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

Horizon Towers, located between Leonie Hill and Leonie Hill Road, is a 99-year leasehold condominium sitting on a 1.9ha elevated site in prime District 9. Completed in 1984, the condo is just 55 years into its tenure and offers developers significant upside potential.

Marketing agents JLL, who have been appointed to handle the fifth collective sale tender of the site, have revealed the reserve price of $1.1billion, which translates to a unit land rate of $2,049 psf per plot ratio, remains unchanged from the prior tender that closed without a successful bid.

The prime location of Horizon Towers is what makes it so desirable, with easy access to the Orchard Road shopping belt, the CBD and the newly launched Thomson-East Coast Line metro stations. Public transport connectivity has never been better as the new Orchard MRT Interchange and Great Senja Close EC World Stations enhance accessibility.

Furthermore, the Central Area location means that developers have the flexibility to build a range of unit sizes to meet the needs of the luxury-focused demographic. According to an estimation by the EdgeProp Landlens tool, if the sale is successful at the reserve price, initial selling prices could reach approximately $2,990 psf.

Potential developers are urged to consider this rare chance to add a large residential plot to their landbanks and capitalise on the increasing CCR market demand. The tender for Horizon Towers closes on March 30. Tan Hong Boon, executive director, capital markets, Singapore, JLL, comments: “We expect the primary market to remain robust in 2023 with the relaunch of this site.”