Four-bedder at freehold Honolulu Tower going for $16.5 mil
Completed in 1985, Honolulu Tower is a freehold development on Bukit Timah Roadway in prime District 10. There are just 30 units throughout the 16-storey development, which includes four-bedroom units of 5,823 sq ft and a set of 10,312 sq ft penthouses.
“Honolulu High rise is a sought-after property development given its freehold 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 causes it to an appealing 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 owner’s sale and the 5,821 sq ft unit has an overview cost of $16.5 million, which translates to $2,834 psf on the floor area.
Nevertheless, resale prices at Honolulu Tower climbed up from about $940 psf in May 2010, to around $1,810 psf a decade later. Based upon a compilation of resell caveats by EdgeProp Singapore, the condominium’s ordinary rate today is around $1,855 psf.
A distinctive feature of the property’s design is a garden terrace that covers throughout fifty percent of the unit. This outdoor patio is accessible from the living-room, private family hall, bedroom, and among the other bedrooms. All the bedrooms are en suite. The real estate also features separate living and dining rooms, along with an enclosed kitchen area that leads to a backyard and an attendant’s area.
The condo is close to several 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 schools around include St Joseph’s Institution and Catholic Junior College. Additionally, Honolulu Tower is located between 2 MRT interchanges– Stevens on the Downtown and Thomson-East Coast Lines, along with Newton on the North-South and Downtown Lines.
It is uncommon to find a large-sized flat such as this on the marketplace today, as recent brand-new launch properties hardly supply units of this measurements, says Tricia Tan, director of auction and sales at Knight Frank. “This unit feels quite like a ‘bungalow in the sky’ provided its large style,” she says, adding that the interest for large-sized luxury units currently surpasses the available resale supply in the market.
According to Knight Frank, the unit up for sale is presently rented for around $25,000 per month and the tenancy is going to end in November 2026. There were 6 rental purchases lodged at Honolulu Tower last year, with rents ranging from $30,000 (or about $10 psf monthly) to $12,000 ($4 psf each month).
Based upon cautions lodged, resale purchases at Honolulu Tower are irregular. The most recent transaction took place in June 2021, when a four-bedder on the 7th floor was cost $10.8 million ($1,855 psf). Yet another four-bedroom unit on the 12th floor fetched $9.1 million ($1,563 psf) in July 2019.
The most recent freehold growth in the spot is Perfect Ten, a 230-unit project started for revenue in 2021. The luxury project was completely marketed last June at a standard price of about $3,400 psf. Other real estate developments in the neighbourhood include Wing On Life Garden on Bukit Timah Road, in which transaction rates average $2,255 psf, and Palm Spring on Ewe Boon Road, which sees a typical cost of $2,284 psf.
Tan expects the unit will appeal to buyers in search of large-size houses to accomodate household wants, as well as those that prepare to send their children to any of the nearby academies.
