JLL on Jan 3rd announced the Horizon Towers relaunch for sale by tender. The collective sale site in the prestigious Leonie Hill, was built in the late 1970’s, and comprises 211 units in two towers located on an elevated site with double road accesses. Nestled in the very prime District 9, the 99-year leasehold site exudes exclusivity amidst the tree-lined serenity of Leonie Hill and Leonie Hill Road.
The 1.9ha site is zoned “Residential” in the 2014 Master Plan with an allowable height of up to 36 storeys. It has an “as-built” gross plot ratio (“GPR”) of around 3.28228. As the site is located within the Central Area, it is not subject to an average unit size of 85 sqm, which allow the developer to build smaller units and keep the quantum palatable for potential buyers.
It is well-connected to the upcoming Great World MRT station and to the Orchard MRT Interchange (Thomson-East Coast Line) which is a mere 150m and 600m walk respectively. Residents can also walk to the nearby Ngee Ann City under ten minutes.
Splendidly located in the luxury exclusive precinct of Leonie Hill, Horizon Towers relaunch would be exciting as it entices both the locals and expatriates.
It not only has excellent connectivity to the myriad of shopping, entertainment, education and cultural offerings, top-notch medical services and a host of other amenities, but is also within one km from the development is also the River Valley Primary School, for families with children budding to enroll into a prestigious school.
Kim Seng Park and the riverfront promenade are a short 550m walk to the South, suitable for residents who wish to take a respite or carry out their daily evening exercises. Not least to mention is the bustling Robertson Quay along the river with the great varieties of Food & Beverage options and entertainment offerings as well.
At a reserve price of $1.1 billion, Horizon Towers relaunch reflects a unit land rate of about $1,977 per sq ft per plot ratio (psf/pr) after factoring in the lease top-up premium estimated to be in the region of $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 per cent bonus gross floor area. The reflected unit land rate is $1,797 psf/pr.
The tender for Horizon Towers relaunch closes on Monday, 28 January 2019, at 3 p.m.
Horizon Towers was completed in 1984 but has a remaining lease of 60 years, as it sits on a 99-year leasehold site starting from 1979.
Horizon Towers’ first en bloc attempt in early 2007 failed. 87 per cent of owners had then agreed to the sale of the property to to a consortium led by Hotel Properties, but a protracted dispute between minority owners and the members of the collective sale committee resulted in the deal being overturned in 2009. Some minority owners then took the chairman and a member of the collective sale committee to court over costs and expenses incurred during the dispute, and the case was finally concluded in the High Court in October 2013.
Horizon Towers was launched for sale by tender again on 5 July 2018 with the closing date originally scheduled on 7 August 2018.
On the same evening, the Government announced the fresh round of residential market cooling measures effective 6 July 2018, increasing the rates of the Additional Buyer’s Stamp Duty (“ABSD”) and reducing the mortgage loan-to-value limits across the board. In addition, for residential land purchases, there would also be a non-remissible ABSD of 5 per cent. The property cooling measures took the market by surprise and the en bloc sales market collapsed soon after.
Following the Government announcement, the tender closing date for the collective sale of Horizon Towers was extended to 12 September 2018 (Wednesday), 3.00 pm. The decision to extend the closing date 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.But there were no takers even after the extension.
The site is probably the largest high-rise residential redevelopment offering in the Orchard Road area in at least two decades. Given the premier address, a sprawling ground in the Orchard Road neighbourhood and its high-rise attributes, Horizon Towers relaunch is compelling for a discerning developer and its architect to deliver a luxurious masterpiece with comprehensive amenities and facilities, complete with bespoke services for its future well-heeled residents.
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