Horizon Towers extends tender closing date due to recent cooling measures

Horizon Towers extends tender closing date due to recent cooling measures

Horizon Towers has extended the closing date for its collective sale tender by more than a month. This following cooling measures that took effect the day after the site had launched for sale on July 5 with a S$1.1 billion reserve price.

“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 light of these new measures and monitor the sales of new projects,” arketing agent JLL said in a statement.

The tender closing date, previously Aug 7, is now Sept 12.

If the sale does go through, the District 9 site could well be the first billion-dollar deal in the current en bloc upcycle. Its reserve price translates to a land rate of S$1,786 per square foot per plot ratio at GPR (gross plot ratio) of 3.6105 after factoring in the 10 per cent bonus gross floor area plus a lease top-up premium estimated to be in the region of S$220 million. No development charge is payable for the site which has an “as-built” GPR of around 3.28.

A S$500 million collective sale bid of Horizon Towers had previously fallen apart following a dispute among the owners, and the Court of Appeal’s finding that the sales process was improperly handled in 2009.

COMMENTS