Developers asked for more time to reassess the market after the introduction of new property curbs.
The tender closing date for the en bloc sale of Horizon Towers has been extended from 7 August 2018 to 12 September 2018 (Wednesday), 3 p.m., marketing agent JLL revealed.
Horizon Towers has been launched for sale on 5 July 2018, which is also the date of the government’s announcement of new residential property market cooling measures.
“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,” JLL said.
The property has a reserve price of $1.1b, indicating a land rate of $1,786 psf ppr after factoring in the 10% bonus gross floor area and a lease top-up premium estimated to be in the region of $220m.
Horizon Towers can be redeveloped into a luxury development surrounded by city views. It is 150m away from the upcoming Great World MRT Station and a short 400m walk to Ngee Ann City at Orchard Road.
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