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Horizon Towers gives collective sale another shot at same S$1.1b reserve price

Horizon Towers, a 211-unit, 99-year leasehold condominium in the prestigious Leonie Hill area.

OWNERS at Horizon Towers seem to have made nailing an en bloc deal a new year's resolution, as they relaunched their collective sale tender on Wednesday at the same S$1.1 billion reserve price as before.

The 211-unit Leonie Hill development's first tender closed in September without a single bid. That tender had first launched in July. Its closing date was then extended by over a month because of cooling measures to the private housing market that came into effect just days after the tender period began.

This time, the tender will last around a month and will close on Jan 28 at 3pm.

According to a BT report in September, Horizon Towers owners have until May 21 to conclude a sale contract and apply to the Strata Titles Board for a sale order, and two to three months are needed by lawyers to make an application to the board.

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The reserve price translates to a land rate of about S$1,977 per square foot per plot ratio (psf ppr) after factoring in the lease top-up premium estimated to be in the region of S$228 million, or S$1,797 psf ppr inclusive of 10 per cent bonus gross floor area (GFA).

There is no development charge or differential premium for intensified use of the 1.9 hectare site.

The development is within the central area and therefore not subject to development control guidelines that stipulate the maximum number of housing units in private condo developments to be the proposed building GFA by 85 sq m.