Four-bedder at freehold Honolulu Tower going for $16.5 mil
The newest property development in the spot is Perfect Ten, a 230-unit project started for sale in 2021. The luxury project was completely offered last June at a standard rate of about $3,400 psf. Other freehold projects in the area include Wing On Life Garden on Bukit Timah Road, where deal costs average $2,255 psf, and Palm Spring on Ewe Boon Road, which sees an ordinary price of $2,284 psf.
Completed in 1985, Honolulu Tower is a freehold development on Bukit Timah Roadway in prime District 10. There are just 30 units throughout the 16-storey project, that contains four-bedroom units of 5,823 sq ft and a set of 10,312 sq ft penthouses.
A four-bedroom unit at Honolulu Tower is on the market through private treaty and marketed by Knight Frank Singapore. It will be an operator’s sale and the 5,821 sq ft unit has an overview rate of $16.5 million, that equates to $2,834 psf on the floor area.
Regardless, resale rates at Honolulu Tower climbed up from about $940 psf in May 2010, to about $1,810 psf a several years later on. Based on a compilation of resale warnings by EdgeProp Singapore, the condominium’s average cost today is about $1,855 psf.
It is unusual to find a large-sized flat just like this on the market these days, as recent brand-new release projects hardly provide units of this dimension, says Tricia Tan, director of auction and sales at Knight Frank. “This unit feels very much like a ‘bungalow in the sky’ given its large layout,” she explains, adding that the interest for large-sized high-end units currently surpasses the available resale supply in the market.
“Honolulu Tower is a desired development given its property tenure and location inside an affluent residential area near to Newton and Balmoral Road. It’s relative low-density with only 30 exclusive four-bedroom units over a huge site area of around 68,864 sq ft also makes it an attractive project,” sats Tan.
According to Knight Frank, the unit up for sale is presently leased for around $25,000 per month and the tenancy is going to end in November 2026. There were six rental purchases lodged at Honolulu Tower last year, with rents ranging from $30,000 (or about $10 psf per month) to $12,000 ($4 psf per month).
Based on caveats lodged, resale transactions at Honolulu Tower are infrequent. The most recent transaction happened in June 2021, when a four-bedder on the 7th level was cost $10.8 million ($1,855 psf). Another four-bedroom unit on the 12th flooring fetched $9.1 million ($1,563 psf) in July 2019.
The condominium is close to numerous well-known institutions, amenities and the general public transport network. According to OneMap, the project is within 1km of Anglo-Chinese School (Primary) and Singapore Chinese Girls’ Primary School. Higher education universities around consist of St Joseph’s Institution and Catholic Junior College. On top of that, Honolulu Tower lies between two MRT interchanges– Stevens on the Downtown and Thomson-East Coast Lines, including Newton on the North-South and Downtown Lines.
Tan expects the unit is going to interest purchasers on the lookout for large-size apartments to accomodate household needs, in addition to those that intend to send their kids to any of the close-by academies.
A distinctive feature of the real property’s style is a garden balcony that wraps throughout fifty percent of the unit. This outdoor patio is accessible from the living-room, private family hall, bedroom, and one of the other bedrooms. All the bedrooms are en suite. The building also presents different living and dining-room, in addition to an enclosed kitchen that point to a lawn and an attendant’s space.
