Four-bedder at freehold Honolulu Tower going for $16.5 mil
It is unusual to find a large-sized flat such as this on the marketplace these days, as current new release properties seldom supply units of this size, states Tricia Tan, supervisor of auction and sales at Knight Frank. “This unit feels significantly like a ‘bungalow in the sky’ offered its spacious design,” she states, adding that the interest for large-sized luxury units currently surpasses the available resale supply out there.
The apartment is near to a number of widely known schools, amenities and the public transport network. According to OneMap, the development is inside 1km of Anglo-Chinese Academy (Primary) and Singapore Chinese Girls’ Primary School. Higher education universities in the vicinity include St Joseph’s Institution and Catholic Junior College. Furthermore, Honolulu Tower lies between two MRT interchanges– Stevens on the Downtown and Thomson-East Coast Lines, as well as Newton on the North-South and Downtown Lines.
Nevertheless, resale prices at Honolulu Tower climbed from about $940 psf in May 2010, to about $1,810 psf a decade later. Based on a compilation of resale signs by EdgeProp Singapore, the condo’s average price today is about $1,855 psf.
A distinguishing characteristic of the property’s style is a garden terrace that rolls up around fifty percent of the unit. This outdoor patio is accessed from the living-room, private family hall, master bedroom, and one of the other bedrooms. All the bedrooms are en suite. The property also offers separate living and dining-room, along with an enclosed kitchen that goes to a lawn and a helper’s room.
Finished in 1985, Honolulu Tower is a freehold development on Bukit Timah Roadway in prime District 10. There are only 30 units throughout the 16-storey property development, which contains four-bedroom units of 5,823 sq ft and a pair of 10,312 sq ft penthouses.
“Honolulu Tower is a sought-after development given its freehold period and location within an affluent residential neighbourhood near to Newton and Balmoral Roadway. It’s relative low-density with only 30 exclusive four-bedroom units over a huge site area of approximately 68,864 sq ft also causes it to a pleasing project,” sats Tan.
A four-bedroom unit at Honolulu Tower is on the market via private treaty and advertised by Knight Frank Singapore. It will be an operator’s sale and the 5,821 sq ft unit has an overview cost of $16.5 million, that converts to $2,834 psf on the floor area.
According to Knight Frank, the unit up for sale is currently leased for about $25,000 per month and the occupancy will end in November 2026. There were 6 rental transactions lodged at Honolulu Tower last year, with rents ranging from $30,000 (or about $10 psf each month) to $12,000 ($4 psf monthly).
Based upon cautions lodged, resale transactions at Honolulu Tower are irregular. The most current transaction happened in June 2021, when a four-bedder on the 7th ground was sold for $10.8 million ($1,855 psf). Yet another four-bedroom unit on the 12th floor fetched $9.1 million ($1,563 psf) in July 2019.
Tan expects the unit will interest customers looking for large-size apartments to accomodate family wants, in addition to those that prepare to send their children to any one of the close-by schools.
The latest freehold growth in the spot is Perfect Ten, a 230-unit project released for sale in 2021. The high-end project was fully offered last June at a common rate of about $3,400 psf. Other real estate developments in the neighbourhood include Wing On Life Garden on Bukit Timah Road, where deal prices balance $2,255 psf, and Palm Spring on Ewe Boon Roadway, which sees an average price of $2,284 psf.
