Four-bedder at freehold Honolulu Tower going for $16.5 mil
Completed in 1985, Honolulu Tower is a freehold development on Bukit Timah Road in prime District 10. There are only 30 units throughout the 16-storey development, that contains four-bedroom units of 5,823 sq ft and a pair of 10,312 sq ft penthouses.
Tan anticipates the unit is going to attract buyers on the lookout for large-size houses to accomodate family members needs, in addition to those that plan to send their kids to any one of the neighboring schools.
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 translates to $2,834 psf on the floor area.
Based on caveats lodged, resale transactions at Honolulu Tower are infrequent. The most current transaction happened in June 2021, when a four-bedder on the 7th ground was cost $10.8 million ($1,855 psf). Some other four-bedroom unit on the 12th flooring 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 about $1,810 psf a several years later. Based on a collection of resale warnings by EdgeProp Singapore, the condominium’s ordinary price today is around $1,855 psf.
The latest estate growth in the place is Perfect Ten, a 230-unit project launched for sale in 2021. The high-end project was fully offered last June at a standard cost of about $3,400 psf. Other real estate projects in the area consist of Wing On Life Garden on Bukit Timah Roadway, where deal rates average $2,255 psf, and Palm Spring on Ewe Boon Roadway, which sees an ordinary rate of $2,284 psf.
It is unusual to find a large-sized house like this on the market these days, as current new launch properties hardly use units of this size, says Tricia Tan, supervisor of auction and sales at Knight Frank. “This unit feels quite like a ‘bungalow in the sky’ provided its large style,” she explains, adding that the demand for large-sized luxury units currently exceeds the available resale source in the market.
The apartment is near to a number of widely known schools, amenities and the public transport network. According to OneMap, the project is within 1km of Anglo-Chinese School (Primary) and Singapore Chinese Girls’ Primary School. Higher education schools in the vicinity include St Joseph’s Institution and Catholic Junior College. In addition, 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.
“Honolulu High rise is a popular development given its property tenure and location within an affluent residential neighbourhood close 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 attractive development,” sats Tan.
According to Knight Frank, the unit up for sale is presently leased for around $25,000 per month and the tenancy is going to finish in November 2026. There were six rental purchases lodged at Honolulu Tower last year, with rents varying from $30,000 (or about $10 psf each month) to $12,000 ($4 psf monthly).
A distinguishing characteristic of the real property’s style is a garden terrace that covers around half of the unit. This outdoor balcony is accessed from the living room, private family hall, master bedroom, and one of the other bedrooms. All the bedrooms are en suite. The building also presents separate living and dining rooms, in addition to an enclosed kitchen area that leads to a yard and a helper’s area.
