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.