Horizon Towers extends tender closing date following new curbs

Romesh Navaratnarajah25 Jul 2018

Horizon Towers en bloc crop

Horizon Towers is located near Orchard Road and is also close to the upcoming Great World MRT station. (Photo: JLL)

Horizon Towers has extended its en bloc sale tender closing date from 7 August to 12 September, revealed marketing agent JLL.

This comes after the government introduced a fresh round of property cooling measures which took effect a day after the 211-unit development was launched for sale on 5 July.

More: Developers’ En Bloc Appetite Diminishing: RHB

Under the new measures, the government increased the Additional Buyer’s Stamp Duty (ABSD) rates and reduced the mortgage loan-to-value limits across the board, while imposing a non-remissible ABSD of 5.0 percent for residential land purchases.

With this, the collective sale committee, in consultation with their marketing agent and lawyers, decided to extend the tender closing date.

“The decision was made following feedback from developers that they remain interested in the prime site but would now require more time to observe and re-assess the market going forward, re-evaluate the project in the lights of these new measures and monitor the sales of new projects,” said JLL.

Horizon Towers is located near Ngee Ann City along Orchard Road and is just 150m to the upcoming Great World MRT station.

“Notwithstanding the new market cooling measures, at the reserve of $1.1 billion, which translates to a land rate of $1,786 psf ppr at GPR 3.6105 after factoring in the 10 percent bonus gross floor area plus a lease top-up premium estimated to be in the region of $220 million, Horizon Towers remains an attractive value proposition,” added JLL.

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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg


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