Four-bedder at freehold Honolulu Tower going for $16.5 mil
Finished in 1985, Honolulu Tower is a freehold property development on Bukit Timah Road in prime District 10. There are just 30 units throughout the 16-storey development, which consists of four-bedroom units of 5,823 sq ft and a pair of 10,312 sq ft penthouses.
A four-bedroom unit at Honolulu Tower is on the market via private treaty and marketed by Knight Frank Singapore. It will be an operator’s sale and the 5,821 sq ft unit has an overview rate of $16.5 million, which translates to $2,834 psf on the floor area.
The condominium is near to several widely known institutions, amenities and the general public transport network. According to OneMap, the project is within 1km of Anglo-Chinese Academy (Primary) and Singapore Chinese Girls’ Primary School. Higher education universities in the vicinity consist of St Joseph’s Institution and Catholic Junior College. In addition, Honolulu Tower lies between two MRT interchanges– Stevens on the Downtown and Thomson-East Coast Lines, as well as Newton on the North-South and Downtown Lines.
Tan expects the unit will attract buyers in search of large-size residences to accomodate household wants, along with those who plan to send their kids to any of the neighboring academies.
Regardless, resale rates at Honolulu Tower climbed from around $940 psf in May 2010, to about $1,810 psf a decade later. Based on a collection of resell signs by EdgeProp Singapore, the condominium’s ordinary rate today is about $1,855 psf.
“Honolulu High rise is a popular property development given its freehold 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 huge site area of about 68,864 sq ft also makes it an appealing development,” sats Tan.
It is rare to find a large-sized house such as this on the market these days, as recent brand-new launch properties rarely use units of this measurements, mentions Tricia Tan, director of auction and sales at Knight Frank. “This unit feels very much like a ‘bungalow in the sky’ provided its sizable layout,” she says, adding that the demand for large-sized luxury units currently surpasses the available resale supply in the marketplace.
According to Knight Frank, the unit up for sale is currently rented for around $25,000 each month and the occupancy will 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 monthly) to $12,000 ($4 psf monthly).
Based upon caveats lodged, resale transactions at Honolulu Tower are irregular. The most current transaction occurred in June 2021, when a four-bedder on the 7th ground 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 distinctive feature of the property’s layout is a garden terrace that covers around fifty percent of the unit. This outdoor terrace is accessed from the living room, private family hall, master bedroom, and among the other bedrooms. All the bedrooms are en suite. The property also features separate living and dining-room, along with an enclosed kitchen area that leads to a yard and an attendant’s area.
The newest freehold advancement in the spot is Perfect Ten, a 230-unit project launched for sale in 2021. The deluxe project was completely offered last June at a common rate of about $3,400 psf. Other property projects in the area include Wing On Life Garden on Bukit Timah Road, where transaction prices average $2,255 psf, and Palm Spring on Ewe Boon Roadway, which sees a typical price of $2,284 psf.
