Horizon Towers tries again

By
/ EdgeProp Singapore
|
January 27, 2018 10:00 AM SGT
Its collective sale attempt, if successful, could spur more developments in prime Districts 9 and 10 to jump on the bandwagon
Some of the owners at Horizon Towers on Leonie Hill Road are giving a collective sale another shot 11 years after their first attempt was aborted. “The en bloc attempt by the owners of units at Horizon Towers will be closely watched, particularly since it comes on the back of a fairly successful launch of New Futura nearby,” says Lee Liat Yeang, senior partner of legal firm Dentons Rodyk & Davidson.
The collective sale of Horizon Towers (centre), flanked on either side by Leonie Towers, is now underway (Credit: Samuel Isaac Chua/EdgeProp Singapore)
New Futura, a newly completed 124-unit freehold condominium by listed property giant City Developments (CDL), held its preview on Jan 18. In the first preview weekend, 24 of 30 units released were sold at an average price of $3,200 psf, according to CDL.
Incidentally, New Futura is a redevelopment of the former freehold Futura condo that CDL purchased en bloc for $287.3 million, or $1,179 psf per plot ratio (ppr), in October 2006.
In the first weekend of its private preview, 24 units at New Futura were sold at an average price of $3,200 psf (Credit: Samuel Isaac Chua/EdgeProp Singapore)
Adjacent to Horizon Towers is OUE Twin Peaks. Completed in 2015, all 462 units in the 36-storey twin-tower development have been sold. Based on caveats lodged so far, the average price achieved at the 99-year leasehold condo is $2,714 psf. Developer OUE had introduced an innovative deferred payment scheme two years ago to move sales. Its success subsequently spawned many variations of the scheme by other developers of completed, high-end condos with unsold inventory.
OUE Twin Peaks is a redevelopment of the former Grangeford Apartment that was purchased by OUE in August 2007 at the height of the last collective sale boom. The price for the site was $625 million, or $1,820 psf ppr.
Developer OUE had introduced an innovative deferred payment scheme two years ago to move sales. Its success subsequently spawned many variations of the scheme by other developers of completed, high-end condos with unsold inventory. (Credit: Samuel Isaac Chua/EdgeProp Singapore)