{"id":97778,"date":"2018-09-13T11:04:29","date_gmt":"2018-09-13T04:04:29","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/tender-for-horizon-towers-closes-without-a-single-bid\/"},"modified":"2018-09-13T12:08:47","modified_gmt":"2018-09-13T05:08:47","slug":"tender-for-horizon-towers-closes-without-a-single-bid","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tender-for-horizon-towers-closes-without-a-single-bid\/","title":{"rendered":"Tender for Horizon Towers closes without a single bid"},"content":{"rendered":"


\nHorizon Towers is located near Orchard Road and is also close to the upcoming Great World MRT station. (Photo: JLL)
\nDespite its prime location, Horizon Towers\u2019 $1.1 billion tender ended on Wednesday (12 Sept) with no takers, reported the Business Times.
\nThis gives the owners of the 211-unit development 10 weeks to seal a deal by private treaty.
\nMore: Horizon Towers Extends Tender Closing Date Following New Curbs
\nNestled on a 1.9ha plot at Leonie Hill Road, the 99-year leasehold project was launched for tender on 5 July \u2013 the same date when the government unveiled its latest property cooling measures, which took effect the following day.
\nIn a letter to owners, marketing agent JLL said the lawyers, collective sale committee (CSC) and itself would look at the possibility of another public tender by early-2019, if no buyer is found after the private treaty period\u2019s expiry on 20 November.
\n\u201cWe have up to March 2019 at the latest to secure a sale contract,\u201d it said, while noting that owners have until 21 May next year to conclude a sale and apply to the Strata Titles Board (STB) for a sale order.
\n\u201cWhile there are interested parties \u2026 these parties have been holding back their land acquisitions and are continuing to observe and reassess the market as a result of the latest round of residential market cooling measures introduced two months ago.\u201d
\nJLL added that although sales volume will continue to be affected in the short term, it expects the market \u201cto regain its dynamism in due course given the still strong fundamentals and the demand-supply situation\u201d.
\nThe unsuccessful sale of the development puts on notice other billion-dollar collective sale hopefuls, which include the 623-unit Pandan Valley, which was launched for a record price of $2.6 billion, and Laguna Park, which is set for launch on 18 September with a price tag of $1.48 billion.
\nIn 2009, Horizon Towers\u2019 $500 million en bloc sale fell through after a dispute among the owners and the Court of Appeals ruled that the sale process was handled improperly.
\nMore:\u00a0Understanding The En Bloc Process (August 2018)
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Tender for Horizon Towers closes without a single bid<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Horizon Towers is located near Orchard Road and is also close to the upcoming Great...<\/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-97778","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-pr4","jetpack-related-posts":[{"id":94621,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/horizon-towers-extends-tender-closing-date-following-new-curbs\/","url_meta":{"origin":97778,"position":0},"title":"Horizon Towers extends tender closing date following new curbs","date":"July 25, 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) Horizon Towers has extended its en bloc sale tender closing date from 7 August to 12 September, revealed marketing agent JLL. This comes after the government introduced a fresh\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":97778,"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":93260,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/horizon-towers-up-for-en-bloc-sale-for-1-1b\/","url_meta":{"origin":97778,"position":2},"title":"Horizon Towers up for en bloc sale for $1.1b","date":"July 6, 2018","format":false,"excerpt":"\r 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":90742,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gilstead-court-elizabeth-towers-launched-for-collective-sale\/","url_meta":{"origin":97778,"position":3},"title":"Gilstead Court, Elizabeth Towers launched for collective sale","date":"June 7, 2018","format":false,"excerpt":"\r Elizabeth Towers off Orchard Road in District 9 has a reserve price of $610 million or $2,416 psf ppr. (Photo: Knight Frank Singapore) The en bloc fever continues to heat up with two more freehold sites \u2013 Gilstead Court and Elizabeth Towers \u2013 launched for sale. The owners of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":97824,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/fewer-en-bloc-transactions-expected-for-the-rest-of-2018\/","url_meta":{"origin":97778,"position":4},"title":"Fewer en bloc transactions expected for the rest of 2018","date":"September 14, 2018","format":false,"excerpt":"\r There was about $10.5 billion worth of en bloc deals in the first half of 2018. With the en bloc fever driving real estate activity in the first half of the year, the government\u2019s surprise property cooling measures in July dealt a huge blow on the bullish collective sales\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":78535,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/horizon-towers-owners-in-no-hurry-for-a-collective-sale\/","url_meta":{"origin":97778,"position":5},"title":"Horizon Towers owners in no hurry for a collective sale","date":"January 31, 2018","format":false,"excerpt":"\r While 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. This comes as the collective sales committee, which started gathering signatures in November last year, is finding it hard to\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\/97778"}],"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=97778"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/97778\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=97778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=97778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=97778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}