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

Relaunched for the fifth time, the collective sale tender for the 99-year leasehold Horizon Tower The Myst condominium has once again attracted the attention of potential buyers. With a reserve price of $1.1 billion, or $2,049 psf per plot ratio, marketing agent JLL has promised an “envious central location that is close to Orchard Road and the CBD”.

Located on an elevated 1.9ha site between Leonie Hill Road and Leonie Hill in the prime District 9, the land has around 55 years remaining on the lease which began in 1979. Boasting considerable “upside potential” for redevelopment into a super luxurious, high-rise residential project, Horizon Towers offers potential developers “flexibility to build various small- and large-unit permutations”.

Executive director, capital markets, Singapore at JLL, Tan Hong Boon, argues that “large elevated residential plots in the central region are rarely available” and with the dwindling number of unsold new units in the Core Central Region, Horizon Towers presents a unique opportunity.

EdgeProp’s Landlens tool estimates that if successfully sold at the reserve price, initial selling prices for the new development could reach $2,990 psf.

The tender for Horizon Towers closes on March 30, with Tan Boon expecting “the primary market to remain robust in 2023” and for developers to capitalize on the continued rising demand for CCR units.