The owners of the residential development are expecting gross sales proceeds of $1.1 billion. (Photo: JLL)
Horizon Towers, a 99-year leasehold residential development at Leonie Hill, has been relaunched for collective sale at the same reserve price of $1.1 billion.
The 211-unit condo was first launched for sale on 5 July – on the same day the government announced its property cooling measures which took effect the next day. The tender for Horizon Towers ended with no takers even though the closing date was extended from 7 August to 12 September.
More: Over 30 En Bloc Sites Fail To Secure Buyers
Marketing agent JLL noted that the reserve price works out to a land rate of about $1,977 psf per plot ratio (psf ppr), after taking into account the lease top-up premium of around $228 million.
“As the site has a high development baseline, currently there is no development charge or differential premium for the intensification of the site even for the 10 percent bonus gross floor area. The reflected unit land rate is $1,797 psf ppr,” the consultancy noted.
Built in the late 1970’s, Horizon Towers sits on a 1.9ha site zoned residential under the 2014 Master Plan. It comes with a height limit of up to 36 storeys and an “as-built” gross plot ratio (GPR) of about 3.28.
“As the site is located within the Central Area, it is not subject to an average unit size of 85 sq m, which allows the developer to build smaller units and keep the quantum palatable for potential buyers,” said JLL.
Aside from being well-connected to the upcoming Great World MRT station and the Orchard MRT interchange (Thomson-East Coast Line), the site is also close to Ngee Ann City and Kim Seng Park.
The tender for Horizon Towers closes on 28 January.
More: Understanding The En Bloc Process (August 2018)
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com