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 marketed by Knight Frank Singapore. It will be an operator’s sale and the 5,821 sq ft unit has a guide rate of $16.5 million, that equates to $2,834 psf on the floor area.
The newest freehold development in the area is Perfect Ten, a 230-unit project launched for revenue in 2021. The deluxe project was fully offered last June at a common price of around $3,400 psf. Other property developments in the area consist of Wing On Life Garden on Bukit Timah Roadway, in which transaction costs balance $2,255 psf, and Palm Spring on Ewe Boon Roadway, which sees an average price of $2,284 psf.
Regardless, resale prices at Honolulu Tower climbed from around $940 psf in May 2010, to around $1,810 psf a 10 years later. Based upon a collection of resell caveats by EdgeProp Singapore, the condominium’s average cost today is around $1,855 psf.
The apartment is near to numerous popular schools, amenities and the public transport network. According to OneMap, the project is within 1km of Anglo-Chinese Academy (Primary) and Singapore Chinese Girls’ Primary School. Higher education schools around include St Joseph’s Institution and Catholic Junior College. Additionally, Honolulu Tower lies in between 2 MRT interchanges– Stevens on the Downtown and Thomson-East Coast Lines, as well as Newton on the North-South and Downtown Lines.
It is rare to get a large-sized apartment like this on the market nowadays, as recent new release ventures seldom supply units of this size, says Tricia Tan, supervisor of auction and sales at Knight Frank. “This unit feels significantly like a ‘bungalow in the sky’ provided its roomy design,” she says, adding that the interest for large-sized high-end units currently outpaces the available resale supply in the marketplace.
A distinctive feature of the real property’s layout is a garden balcony that covers around fifty percent of the unit. This outdoor terrace is accessible from the living-room, private family hall, master bedroom, and one of the other bedrooms. All the bedrooms are en suite. The property also features different living and dining-room, as well as a covered cooking area that goes to a yard and an assistant’s room.
According to Knight Frank, the unit up for sale is presently leased for about $25,000 each month and the occupancy will end in November 2026. There were six rental deals lodged at Honolulu Tower last year, with rents varying from $30,000 (or about $10 psf per month) to $12,000 ($4 psf monthly).
Completed in 1985, Honolulu Tower is a freehold property development on Bukit Timah Roadway in prime District 10. There are just 30 units within the 16-storey development, which includes four-bedroom units of 5,823 sq ft and a pair of 10,312 sq ft penthouses.
“Honolulu High rise is an in-demand development given its property period and location within an affluent residential area near to Newton and Balmoral Roadway. It’s relative low-density with only 30 exclusive four-bedroom units over a big site area of around 68,864 sq ft also makes it an attractive project,” sats Tan.
Based upon caveats lodged, resale purchases at Honolulu Tower are occasional. The most recent transaction occurred in June 2021, when a four-bedder on the 7th floor was cost $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 anticipates the unit is going to attract customers in search of large-size homes to accomodate family wants, along with those who plan to send their kids to any one of the neighboring academies.
