Horizon Towers condo relaunches en bloc bid at same price tag of $1.1b

Horizon Towers, a 211-unit, 99-year leasehold condominium in the prestigious Leonie Hill area.
Dated: 02-Jan-2019

SINGAPORE - Horizon Towers, among the contenders for Singapore's largest collective sale in 2018, has relaunched for sale by tender for a second time with a $1.1 billion reserve price.

The 211-unit, 99-year leasehold condominium in the prestigious Leonie Hill area, first launched for sale at $1.1 billion just before the July 6 cooling measures were announced, and had closed without a sale on Sept 12.

At $1.1 billion, owners of the 200 apartments could receive between $4.7 million and $5.2 million each, while the owners of the 11 penthouses could each reap between $9.2 million and $10 million.

The reserve price translates to a land rate of about $1,977 per square foot per plot ratio (psf ppr) after factoring in the lease top-up premium estimated at 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 per cent bonus gross floor area," said its marketing agent JLL.

The 1.9 hectare District 9 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 square metres, which allows the developer to build smaller units and keep the quantum palatable for potential buyers," JLL added.

Mr Alan Cheong, senior director of research and consultancy at real estate services provider Savills Singapore, said: "Since the (sellers) have a year to run from the time they obtained 80 per cent of the affirmative votes for a collective sale, and getting 80 per cent is by no means an easy task, it would be a great waste of effort if both the marketing agent and the collective sales committee don't attempt another launch."

The tender closes on Jan 28 at 3pm.

Source: Straits Times