Tender For Horizon Towers Closes Without A Single Bid

The credible media, The Business Times revealed that though positioned in prime location, Horizon Towers was tendered for as high as $1.1 billion with negative takers, September 12, Wednesday.

This is the chance for the holders of 211 -unit property development 2 1/2 months to close the transaction via private treaty.

Positioned in a huge 1.9ha plot along Leonie  Hill Road, the luxurious 99-year leasehold development was introduced for tender, July 5th, the day also when the authority unfolds the recent controversial property cooling scheme, which was automatically implemented in the following day.

A certain letter to the owners, property marketing officer JJ claimed that the lawyers in matters concerning CSC or Collective Sale Committee plus itself consider the possibility of public tender again early 2019 provided no buyer found succeeding the expiry of non – public treaty agreement period by November 20.

” We are given the deadline to get a sale of contract which is March 2019,” it stated while emphasizing the deadline to the owners which is May 21 of 2019 to wrap up a sale and request sale order to  STB or  Strata Titles Board.”

While some parties show interest, these parties are keeping their property acquisitions and maintaining to monitor and reevaluate the market after the current round of property residential market cooling policy implemented the past two months.

JLL revealed more that despite the bulk of sales which still be affected in a few months, it anticipates the property market ” to recapture the so-called dynamism provided having the strong foundation and the demand-supply case.”

The flop sale of the property development calls the attention of the other huge billion – dollar collective market sale hopefuls, which involves the Pandan Valley’s 623-units, launched successfully with a record-breaking of f $2.6 billion, while Laguna Park having a price of 1.48 billion and set to be launched next week, 18th of September.

Horizon Towers hit the $500 million en bloc sale dropped after some dispute between Court of Appeals and the owners claiming the mismanagement of sale process.