Four-bedder at freehold Honolulu Tower going for $16.5 mil
The condominium is close to a number of popular schools, amenities and the public transport network. According to OneMap, the project 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. In addition, 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 anticipates the unit is going to appeal to customers looking for large-size apartments to accomodate family desires, as well as those who prepare to send their children to any one of the neighboring academies.
Regardless, resale rates at Honolulu Tower climbed from about $940 psf in May 2010, to about $1,810 psf a 10 years later. Based upon a compilation of resale signs by EdgeProp Singapore, the condo’s typical rate today is about $1,855 psf.
Based on caveats lodged, resale purchases at Honolulu Tower are irregular. The most current transaction happened in June 2021, when a four-bedder on the seventh floor was sold for $10.8 million ($1,855 psf). Some other four-bedroom unit on the 12th floor obtained $9.1 million ($1,563 psf) in July 2019.
A four-bedroom unit at Honolulu Tower is on the market via private treaty and advertised by Knight Frank Singapore. It will be an owner’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.
“Honolulu High rise is an in-demand property development given its freehold period and location inside 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 a pleasing development,” sats Tan.
It is rare to see a large-sized flat like this on the market nowadays, as current new launch projects rarely use units of this dimension, says Tricia Tan, supervisor of auction and sales at Knight Frank. “This unit feels significantly like a ‘bungalow in the sky’ provided its roomy layout,” she states, adding that the interest for large-sized high-end units currently surpasses the available resale source in the market.
The newest freehold advancement 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 cost of around $3,400 psf. Other real estate developments in the area consist of Wing On Life Garden on Bukit Timah Road, where purchase prices balance $2,255 psf, and Palm Spring on Ewe Boon Roadway, which sees an average cost of $2,284 psf.
A distinctive feature of the real property’s design is a garden balcony that covers around fifty percent 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 real estate also features different living and dining-room, in addition to a covered kitchen that goes to a yard and an assistant’s area.
According to Knight Frank, the unit up for sale is presently rented for around $25,000 each month and the tenancy is going to end in November 2026. There were six rental transactions lodged at Honolulu Tower last year, with rents varying from $30,000 (or about $10 psf each month) to $12,000 ($4 psf monthly).
Finished 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 project, that contains four-bedroom units of 5,823 sq ft and a pair of 10,312 sq ft penthouses.
