Horizon Towers: En Bloc Sale That Napped All Bidders
In a turn that feels like the plot of a bad sitcom, Horizon Towers ended its en bloc sale on September 12 with.
When the tug‑of‑war that many expected between developers and owners collapsed into nothing, the real estate community got the full dose of news‑flash dismay.
Why the Silence?
- The July 6 cooling clampdown made moves less than golden.
- Developers? They’re staying tuned, not tap‑paid.
- Owners? They’re holding their charm, awaiting the final snap of private treaty.
The 10‑Week Countdown
Owners of the Leonie Hill Road site, whose S$1.1 bn reserve price doesn’t make them bream, now have 10 weeks to wrap a deal via private treaty.
Timeline That Makes Your Calendar Spin
- Launch of tender: July 5 (right after the government’s preemptive flip‑out).
- Extended tender close: September 12 (from original August 7).
- Private treaty expires: November 20
- Target for sale contract: March 2019 (latest).
- Deadline to settle and apply to Strata Titles Board: May 21 next year.
Other Projects Thinking About Their Own Practice Sessions
Horizon Towers’ lukewarm result tells the rest of the big‑bangs — Laguna Park, Pandan Valley — that the market’s not playing fair.
- Laguna Park tugs at the August string as its tender kicks off on September 18, promising a S$1.48 bn reserve.
- Pandan Valley bids rock the boat with a S$2.6 bn asking price, just as owners locked in new deals.
The Game Plan If No One Comes Out With a Fork‑over
JLL’s latest memo to the owners foresees a “maybe we’ll have to try another public tender” approach by early next year, if the private treaty fails.
“While some parties are back‑offing in the wake of the new cooling measures two months ago, we still hope the market will regain that spark once more,” they add.
Breaking Down the Numbers
With a land rate of S$1,786 ft² per plot ratio, Horizon Towers sits on a 1.9 ha plot, buoyed by a 10 % bonus GFA and a lease top‑up that’s estimated around S$220 mn.
History remembers a 2009 collective sale that turned into none at all after an owners’ dispute; the Court of Appeal later found the whole process not properly handled.
Bottom Line: The En Bloc Scene is Mostly a Quiet Theatre
For now, the audience watches as Horizon Towers waits for the next act. Check back when the doctors of the property market finally roll out the red carpet again.
