Four-bedder at freehold Honolulu Tower going for $16.5 mil
Finished in 1985, Honolulu Tower is a freehold development on Bukit Timah Road in prime District 10. There are just 30 units inside the 16-storey project, that contains 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 recent transaction took place in June 2021, when a four-bedder on the seventh floor was sold for $10.8 million ($1,855 psf). Another four-bedroom unit on the 12th floor fetched $9.1 million ($1,563 psf) in July 2019.
It is rare to find a large-sized house just like this on the marketplace today, as recent new release ventures hardly supply units of this size, mentions Tricia Tan, supervisor of auction and sales at Knight Frank. “This unit feels very much like a ‘bungalow in the sky’ given its roomy design,” she says, adding that the demand for large-sized high-end units currently surpasses the available resale supply in the market.
A distinctive feature of the real property’s style is a garden terrace that wraps all over fifty percent of the unit. This outdoor terrace is accessible from the living-room, private family hall, bedroom, and among the other bedrooms. All the bedrooms are en suite. The building also presents different living and dining rooms, in addition to a covered cooking area that goes to a yard and an assistant’s area.
Regardless, resale rates at Honolulu Tower climbed up from around $940 psf in May 2010, to about $1,810 psf a decade later. Based on a compilation of resale warnings by EdgeProp Singapore, the condominium’s ordinary cost today is around $1,855 psf.
According to Knight Frank, the unit up for sale is presently rented for around $25,000 each month and the occupancy is going to end in November 2026. There were 6 rental deals 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).
The condo is close to numerous popular 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 universities around consist of St Joseph’s Institution and Catholic Junior College. On top of that, Honolulu Tower lies between 2 MRT interchanges– Stevens on the Downtown and Thomson-East Coast Lines, along with Newton on the North-South and Downtown Lines.
“Honolulu High rise is an in-demand development given its property tenure and location inside an affluent residential neighbourhood near to Newton and Balmoral Roadway. It’s relative low-density with only 30 exclusive four-bedroom units over a large site area of approximately 68,864 sq ft also makes it a pleasing property development,” sats Tan.
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 price of $16.5 million, that equates to $2,834 psf on the floor area.
The most recent freehold advancement in the spot is Perfect Ten, a 230-unit project started for revenue in 2021. The luxury project was fully marketed last June at a common rate of around $3,400 psf. Other real estate developments in the area consist of Wing On Life Garden on Bukit Timah Roadway, where purchase rates average $2,255 psf, and Palm Spring on Ewe Boon Roadway, which sees an average cost of $2,284 psf.
Tan anticipates the unit will attract customers on the lookout for large-size condos to accomodate family members desires, as well as those who prepare to send their kids to any of the neighboring schools.
