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En bloc sale of Singapore estate relaunched at same S$1.1B reserve price

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En bloc sale of Singapore estate relaunched at same S$1.1B reserve price

The collective sale of Horizon Towers in Singapore was launched once again at a reserve price of S$1.1 billion after it failed to garner any bids at its September 2018 tender close due to property cooling measures in the republic, The (Singapore) Business Times reported.

The price translates to a land rate of about S$1,977 per square foot per plot ratio, including a lease top-up premium worth about S$228 million, for the 211-unit estate at Leonie Hill. The 1.9-hectare site has no development charge or differential premium for intensified use and is not subject to development control rules, the Jan. 2 report added.

Owners of the property have until May 21 to wrap up a sale contract and submit a sale order to the Strata Titles Board in Singapore.

The new tender period for the en bloc sale will close Jan. 28 at 3 p.m. local time, the publication reported.

As of Jan. 1, US$1 was equivalent to S$1.36.