Four-bedder at freehold Honolulu Tower going for $16.5 mil
The condominium is close to numerous widely known colleges, amenities and the public transport network. According to OneMap, the development is inside 1km of Anglo-Chinese School (Primary) and Singapore Chinese Girls’ Primary School. Higher education schools in the vicinity consist of St Joseph’s Institution and Catholic Junior College. Furthermore, Honolulu Tower is located between 2 MRT interchanges– Stevens on the Downtown and Thomson-East Coast Lines, as well as Newton on the North-South and Downtown Lines.
Nevertheless, resale prices at Honolulu Tower climbed from about $940 psf in May 2010, to about $1,810 psf a several years later. Based on a collection of resale caveats by EdgeProp Singapore, the condominium’s ordinary cost today is about $1,855 psf.
A distinctive feature of the property’s layout is a garden balcony that rolls up all over fifty percent of the unit. This outdoor balcony is reachable from the living room, private family hall, bedroom, and among the other bedrooms. All the bedrooms are en suite. The building also offers separate living and dining rooms, as well as a covered cooking area that goes to a yard and an assistant’s room.
It is unusual to see a large-sized apartment such as this on the marketplace nowadays, as current new launch properties rarely use units of this dimension, states Tricia Tan, supervisor of auction and sales at Knight Frank. “This unit feels quite like a ‘bungalow in the sky’ given its spacious layout,” she says, adding that the interest for large-sized high-end units currently exceeds the available resale source in the market.
“Honolulu Tower is a desired property development given its property period and place inside an affluent residential area close to Newton and Balmoral Roadway. 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 a pleasing project,” sats Tan.
Tan expects the unit is going to appeal to customers looking for large-size houses to accomodate family members needs, as well as those who intend to send their children to any of the close-by academies.
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 cost of $16.5 million, which converts to $2,834 psf on the floor area.
Completed in 1985, Honolulu Tower is a freehold property development on Bukit Timah Road in prime District 10. There are just 30 units throughout the 16-storey property development, that includes four-bedroom units of 5,823 sq ft and a set of 10,312 sq ft penthouses.
Based on caveats lodged, resale transactions at Honolulu Tower are irregular. The most current transaction took place in June 2021, when a four-bedder on the seventh level was sold for $10.8 million ($1,855 psf). Another four-bedroom unit on the 12th floor obtained $9.1 million ($1,563 psf) in July 2019.
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 transactions lodged at Honolulu Tower last year, with rents ranging from $30,000 (or about $10 psf per month) to $12,000 ($4 psf monthly).
The latest property growth in the spot is Perfect Ten, a 230-unit project launched for revenue in 2021. The deluxe project was completely offered last June at an average price of around $3,400 psf. Other freehold developments in the neighbourhood include Wing On Life Garden on Bukit Timah Roadway, where transaction rates balance $2,255 psf, and Palm Spring on Ewe Boon Road, which sees an average rate of $2,284 psf.
