{"id":78535,"date":"2018-01-31T10:19:30","date_gmt":"2018-01-31T03:19:30","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/horizon-towers-owners-in-no-hurry-for-a-collective-sale\/"},"modified":"2018-01-31T11:04:15","modified_gmt":"2018-01-31T04:04:15","slug":"horizon-towers-owners-in-no-hurry-for-a-collective-sale","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/horizon-towers-owners-in-no-hurry-for-a-collective-sale\/","title":{"rendered":"Horizon Towers owners in no hurry for a collective sale"},"content":{"rendered":"


\nWhile the number of collective sale sites on the market continues to grow, Horizon Towers may have to wait a bit longer before it could join in the frenzy.
\nThis comes as the collective sales committee, which started gathering signatures in November last year, is finding it hard to achieve the requisite 80 percent approval.
\nIn fact, only one signature was added to the 55 percent of the owners consenting to the sale was collected during the one-hour signing session held on 30 January (Tuesday), reported Today Online.
\nMinutes of the sales committee meeting held on 24 January showed that owners of 116 units, representing 55.38 percent in strata area and 54.88 percent in share value, had agreed to the sale as of that day.
\nOne of those present at the Tuesday signing session noted that achieving the 80 percent mark may prove to be a difficulty, given that owners in the development are \u201cvery rich\u201d.
\n\u201cGetting an additional $1 million or 2 million (from the en bloc sale) may not make much of a difference to them\u2026 The progress of signing has also been slow because many owners are based overseas,\u201d said the man, who refused to be identified.
\nHe revealed that some may have \u201cen bloc fatigue\u201d from the lengthy legal battle years ago.
\nNotably, the 212-unit development was on the verge of being sold in 2007 for $500 million to a Hotel Properties-led consortium. A group of minority owners, however, contested the sale, resulting to the sale being overturned by the apex court in April 2009.
\nProperty analysts, on the other hand, believe the owners are waiting for a more \u201centicing\u201d price.
\n\u201cThe price probably has to go higher as owners are also looking at replacement value. They will only agree if what they are getting can buy a property of the same size not far from where they are, in this prime district,\u201d said Nicholas Mak, executive director of ZACD Group.
\n\u201cI suspect that a number of units in Horizon Towers could be owned by foreigners and therefore it is difficult to get their signatures\u2026 Some owners who have rented out their units could also not be in a hurry to sell and are waiting for others to sign first,\u201d added Chris Koh, director of property firm Chris Koh International.
\n\u00a0
\nThis article was edited by Keshia Faculin.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Horizon Towers owners in no hurry for a collective sale<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

While the number of collective sale sites on the market continues to grow, Horizon Towers...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-78535","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-kqH","jetpack-related-posts":[{"id":97778,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tender-for-horizon-towers-closes-without-a-single-bid\/","url_meta":{"origin":78535,"position":0},"title":"Tender for Horizon Towers closes without a single bid","date":"September 13, 2018","format":false,"excerpt":"\r Horizon Towers is located near Orchard Road and is also close to the upcoming Great World MRT station. (Photo: JLL) Despite its prime location, Horizon Towers\u2019 $1.1 billion tender ended on Wednesday (12 Sept) with no takers, reported the Business Times. This gives the owners of the 211-unit development\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102652,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/horizon-towers-relaunched-for-collective-sale\/","url_meta":{"origin":78535,"position":1},"title":"Horizon Towers relaunched for collective sale","date":"January 3, 2019","format":false,"excerpt":"\r The owners of the residential development are expecting gross sales proceeds of $1.1 billion. (Photo: JLL) Horizon Towers, a 99-year leasehold residential development at Leonie Hill, has been relaunched for collective sale at the same reserve price of $1.1 billion. The 211-unit condo was first launched for sale on\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":110317,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/city-towers-collective-sale-finally-completed-for-401-9-million\/","url_meta":{"origin":78535,"position":2},"title":"City Towers collective sale finally completed for $401.9 million","date":"August 29, 2019","format":false,"excerpt":"\r Located in prime District 10 near the Stevens and Newton MRT stations, the 17-storey development sits on a 104,531 sq ft site, with a proposed gross floor area of around 219,516 sq ft. The collective sale of City Towers for $401.9 million has finally been completed, after a sale\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":78031,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/far-horizon-gardens-owners-elect-en-bloc-sales-committee\/","url_meta":{"origin":78535,"position":3},"title":"Far Horizon Gardens owners elect en bloc sales committee","date":"January 26, 2018","format":false,"excerpt":"\r The owners of Far Horizon Gardens (FHG) has elected a collective sales committee, adding to the city-state\u2019s growing list of collective sales hopefuls. \u201cThe main motivation for the FHG collective sale committee is to address the ageing estate (35 years out of a 99-year lease), and to unlock the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":75665,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/city-towers-attempts-another-collective-sale-at-355m\/","url_meta":{"origin":78535,"position":4},"title":"City Towers attempts another collective sale at $355m","date":"January 3, 2018","format":false,"excerpt":"\r Each homeowner could receive $2.45 million to $10.17 million if the sale goes through. (Photo: Colliers International)\u00a0 The freehold City Towers condominium at 317-325Q Bukit Timah Road will be put up for collective sale again this Thursday (4 January) at a reserve price of $355 million, marketing agent Colliers\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":79270,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/city-towers-sold-en-bloc-for-401-9m\/","url_meta":{"origin":78535,"position":5},"title":"City Towers sold en bloc for $401.9m","date":"February 8, 2018","format":false,"excerpt":"\r The freehold development was sold to an undisclosed buyer for much higher than the owners\u2019 reserve price. (Photo: Colliers International) Singapore\u2019s collective sales fever shows no signs of abating with City Towers being the latest development to be successfully sold en bloc, reported the Business Times. Launched on 4\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/78535"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=78535"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/78535\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=78535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=78535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=78535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}