Four-bedder at freehold Honolulu Tower going for $16.5 mil
The latest property advancement in the spot is Perfect Ten, a 230-unit project released for sale in 2021. The high-end project was completely marketed last June at a common rate of around $3,400 psf. Other freehold projects in the neighbourhood include Wing On Life Garden on Bukit Timah Road, in which purchase rates average $2,255 psf, and Palm Spring on Ewe Boon Road, which sees an ordinary rate of $2,284 psf.
It is rare to find a large-sized apartment just like this on the market these days, as recent brand-new launch plans hardly offer 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’ offered its roomy style,” she states, adding that the demand for large-sized high-end units currently outpaces the available resale source on the market.
A four-bedroom unit at Honolulu Tower is on the market via private treaty and marketed by Knight Frank Singapore. It will be an operator’s sale and the 5,821 sq ft unit has an overview price of $16.5 million, that translates to $2,834 psf on the floor area.
According to Knight Frank, the unit up for sale is presently leased for about $25,000 each month and the tenancy 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 each month) to $12,000 ($4 psf each month).
The apartment is close to numerous widely known colleges, amenities and the general public transport network. According to OneMap, the project is just within 1km of Anglo-Chinese Academy (Primary) and Singapore Chinese Girls’ Primary School. Higher education schools in the vicinity include St Joseph’s Institution and Catholic Junior College. On top of that, Honolulu Tower is located in between two MRT interchanges– Stevens on the Downtown and Thomson-East Coast Lines, including Newton on the North-South and Downtown Lines.
Tan expects the unit is going to appeal to customers on the lookout for large-size homes to accomodate family desires, as well as those that plan to send their children to any one of the neighboring academies.
Regardless, resale prices at Honolulu Tower climbed up from about $940 psf in May 2010, to approximately $1,810 psf a several years later. Based on a collection of resale caveats by EdgeProp Singapore, the condo’s typical price today is around $1,855 psf.
“Honolulu High rise is a desired property development given its freehold tenure and place within an affluent residential neighbourhood near to Newton and Balmoral Road. It’s relative low-density with only 30 exclusive four-bedroom units over a big site area of approximately 68,864 sq ft also causes it to a pleasing project,” sats Tan.
Based upon cautions lodged, resale purchases at Honolulu Tower are irregular. The most current transaction occurred in June 2021, when a four-bedder on the seventh ground was sold for $10.8 million ($1,855 psf). Yet another four-bedroom unit on the 12th flooring brought $9.1 million ($1,563 psf) in July 2019.
Completed in 1985, Honolulu Tower is a freehold development on Bukit Timah Roadway in prime District 10. There are just 30 units throughout the 16-storey project, which contains four-bedroom units of 5,823 sq ft and a set of 10,312 sq ft penthouses.
A distinctive feature of the property’s style is a garden terrace that wraps around fifty percent of the unit. This outdoor balcony is accessed from the living-room, private family hall, master bedroom, and among the other bedrooms. All the bedrooms are en suite. The building also offers different living and dining-room, along with an enclosed cooking area that leads to a backyard and an attendant’s space.
