The 211-unit, 99-year leasehold Horizon Towers is up for collective sale by tender for the second time, this time at a reserve price of $1.1 billion.

Its first collective sale attempt was in early 2007, at a price of $500 million (about $850 psf ppr), to a consortium led by Hotel Properties. The sale was overturned.

Located on Leonie Hill, the 1.9ha site is probably the largest high-rise residential redevelopment offering in the Orchard Road area in at least two decades, according to marketing agent JLL.

The reserve price translates into a land rate of $1,964 psf ppr, after factoring in the lease top-up premium, which is estimated at $220 million.

For the 10% bonus GFA due to a high development baseline, the unit land rate is $1,786 psf ppr. There is no development charge or differential premium for the intensification of the site.

The land rate for Horizon Towers compares favourably with other sites sold in prime District 9: the 99-year Government Land Sales site on Cuscaden Road, which was sold for $2,377 psf ppr in April; and the freehold collective sale site of Park House, which achieved a record unit land price of $2,910 psf ppr.

Located on an elevated site on Leonie Hill Road, Horizon Towers was built in the late 1970s and has a 99-year lease from 1979.

The site is zoned “residential” in the 2014 Master Plan with an allowable height of 36 storeys. It has an “as-built” gross plot ratio of 3.28.

The tender for Horizon Towers closes on Aug 7.