Four-bedder at freehold Honolulu Tower going for $16.5 mil
According to Knight Frank, the unit up for sale is currently leased for around $25,000 per month and the occupancy will end in November 2026. There were 6 rental deals lodged at Honolulu Tower last year, with rents varying from $30,000 (or about $10 psf monthly) to $12,000 ($4 psf each month).
Completed in 1985, Honolulu Tower is a freehold development on Bukit Timah Road in prime District 10. There are just 30 units within the 16-storey property development, that includes four-bedroom units of 5,823 sq ft and a pair of 10,312 sq ft penthouses.
Based upon cautions lodged, resale transactions at Honolulu Tower are occasional. The most current transaction occurred in June 2021, when a four-bedder on the 7th ground was cost $10.8 million ($1,855 psf). Another four-bedroom unit on the 12th flooring obtained $9.1 million ($1,563 psf) in July 2019.
It is unusual to see a large-sized apartment such as this on the marketplace today, as recent brand-new launch properties rarely offer units of this dimension, mentions Tricia Tan, supervisor of auction and sales at Knight Frank. “This unit feels significantly like a ‘bungalow in the sky’ offered its large style,” she says, adding that the demand for large-sized high-end units currently exceeds the available resale supply on the market.
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The condo is near to a number of well-known schools, amenities and the general public transport network. According to OneMap, the development is within 1km of Anglo-Chinese Academy (Primary) and Singapore Chinese Girls’ Primary School. Higher education schools around include St Joseph’s Institution and Catholic Junior College. In addition, Honolulu Tower lies between 2 MRT interchanges– Stevens on the Downtown and Thomson-East Coast Lines, including Newton on the North-South and Downtown Lines.
The most recent estate development in the spot is Perfect Ten, a 230-unit project launched for revenue in 2021. The luxury project was completely offered last June at a common rate of about $3,400 psf. Other freehold projects in the area include Wing On Life Garden on Bukit Timah Roadway, in which deal costs average $2,255 psf, and Palm Spring on Ewe Boon Roadway, which sees an average rate of $2,284 psf.
A distinctive feature of the property’s layout is a garden balcony that rolls up all over half of the unit. This outdoor balcony is accessible from the living room, private family hall, master bedroom, and one of the other bedrooms. All the bedrooms are en suite. The property also presents different living and dining-room, as well as a covered kitchen that goes to a lawn and an attendant’s area.
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, which converts to $2,834 psf on the floor area.
Tan anticipates the unit is going to interest customers on the lookout for large-size residences to accomodate household needs, along with those who prepare to send their children to any of the close-by schools.
Regardless, resale costs at Honolulu Tower climbed up from about $940 psf in May 2010, to around $1,810 psf a several years later. Based upon a collection of resell caveats by EdgeProp Singapore, the condominium’s average rate today is about $1,855 psf.
“Honolulu Tower is an in-demand property development given its property tenure and place within an affluent residential area close to Newton and Balmoral Roadway. 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 property development,” sats Tan.
