Four-bedder at freehold Honolulu Tower going for $16.5 mil
A distinctive feature of the real property’s style is a garden balcony that rolls up all over half of the unit. This outdoor balcony is reachable from the living-room, private family hall, bedroom, and one of the other bedrooms. All the bedrooms are en suite. The property also features separate living and dining-room, as well as an enclosed kitchen that leads to a yard and an assistant’s area.
According to Knight Frank, the unit up for sale is currently rented for around $25,000 each month and the tenancy is going to finish in November 2026. There were 6 rental transactions lodged at Honolulu Tower last year, with rents ranging from $30,000 (or about $10 psf each month) to $12,000 ($4 psf each month).
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 cost of $16.5 million, which equates to $2,834 psf on the floor area.
The latest estate advancement in the spot is Perfect Ten, a 230-unit project started for sale in 2021. The high-end project was fully offered last June at an average rate of around $3,400 psf. Other property projects in the area include Wing On Life Garden on Bukit Timah Roadway, in which purchase rates balance $2,255 psf, and Palm Spring on Ewe Boon Road, which sees an average rate of $2,284 psf.
Completed in 1985, Honolulu Tower is a freehold development on Bukit Timah Roadway in prime District 10. There are only 30 units within the 16-storey project, which includes four-bedroom units of 5,823 sq ft and a set of 10,312 sq ft penthouses.
It is unusual to get a large-sized apartment just like this on the marketplace nowadays, as current brand-new launch properties hardly provide units of this measurements, mentions Tricia Tan, supervisor of auction and sales at Knight Frank. “This unit feels significantly like a ‘bungalow in the sky’ given its large style,” she explains, adding that the interest for large-sized luxury units currently outpaces the available resale supply out there.
Based on 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 flooring fetched $9.1 million ($1,563 psf) in July 2019.
“Honolulu High rise is a popular property development given its property period and place within an affluent residential neighbourhood close to Newton and Balmoral Roadway. It’s relative low-density with only 30 exclusive four-bedroom units over a huge site area of around 68,864 sq ft also makes it an attractive development,” sats Tan.
The condo is near to several popular schools, amenities and the general public transport network. According to OneMap, the development is within 1km of Anglo-Chinese School (Primary) and Singapore Chinese Girls’ Primary School. Higher education schools in the vicinity consist of St Joseph’s Institution and Catholic Junior College. On top of that, Honolulu Tower is located in between 2 MRT interchanges– Stevens on the Downtown and Thomson-East Coast Lines, as well as Newton on the North-South and Downtown Lines.
Nevertheless, resale rates at Honolulu Tower climbed from around $940 psf in May 2010, to approximately $1,810 psf a decade later. Based on a collection of resell signs by EdgeProp Singapore, the condominium’s average rate today is about $1,855 psf.
Tan anticipates the unit is going to attract purchasers in search of large-size houses to accomodate family desires, as well as those who plan to send their kids to any one of the close-by academies.
