Four-bedder at freehold Honolulu Tower going for $16.5 mil
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 rate of $16.5 million, that translates to $2,834 psf on the floor area.
Based upon cautions lodged, resale transactions at Honolulu Tower are occasional. The most recent 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 level fetched $9.1 million ($1,563 psf) in July 2019.
Tan expects the unit will interest buyers in search of large-size condos to accomodate household wants, along with those who prepare to send their kids to any one of the nearby academies.
According to Knight Frank, the unit up for sale is currently leased for about $25,000 monthly and the tenancy will end in November 2026. There were 6 rental purchases lodged at Honolulu Tower last year, with rents ranging from $30,000 (or about $10 psf monthly) to $12,000 ($4 psf monthly).
Nevertheless, resale rates at Honolulu Tower climbed up from around $940 psf in May 2010, to around $1,810 psf a 10 years later. Based on a collection of resell caveats by EdgeProp Singapore, the condominium’s typical rate today is around $1,855 psf.
Finished in 1985, Honolulu Tower is a freehold property development on Bukit Timah Road in prime District 10. There are just 30 units within the 16-storey project, that contains four-bedroom units of 5,823 sq ft and a pair of 10,312 sq ft penthouses.
The newest freehold development in the area is Perfect Ten, a 230-unit project started for revenue in 2021. The deluxe project was fully marketed last June at an average rate of about $3,400 psf. Other property projects in the neighbourhood include Wing On Life Garden on Bukit Timah Roadway, in which purchase prices average $2,255 psf, and Palm Spring on Ewe Boon Road, which sees a typical rate of $2,284 psf.
The apartment is close to numerous widely known colleges, amenities and the public transport network. According to OneMap, the development is inside 1km of Anglo-Chinese School (Primary) and Singapore Chinese Girls’ Primary School. Higher education universities around include St Joseph’s Institution and Catholic Junior College. Furthermore, Honolulu Tower lies between 2 MRT interchanges– Stevens on the Downtown and Thomson-East Coast Lines, including Newton on the North-South and Downtown Lines.
“Honolulu Tower is a desired development given its freehold period and place inside an affluent residential area near to Newton and Balmoral Roadway. It’s relative low-density with only 30 exclusive four-bedroom units over a large site area of about 68,864 sq ft also makes it a pleasing property development,” sats Tan.
A distinguishing characteristic of the real property’s design is a garden terrace that wraps around fifty percent of the unit. This outdoor patio is accessed from the living room, private family hall, bedroom, and one of the other bedrooms. All the bedrooms are en suite. The property also features separate living and dining-room, as well as an enclosed kitchen area that goes to a lawn and an attendant’s room.
It is rare to get a large-sized apartment like this on the marketplace nowadays, as current brand-new launch ventures seldom provide units of this dimension, mentions Tricia Tan, director of auction and sales at Knight Frank. “This unit feels quite like a ‘bungalow in the sky’ offered its spacious design,” she states, adding that the interest for large-sized luxury units currently outpaces the available resale source on the market.
