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OWNERS at Horizon Towers near Orchard Road are within a few votes of backing a collective sale that could smash records - if developers stump up the $500 million they are demanding.

The whopping price would shatter the existing benchmark - the $385 million paid for the leasehold Waterfront View in Bedok Reservoir Road in May.

And the 204,742 sq ft site would also be the largest to go on sale in the coveted District 9, surpassing the 169,188 sq ft of Lucky Towers, the Grange Road freehold property that sold for $383 million in May.

So far, 78 per cent of the owners at Horizon Towers have backed a sale, 2 per cent shy of the 80 per cent minimum.

'With more owners promising to sign on over the next two days, we expect to hit 80 per cent by the weekend,' Mr Arjun Samtani, chairman of the condo's management council told The Straits Times yesterday.

The sprawling leasehold property comprises 199 units and 11 penthouses in two towers set on elevated ground near Grange Road, the primest of prime land for developers.

Property experts said it would be ideal for serviced apartments or upmarket condos, the hottest segment of the property market.

Mr Alvin Er, managing director of First Tree Properties, which is marketing the block, said: 'The owners' minimum expectation is $500 million, or $835 per square foot, inclusive of an estimated upgrading premium of about $31 million.'

That would mean owners picking up about $2.3 million each for their apartments, while penthouse dwellers stand to bag between $3.83 million and $6.28 million.

These prices would be 80 per cent above the open market rate.

'Our units are getting old and the maintenance costs are rising rapidly. It makes sense to sell collectively and move out,' said owner Claude Reghenzani.

Apart from its blue-chip location near Orchard Road and Great World City, the estate's huge size is one of its key selling points.

'Our site should be particularly attractive to developers as there is a possibility of developing service apartments, or a combination of service apartments and condo in two towers,' said Mr Samtani.

The $835 per sq ft price is based on a plot ratio of 3.1, which means a developer can erect a building 3.1 times the plot size.

Mr Er said: 'We see a potential gross floor area of around 650,000 sq ft pending the authorities' confirmation, with a height limit of 36 storeys.'

Its potential gross floor area would allow 320 condo units averaging 2,000 sq ft to be built.

The proposed $835 per sq ft price is significantly less than $1,134 paid for Lucky Towers, but that was a freehold site.

The developer who buys Horizon Towers will have to pay about $31 million to top up its 99-year lease, of which 27 years has been used up.

narendra@sph.com.sg