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News Release


Horizon Towers extends tender closing date to 12 September 2018 (Wednesday), 3.00 p.m.

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

SINGAPORE, 24 July 2018 – The tender closing date for the collective sale of Horizon Towers has been extended to 12 September 2018 (Wednesday), 3.00 p.m.

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.


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.


It is only 150m to the upcoming Great World MRT Station and a short 400m walk to Ngee Ann City at Orchard Road.


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.


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