Horizon Towers up for sale at $1.1b

Owners are attempting to sell the property again after being halted 11 years ago.

Horizon Towers, an en bloc sale site in Leonie Hill, has been launched for sale by tender at a reserve price of $1.1b or a land rate of $1,964 psf ppr, marketing agent JLL said. Owners are attempting to sell the property again after being blocked 11 years ago.

According to an announcement, the 99-year leasehold Horizon Towers comprises 211 units in two towers located on an elevated site with double road accesses.

The sprawling 1.9 ha 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 3.28 as confirmed with the Urban Redevelopment Authority (URA) and may be redeveloped into a luxury high-rise residential development.

The site is probably the largest high-rise residential redevelopment offering in the Orchard Road area in at least two decades, JLL said.

The site is 150m away from the upcoming Great World MRT station and 600m away from the Orchard MRT Interchange (Thomson-East Coast Line), which is integrated into the existing Orchard Station at ION Orchard.

Within one km from the development is also the River Valley Primary School. Kim Seng Park and the riverfront promenade are a short 550m walk to the South.

As there is no development charge or differential premium for the intensification of the site even for the 10% bonus gross floor area due to a high development baseline, the reflected unit land rate is $1,786 psf ppr.

JLL noted that the unit land rate of Horizon Towers compares with the recent 99-year Government Land Sale site at Cuscaden Road sold for $2,377 psf ppr, the freehold collective sale sites of Park House in the same district, which achieved a record-breaking unit land price of $2,910 psf ppr, the Nassim Road site at $2,744 psf ppr, and the earlier Pacific Mansions site at River Valley Close at $1,987 psf ppr.

The tender for Horizon Towers closes on Tuesday, 7 August 2018 at 3 p.m.

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