According to marketing agent JLL, Horizon Towers has postponed its en bloc sale tender closing date starting from 7th August to 12th September.
It was noted after the government introduced a new round of property measures that took effect following the 211-unit development launched for sale on 5th July.
Under the new policy, the government increased the charges for Additional Buyer’s Stamp Duty (ABSD) and reduced the mortgage loan-to-value limits within the board. It also imposed a non-remissible ABSD of 5.0 percent for suburban land purchases.
Based on this, the collective sale committee in consultation with lawyers and marketing agent decided to extend the tender closing date.
JJL stated that “This decision was made based on the developer’s feedback that is interested in the prime location but requires more time to examine and re-assess the market, re-evaluate the project in the lights of these new measures and monitor the sales of the new projects.
Horizon Towers is situated close to Ngee Ann City along Orchard Road. It is just 150 meters away from the upcoming Great World MRT station. Several condominium are also calling for enbloc such as Pine Tree Condo. Last year, Eunosville has went through the successful enbloc, MCL Land will be redeveloping it into Parc Esta and expect to launch late 2018 or early 2019.