Four-bedder at freehold Honolulu Tower going for $16.5 mil
According to Knight Frank, the unit up for sale is currently rented for around $25,000 each month and the tenancy is going to end in November 2026. There were six rental purchases lodged at Honolulu Tower last year, with rents ranging from $30,000 (or about $10 psf per month) to $12,000 ($4 psf monthly).
Tan anticipates the unit will attract buyers looking for large-size apartments to accomodate family needs, along with those that prepare to send their children to any one of the nearby schools.
Completed in 1985, Honolulu Tower is a freehold development on Bukit Timah Road in prime District 10. There are just 30 units throughout the 16-storey development, that consists of four-bedroom units of 5,823 sq ft and a set of 10,312 sq ft penthouses.
The condo is close to numerous 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 universities around include St Joseph’s Institution and Catholic Junior College. Additionally, 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.
The latest estate growth in the place is Perfect Ten, a 230-unit project started for revenue in 2021. The deluxe project was completely offered last June at a common rate of about $3,400 psf. Other real estate developments in the neighbourhood include Wing On Life Garden on Bukit Timah Road, in which deal costs balance $2,255 psf, and Palm Spring on Ewe Boon Road, which sees an average price of $2,284 psf.
It is unusual to find a large-sized flat such as this on the market these days, as recent brand-new release ventures seldom offer units of this measurements, mentions Tricia Tan, supervisor of auction and sales at Knight Frank. “This unit feels very much like a ‘bungalow in the sky’ offered its large design,” she explains, adding that the interest for large-sized luxury units currently outpaces the available resale source on the market.
A distinguishing characteristic of the real property’s layout is a garden terrace that rolls up all over fifty percent of the unit. This outdoor balcony is accessible from the living room, private family hall, bedroom, and among the other bedrooms. All the bedrooms are en suite. The building also offers different living and dining-room, in addition to a covered kitchen area that leads to a yard and an assistant’s room.
“Honolulu Tower is a popular development given its freehold tenure and location inside an affluent residential neighbourhood close to Newton and Balmoral Roadway. It’s relative low-density with only 30 exclusive four-bedroom units over a big site area of about 68,864 sq ft also makes it an attractive property development,” sats Tan.
Based upon caveats lodged, resale transactions at Honolulu Tower are irregular. The most current transaction occurred 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 fetched $9.1 million ($1,563 psf) in July 2019.
Regardless, resale rates at Honolulu Tower climbed from around $940 psf in May 2010, to approximately $1,810 psf a 10 years later. Based upon a collection of resell caveats by EdgeProp Singapore, the condo’s average price today is about $1,855 psf.
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 rate of $16.5 million, that translates to $2,834 psf on the floor area.
