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 a guide rate of $16.5 million, that translates to $2,834 psf on the floor area.
“Honolulu High rise is a sought-after development given its property period and place inside an affluent residential neighbourhood near to Newton and Balmoral Road. It’s relative low-density with only 30 exclusive four-bedroom units over a big site area of about 68,864 sq ft also causes it to an appealing project,” sats Tan.
According to Knight Frank, the unit up for sale is currently leased for around $25,000 each month and the tenancy will 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 per month) to $12,000 ($4 psf monthly).
Tan expects the unit is going to appeal to customers looking for large-size apartments to accomodate household desires, along with those who prepare to send their kids to any of the close-by schools.
It is unusual to find a large-sized flat like this on the market today, as recent new launch projects hardly provide units of this measurements, says Tricia Tan, director of auction and sales at Knight Frank. “This unit feels significantly like a ‘bungalow in the sky’ provided its spacious design,” she states, adding that the interest for large-sized high-end units currently exceeds the available resale supply on the market.
The newest freehold development in the area is Perfect Ten, a 230-unit project launched for revenue in 2021. The luxury project was totally offered last June at an average cost of around $3,400 psf. Other real estate developments in the neighbourhood include Wing On Life Garden on Bukit Timah Roadway, where deal prices average $2,255 psf, and Palm Spring on Ewe Boon Roadway, which sees a typical rate of $2,284 psf.
Finished 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 project, that contains four-bedroom units of 5,823 sq ft and a set of 10,312 sq ft penthouses.
A distinguishing characteristic of the real property’s style is a garden terrace that covers all over fifty percent of the unit. This outdoor patio is accessed from the living room, private family hall, bedroom, and among the other bedrooms. All the bedrooms are en suite. The building also features separate living and dining-room, along with an enclosed cooking area that leads to a lawn and an attendant’s room.
Based on cautions lodged, resale transactions at Honolulu Tower are infrequent. The most current transaction happened in June 2021, when a four-bedder on the seventh ground was sold for $10.8 million ($1,855 psf). Yet another four-bedroom unit on the 12th floor obtained $9.1 million ($1,563 psf) in July 2019.
Nevertheless, resale rates at Honolulu Tower climbed from about $940 psf in May 2010, to around $1,810 psf a decade later on. Based on a compilation of resale caveats by EdgeProp Singapore, the condominium’s typical cost today is about $1,855 psf.
The condo is close to several popular institutions, amenities and the general 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. Additionally, Honolulu Tower is located between two MRT interchanges– Stevens on the Downtown and Thomson-East Coast Lines, as well as Newton on the North-South and Downtown Lines.
