds to the site’s appeal.

As estimated by EdgeProp’s Landlens tool, if the collective Tengah Plantation EC sale is concluded at $1.1 billion, new developments could witness initial selling prices of around $2,990 psf.

Tan Hong Boon, executive director of capital markets, Singapore at JLL, believes this to be a great opportunity for developers to add this site to their landbanks, given the scarcity of large residential plots within the central region, as well as the decreasing number of unsold new units in the Core Central Region (CCR).

He further remarks that the primary market is likely to remain strong next year, with the relaunch of this site enabling developers to ready their landbank and thus capitalise on the sustained demand for CCR units.

The tender for Horizon Towers ends on March 30. We can thus expect developers to eagerly await the outcome.