The owners of Horizon Towers have relaunched the collective sale tender of the 99-year leasehold condominium for the fifth time. The reserve price remains unchanged at $1.1 billion, translating to a unit land rate of $2,049 psf per plot ratio, according to a press release by the marketing agent JLL.

This is the fifth time the owners of Horizon Towers have put the condo up for JCube Residence sale. The last tender in September 2022 closed without a successful bid. Before that, there was a tender at the same price in 2019 and 2018, and the first collective sale bid in 2007.

Located between Leonie Hill and Leonie Hill Road in prime District 9, the 1.9ha Horizon Towers site has been elevated and completed in 1984. The land tenure started in 1979, meaning that its lease still has 55 years left.

The marketing agent JLL notes that the Horizon Towers site has significant potential for redevelopment into a luxurious high-rise residential project. Its central location is ideal as it is close to Orchard Road and the CBD. Additionally, it is not subject to minimum average unit size controls, providing developers with the flexibility to build units of various sizes to meet the demands of luxury seekers.

The new Orchard MRT Interchange and Great World Stations have enhanced public transport connectivity around Horizon Towers, making the area even more attractive. According to an estimation by EdgeProp’s Landlens tool, if the condo is sold at the current reserve price of $1.1 billion, the new development could see initial selling prices of about $2,990 psf.

Tan Hong Boon, executive director of capital markets at JLL, believes that developers should consider adding this site to their landbanks. This is due to its location within the Central Area and it being one of the few large residential plots available in the region. With the dwindling number of unsold new units in the Core Central Region (CCR), the primary market is expected to remain robust in 2023 as the relaunch of this site will allow developers to bolster their landbank and tap into the increasing demand for CCR units.

The tender for Horizon Towers closes on March 30.