Four-bedder at freehold Honolulu Tower going for $16.5 mil
It is uncommon to get a large-sized apartment such as this on the marketplace today, as current new release properties hardly provide units of this size, states Tricia Tan, director of auction and sales at Knight Frank. “This unit feels quite like a ‘bungalow in the sky’ given its spacious style,” she states, adding that the interest for large-sized luxury units currently surpasses the available resale source out there.
The latest estate growth in the place is Perfect Ten, a 230-unit project launched for sale in 2021. The luxury project was fully offered last June at an average rate of about $3,400 psf. Other freehold developments in the area consist of Wing On Life Garden on Bukit Timah Roadway, where deal costs average $2,255 psf, and Palm Spring on Ewe Boon Road, which sees an ordinary price of $2,284 psf.
A distinguishing characteristic of the real property’s style is a garden balcony that rolls up throughout fifty percent of the unit. This outdoor terrace is reachable from the living-room, private family hall, bedroom, and one of the other bedrooms. All the bedrooms are en suite. The building also features different living and dining-room, in addition to an enclosed cooking area that point to a lawn and an attendant’s room.
According to Knight Frank, the unit up for sale is currently rented for around $25,000 per month and the occupancy is going to finish in November 2026. There were six rental transactions lodged at Honolulu Tower last year, with rents varying from $30,000 (or about $10 psf each month) to $12,000 ($4 psf monthly).
“Honolulu High rise is a sought-after property development given its freehold period and place within an affluent residential neighbourhood near to Newton and Balmoral Roadway. It’s relative low-density with only 30 exclusive four-bedroom units over a large site area of approximately 68,864 sq ft also causes it to a pleasing project,” sats Tan.
Regardless, resale prices at Honolulu Tower climbed from around $940 psf in May 2010, to about $1,810 psf a 10 years later. Based on a collection of resale caveats by EdgeProp Singapore, the condominium’s typical price today is around $1,855 psf.
Tan anticipates the unit is going to attract customers on the lookout for large-size residences to accomodate family needs, along with those that prepare to send their kids to any of the neighboring schools.
Based on caveats lodged, resale transactions at Honolulu Tower are irregular. The most recent transaction occurred in June 2021, when a four-bedder on the seventh level was cost $10.8 million ($1,855 psf). Some other four-bedroom unit on the 12th floor obtained $9.1 million ($1,563 psf) in July 2019.
A four-bedroom unit at Honolulu Tower is on the market through 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 cost of $16.5 million, that equates to $2,834 psf on the floor area.
Completed in 1985, Honolulu Tower is a freehold development on Bukit Timah Roadway in prime District 10. There are only 30 units within the 16-storey project, which contains four-bedroom units of 5,823 sq ft and a set of 10,312 sq ft penthouses.
The condo is close to a number of popular institutions, amenities and the general 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 universities around include St Joseph’s Institution and Catholic Junior College. Additionally, Honolulu Tower lies between 2 MRT interchanges– Stevens on the Downtown and Thomson-East Coast Lines, as well as Newton on the North-South and Downtown Lines.
