Horizon Towers up for sale with reserve price of $1.1b
In 2009, Horizon Towers was collectively sold for $500 million but the sale was overturned in court.
Now the District 9 condominium is back on the market for more than twice that price.
It could be the first billion-dollar deal in the current en bloc upcycle if the sale goes through, and the largest high-rise residential redevelopment offering in the Orchard Road area in at least two decades.
A public tender was launched yesterday for the Leonie Hill development by marketing agent JLL, with a reserve price of $1.1 billion.
More than 80 per cent support for the sale has been achieved among the owners.
Owners of the 200 apartments could receive between $4.7 million and $5.2 million each and owners of the 11 penthouses between $9.2 million and $10 million each.
This is markedly higher than the estimated gains they would have pocketed through the previous sale attempt 10 years ago, had it gone through.
Back then, the unit owners were to get $2.3 million, and the penthouse owners, between $4 million and $6.28 million.
Built in the late 1970s, the 99-year leasehold development comprises 211 units in two towers on an elevated site with double road access.
The 1.9ha site is zoned residential in the 2014 Master Plan, with an allowable height of up to 36 storeys.
It has an "as-built" gross plot ratio of around 3.28 and may be redeveloped into a luxury high-rise residential development.
This could make it the largest high-rise residential redevelopment offering in the Orchard Road area in at least two decades, said sole marketing agent JLL yesterday.
The Horizon Towers site is 150 metres from the upcoming Great World MRT station and 600m to the Orchard MRT Interchange (Thomson-East Coast Line), which is integrated into the existing Orchard Station.
The tender for Horizon Towers closes on Aug 7. - THE STRAITS TIMES
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