Four-bedder at freehold Honolulu Tower going for $16.5 mil
The newest property growth in the area is Perfect Ten, a 230-unit project started for revenue in 2021. The high-end project was fully offered last June at a standard price of around $3,400 psf. Other freehold developments in the neighbourhood consist of Wing On Life Garden on Bukit Timah Road, in which transaction rates average $2,255 psf, and Palm Spring on Ewe Boon Roadway, which sees a typical price of $2,284 psf.
“Honolulu High rise is a popular property development given its property period and location inside 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 makes it an attractive property development,” sats Tan.
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 an overview rate of $16.5 million, that translates to $2,834 psf on the floor area.
Nevertheless, resale prices at Honolulu Tower climbed up from around $940 psf in May 2010, to approximately $1,810 psf a several years later on. Based on a collection of resell signs by EdgeProp Singapore, the condominium’s typical price today is around $1,855 psf.
Based on caveats lodged, resale transactions at Honolulu Tower are occasional. The most recent transaction occurred in June 2021, when a four-bedder on the 7th ground was sold for $10.8 million ($1,855 psf). Yet another four-bedroom unit on the 12th flooring fetched $9.1 million ($1,563 psf) in July 2019.
According to Knight Frank, the unit up for sale is currently leased for about $25,000 monthly and the occupancy is going to finish in November 2026. There were six rental purchases lodged at Honolulu Tower last year, with rents ranging from $30,000 (or about $10 psf monthly) to $12,000 ($4 psf monthly).
Tan anticipates the unit will attract buyers looking for large-size residences to accomodate family needs, as well as those who prepare to send their children to any one of the neighboring schools.
The condo is close to several popular institutions, amenities and the public transport network. According to OneMap, the development is inside 1km of Anglo-Chinese Academy (Primary) and Singapore Chinese Girls’ Primary School. Higher education universities around consist of St Joseph’s Institution and Catholic Junior College. On top of that, Honolulu Tower is located between 2 MRT interchanges– Stevens on the Downtown and Thomson-East Coast Lines, including Newton on the North-South and Downtown Lines.
Completed in 1985, Honolulu Tower is a freehold property development on Bukit Timah Roadway in prime District 10. There are just 30 units inside the 16-storey project, that consists of four-bedroom units of 5,823 sq ft and a set of 10,312 sq ft penthouses.
A distinctive feature of the property’s design is a garden terrace that covers around fifty percent of the unit. This outdoor terrace is accessible from the living room, private family hall, master bedroom, and one of the other bedrooms. All the bedrooms are en suite. The real estate also presents separate living and dining-room, along with an enclosed kitchen area that leads to a backyard and an assistant’s space.
It is rare to see a large-sized apartment just like this on the marketplace these days, as current brand-new launch projects seldom provide units of this measurements, states Tricia Tan, supervisor of auction and sales at Knight Frank. “This unit feels significantly like a ‘bungalow in the sky’ offered its large design,” she says, adding that the interest for large-sized luxury units currently surpasses the available resale supply in the market.
