Four-bedder at freehold Honolulu Tower going for $16.5 mil
A four-bedroom unit at Honolulu Tower is on the market through 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 converts to $2,834 psf on the floor area.
The condo is near to several widely known colleges, amenities and the public transport network. According to OneMap, the development is just within 1km of Anglo-Chinese Academy (Primary) and Singapore Chinese Girls’ Primary School. Higher education schools in the vicinity consist of 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, including Newton on the North-South and Downtown Lines.
Based upon caveats lodged, resale transactions at Honolulu Tower are irregular. The most recent transaction happened 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 flooring brought $9.1 million ($1,563 psf) in July 2019.
“Honolulu High rise is a desired property development given its freehold period and location inside an affluent residential area close to Newton and Balmoral Road. It’s relative low-density with only 30 exclusive four-bedroom units over a large site area of around 68,864 sq ft also causes it to an appealing development,” sats Tan.
Tan expects the unit will appeal to buyers looking for large-size homes to accomodate household needs, along with those who intend to send their kids to any of the neighboring academies.
Nevertheless, resale prices at Honolulu Tower climbed from about $940 psf in May 2010, to around $1,810 psf a several years later. Based upon a compilation of resell signs by EdgeProp Singapore, the condominium’s typical rate today is about $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 development, which contains four-bedroom units of 5,823 sq ft and a pair of 10,312 sq ft penthouses.
The newest freehold advancement in the area is Perfect Ten, a 230-unit project started for sale in 2021. The deluxe project was fully sold last June at a standard cost of about $3,400 psf. Other property projects in the area include Wing On Life Garden on Bukit Timah Road, in which transaction rates average $2,255 psf, and Palm Spring on Ewe Boon Roadway, which sees an ordinary price of $2,284 psf.
A distinctive feature of the real property’s style is a garden terrace that rolls up all over fifty percent of the unit. This outdoor terrace 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 features separate living and dining-room, in addition to an enclosed kitchen area that goes to a lawn and a helper’s room.
According to Knight Frank, the unit up for sale is currently leased for about $25,000 each month and the tenancy will end in November 2026. There were 6 rental deals lodged at Honolulu Tower last year, with rents ranging from $30,000 (or about $10 psf monthly) to $12,000 ($4 psf per month).
It is uncommon to get a large-sized house just like this on the marketplace nowadays, as current brand-new launch plans rarely offer units of this size, states Tricia Tan, supervisor of auction and sales at Knight Frank. “This unit feels very much like a ‘bungalow in the sky’ offered its roomy design,” she states, adding that the demand for large-sized luxury units currently outpaces the available resale source out there.
