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 owner’s sale and the 5,821 sq ft unit has an overview price of $16.5 million, which converts to $2,834 psf on the floor area.
Based on caveats lodged, resale transactions at Honolulu Tower are occasional. The most recent transaction took place in June 2021, when a four-bedder on the seventh floor was cost $10.8 million ($1,855 psf). Another four-bedroom unit on the 12th level obtained $9.1 million ($1,563 psf) in July 2019.
The apartment is near to a number of popular institutions, amenities and the general public transport network. According to OneMap, the project is just within 1km of Anglo-Chinese School (Primary) and Singapore Chinese Girls’ Primary School. Higher education schools in the vicinity include St Joseph’s Institution and Catholic Junior College. In addition, Honolulu Tower is located in between 2 MRT interchanges– Stevens on the Downtown and Thomson-East Coast Lines, along with Newton on the North-South and Downtown Lines.
“Honolulu Tower is a sought-after property development given its property period and location within an affluent residential area close to Newton and Balmoral Road. It’s relative low-density with only 30 exclusive four-bedroom units over a huge site area of about 68,864 sq ft also causes it to an attractive project,” sats Tan.
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 marketed last June at an average price of about $3,400 psf. Other freehold developments in the area include Wing On Life Garden on Bukit Timah Roadway, where deal rates average $2,255 psf, and Palm Spring on Ewe Boon Road, which sees an ordinary rate of $2,284 psf.
Tan anticipates the unit will appeal to customers in search of large-size residences to accomodate family desires, along with those who plan to send their kids to any of the close-by schools.
A distinctive feature of the property’s design is a garden terrace that rolls up around fifty percent of the unit. This outdoor terrace is accessible from the living room, private family hall, master bedroom, and among the other bedrooms. All the bedrooms are en suite. The building also features separate living and dining-room, in addition to a covered cooking area that goes to a yard and an attendant’s area.
According to Knight Frank, the unit up for sale is currently leased for around $25,000 monthly and the tenancy is going to end in November 2026. There were 6 rental purchases lodged at Honolulu Tower last year, with rents varying from $30,000 (or about $10 psf monthly) to $12,000 ($4 psf per month).
Finished in 1985, Honolulu Tower is a freehold property development on Bukit Timah Road in prime District 10. There are only 30 units within the 16-storey property development, that includes four-bedroom units of 5,823 sq ft and a set of 10,312 sq ft penthouses.
Regardless, resale rates at Honolulu Tower climbed from about $940 psf in May 2010, to around $1,810 psf a 10 years later. Based on a collection of resale caveats by EdgeProp Singapore, the condo’s typical rate today is around $1,855 psf.
It is uncommon to get a large-sized flat such as this on the marketplace these days, as recent brand-new launch ventures hardly provide units of this dimension, says Tricia Tan, supervisor of auction and sales at Knight Frank. “This unit feels significantly like a ‘bungalow in the sky’ offered its sizable layout,” she states, adding that the demand for large-sized high-end units currently surpasses the available resale source out there.
