The reserve price works out to a land rate of $1,964 psf per plot ratio. (Photo: JLL)
Horizon Towers, a 211-unit residential development at Leonie Hill in District 9, has been launched for collective sale with a reserve price of $1.1 billion.
Including the lease top-up premium of about $220 million, the price works out to a unit land rate of about $1,964 psf per plot ratio (psf ppr), revealed marketing agent JLL.
Since there is no development charge or differential premium for site intensification “even for the 10 percent bonus gross floor area due to a high development baseline, the reflected unit land rate is $1,786 psf ppr”, it said.
JLL noted that Horizon Tower’s unit land rate compares favourably with the recent Government Land Sale site at Cuscaden Road, which was sold for $2,377 psf ppr, Park House en bloc sale site at $2,910 psf ppr, the Nassim Road site at $2,744 psf ppr; Pacific Mansions site at $1,987 psf ppr; as well as the Cairnhill Mansions and adjoining sites at $2,311 psf ppr and $2,132 psf ppr respectively.
Built in the late 1970s, the 211-unit development sits on a 1.9ha site, which is zoned residential under the 2014 Master Plan with a height limit of up to 36 storeys. The 99-year leasehold property has an “as-built” gross plot ratio of about 3.28 and may be redeveloped into a high-rise residential development.
It is located near the upcoming Great World MRT station, the Orchard MRT Interchange (Thomson-East Coast Line) as well as Ngee Ann City and Kim Seng Park.
JLL capital markets regional director Tan Hong Boon expects the site to attract “very keen interest from large developers and consortiums…given its unparalleled attributes for a potential residential masterpiece at reasonable pricing”.
“Given the premier address, a sprawling ground in the Orchard Road neighbourhood and its high-rise attributes, it is compelling for a discerning developer and its architect to deliver a luxurious masterpiece with comprehensive amenities and facilities, complete with bespoke services for its future well-heeled residents,” he said.
The tender for Horizon Towers closes on 7 August.