Four-bedder at freehold Honolulu Tower going for $16.5 mil
According to Knight Frank, the unit up for sale is currently rented for about $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 per month).
Finished in 1985, Honolulu Tower is a freehold development on Bukit Timah Roadway in prime District 10. There are only 30 units inside the 16-storey property development, that consists of four-bedroom units of 5,823 sq ft and a set of 10,312 sq ft penthouses.
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 cost of $16.5 million, which translates to $2,834 psf on the floor area.
“Honolulu Tower is an in-demand development given its property 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 approximately 68,864 sq ft also causes it to a pleasing property development,” sats Tan.
The newest estate growth in the spot is Perfect Ten, a 230-unit project launched for sale in 2021. The high-end project was completely marketed last June at a common cost of around $3,400 psf. Other property developments in the neighbourhood consist of Wing On Life Garden on Bukit Timah Road, in which transaction costs balance $2,255 psf, and Palm Spring on Ewe Boon Roadway, which sees a typical cost of $2,284 psf.
It is unusual to find a large-sized apartment such as this on the marketplace nowadays, as current brand-new release properties rarely offer units of this size, mentions Tricia Tan, director of auction and sales at Knight Frank. “This unit feels quite like a ‘bungalow in the sky’ offered its roomy design,” she says, adding that the demand for large-sized luxury units currently outpaces the available resale source in the market.
Based on caveats lodged, resale purchases at Honolulu Tower are occasional. The most current transaction took place in June 2021, when a four-bedder on the 7th level was cost $10.8 million ($1,855 psf). Yet another four-bedroom unit on the 12th floor fetched $9.1 million ($1,563 psf) in July 2019.
Tan anticipates the unit will interest purchasers on the lookout for large-size homes to accomodate family members wants, in addition to those that intend to send their children to any one of the neighboring academies.
Regardless, resale costs at Honolulu Tower climbed from around $940 psf in May 2010, to approximately $1,810 psf a decade later on. Based upon a compilation of resell caveats by EdgeProp Singapore, the condo’s average price today is around $1,855 psf.
A distinctive feature of the real property’s design is a garden balcony that covers throughout half of the unit. This outdoor patio is reachable 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, along with a covered kitchen area that point to a backyard and an assistant’s room.
The apartment is near to numerous popular institutions, amenities and the public transport network. According to OneMap, the project is just within 1km of Anglo-Chinese School (Primary) and Singapore Chinese Girls’ Primary School. Higher education schools around consist of St Joseph’s Institution and Catholic Junior College. On top of that, Honolulu Tower lies between two MRT interchanges– Stevens on the Downtown and Thomson-East Coast Lines, including Newton on the North-South and Downtown Lines.
