Horizon Towers En Bloc Sale 2022

Horizon Towers, with one of the biggest reserve prices at S$1.1 billion, will be offered for collective sale again this year.

According to exclusive marketing agency JLL, the land price for the prime site comes out to around S$2,049 psf ppr for the 204,742 sq ft property, inclusive of an anticipated S$277 million lease top-up premium.

The unit land rate is S$1,862 psf ppr when the 10% bonus gross floor area resulting from a high development baseline is taken into account.

The site’s intensification is not subject to any development or land improvement fees.

With frontages on both Leonie Hill and Leonie Hill Road, the 1.9-hectare residential development with 211 units has two roads leading to it.

In the 2019 Master Plan, the land plot is marked as residential, with a maximum height of 36 storeys and a gross plot ratio (GPR) of about 3.28.

Orchard Road, a major retail district, is close to Horizon Towers, while Great World MRT Station on the Thomson-East Coast Line is 150 meters away.

Tan believes that price movements in the CCR, which have lagged behind those in the OCR and RCR, will get a boost from the other two segments, propelling prices for premium residential properties to new heights.

In light of geopolitical stability and Singapore’s status as a safe haven, JLL observes demand from both deep-pocketed foreigners and locals.

Tan added, “With the decreasing unsold inventory of new residential units in the CCR and the projected high demand for quality and bespoke apartments, we expect the Horizon Towers site to attract some discerning developers capable of delivering a development of approximately 560 luxurious units with an average size of 1,200 square feet.”

The public tender for the Horizon Towers site will close on October 20 at 3 p.m.

Horizon Towers’ owners have made several attempts at collective sale in the past. The last time was in 2019.

The enbloc site at 15 Leonie Hill Road was put up for sale in July 2018 with a reserve price of S$1.1 billion, just before the implementation of cooling measures on July 6 of that year.

In September 2018, the bid deadline passed without any offers being submitted. It was then put back on sale at the same price at the beginning of 2019, but it didn’t sell.