Four-bedder at freehold Honolulu Tower going for $16.5 mil
The most recent property growth in the place is Perfect Ten, a 230-unit project started for sale in 2021. The luxury project was totally sold last June at a common rate of about $3,400 psf. Other freehold developments in the area include Wing On Life Garden on Bukit Timah Roadway, in which transaction prices average $2,255 psf, and Palm Spring on Ewe Boon Roadway, which sees an ordinary rate of $2,284 psf.
The condo is near to numerous popular schools, amenities and the public transport network. According to OneMap, the project is within 1km of Anglo-Chinese School (Primary) and Singapore Chinese Girls’ Primary School. Higher education universities in the vicinity consist of St Joseph’s Institution and Catholic Junior College. Additionally, Honolulu Tower is located in between 2 MRT interchanges– Stevens on the Downtown and Thomson-East Coast Lines, including Newton on the North-South and Downtown Lines.
A four-bedroom unit at Honolulu Tower is on the market through private treaty and advertised by Knight Frank Singapore. It will be an owner’s sale and the 5,821 sq ft unit has an overview rate of $16.5 million, that equates to $2,834 psf on the floor area.
A distinguishing characteristic of the property’s design is a garden balcony that rolls up throughout 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 features separate living and dining-room, in addition to a covered kitchen area that point to a lawn and an attendant’s space.
It is unusual to see a large-sized apartment like this on the marketplace today, as current brand-new launch ventures hardly use units of this dimension, says Tricia Tan, director of auction and sales at Knight Frank. “This unit feels quite like a ‘bungalow in the sky’ given its roomy style,” she states, adding that the interest for large-sized luxury units currently outpaces the available resale source in the market.
Finished in 1985, Honolulu Tower is a freehold property development on Bukit Timah Road in prime District 10. There are just 30 units inside the 16-storey property development, which consists of 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 seventh floor was cost $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.
Tan expects the unit will appeal to buyers looking for large-size apartments to accomodate family desires, along with those who intend to send their kids to any one of the neighboring academies.
According to Knight Frank, the unit up for sale is currently leased for about $25,000 per month and the occupancy is going to 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 per month) to $12,000 ($4 psf each month).
Regardless, resale rates at Honolulu Tower climbed from about $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 average price today is about $1,855 psf.
“Honolulu Tower is a popular development given its freehold tenure and place within 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 around 68,864 sq ft also makes it an appealing development,” sats Tan.
