Business & Economy Property Horizon Towers extends tender closing date

Horizon Towers extends tender closing date




- Advertisement -

The tender closing date for the collective sale of Horizon Towers has been extended to 12 September 2018 (Wednesday), 3.00 pm.


Horizon Towers was launched for sale by tender on 5 July 2018 with the closing date originally scheduled on 7 August 2018. On the same evening, the Government announced the fresh round of residential market cooling measures effective 6 July 2018, increasing the rates of the Additional Buyer’s Stamp Duty (“ABSD”) and reducing the mortgage loan-to-value limits across the board. In addition, for residential land purchases, there would also be a non-remissible ABSD of 5 per cent.

Kemaman Point sold en bloc after trying collective sale process

- Advertisement -

In view of the changes, the Collective Sale Committee (“CSC”), in consultation with JLL and their lawyers, Lee & Lee, have made the decision to extend the tender closing date.

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 lights of these new measures and monitor the sales of new projects.

Horizon Towers enjoys unparalleled location and physical attributes and possesses all the ingredients needed for a luxury masterpiece development with spectacular all round city views.

The site has an existing “as-built” approved gross plot ratio (“GPR”) of around 3.28228. As it also has a high development baseline, no development charge is payable even with the additional 10 per cent bonus gross floor area for the balcony.

Notwithstanding the new market cooling measures, at the reserve of $1.1 billion, which translates to a land rate of $1,786 psf/pr at GPR 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 $220 million, Horizon Towers remains an attractive value proposition.

Built in the late 1970’s, the 99-year leasehold Horizon Towers comprises 211 units in two towers located on an elevated site with double road accesses. Nestled in the very prime District 9, the site exudes exclusivity amidst the tree-lined serenity of Leonie Hill and Leonie Hill Road.

En Bloc Sales Process Singapore – A Definitive Step-by-step Guide

The sprawling 1.9 ha 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 (“GPR”) of around 3.28 as confirmed with the Urban Redevelopment Authority (“URA”) and may be redeveloped into a luxury high-rise residential development with marvelous city views all round.

The site is probably the largest high-rise residential redevelopment offering in the Orchard Road area in at least two decades.

“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,” said Tan Hong Boon (Regional Director of Capital Markets at JLL) said earlier at the launch. “The property has all the ingredients needed for a branded residences with unparalleled services, comfort and convenience,” adds Mr Tan.

The site has an excellent connectivity, being a mere 150m to 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 at ION Orchard. A walk to the nearby Ngee Ann City is under ten minutes.

Splendidly located in the luxury exclusive precinct of Leonie Hill, Horizon Towers entices both the locals and expatriates with its excellent connectivity to the myriad of shopping, entertainment, education and cultural offerings, top-notch medical services and a host of other amenities. Within one km from the development is also the River Valley Primary School, for families with children budding to enroll into a prestigious school.

Kim Seng Park and the riverfront promenade are a short 550m walk to the South, suitable for residents who wish to take a respite or carry out their daily evening exercises. Not least to mention is the bustling Robertson Quay along the river with the great varieties of Food & Beverage options and entertainment offerings as well.

The unit land rate of Horizon Towers compares favourably with the recent 99-year Government Land Sale site at Cuscaden Road sold for $2,377 psf/pr, the freehold collective sale sites of Park House in the same district, which achieved a record-breaking unit land price of $2,910 psf/pr, the Nassim Road site at $2,744 psf/pr, and the earlier Pacific Mansions site at River Valley Close at $1,987 psf/pr, as well as the Cairnhill Mansion and the adjoining sites at $2,311 psf/pr and $2,132 pf/pr respectively.

Horizon Towers was completed in 1984 but has a remaining lease of 60 years, as it sits on a 99-year leasehold site starting from 1979.

Horizon Towers’ first en bloc attempt in early 2007 failed. 87 per cent of owners had then agreed to the sale of the property to to a consortium led by Hotel Properties, but a protracted dispute between minority owners and the members of the collective sale committee resulted in the deal being overturned in 2009. Some minority owners then took the chairman and a member of the collective sale committee to court over costs and expenses incurred during the dispute, and the case was finally concluded in the High Court in October 2013.


If you are a home hunting for a property at Orchard Road, our Panel of Property agents and the mortgage consultants at can help you now.

Our affordability assessment and best home loans will put your heat at ease and the services of our mortgage loan experts are free. Our analysis will give best home loan seekers better ease of mind on interest rate volatility and repayments.

Just email our chief mortgage consultant, Paul Ho, with your name, email and phone number at for a free assessment.Follow us on Social Media

Send in your scoops to 

- Advertisement -

Annie Yi says whichever parent earns less must stay at home to care for their daughter

Taipei -- Annie Yi is known to be frank with her words. Netizens have been offended by Yi's brutal honesty but that does not stop her from speaking her mind. On the latest episode of talk show Be With You, Yi spoke up...

Videos of car lot snatchers go viral, motorists confirm it’s not uncommon

Singapore – The topic of car park snatchers became viral online after videos of recent incidents were shared on various Facebook pages. "Recently, there have been more ill-mannered drivers who insert their car ahead of those waiting for their lot," wrote Facebook...

Domestic helpers film TikTok videos, neglect elderly and child at Bukit Batok playground

Singapore – Five foreign domestic helpers were spotted neglecting their duties in caring for the elderly while they filmed TikTok videos. A group of domestic helpers at Bukit Batok Street 25 were filmed dancing for TikTok videos at a playground, leaving the...
Follow us on Social Media

Send in your scoops to