Four-bedder at freehold Honolulu Tower going for $16.5 mil
According to Knight Frank, the unit up for sale is currently leased for about $25,000 monthly and the occupancy will finish in November 2026. There were six rental transactions lodged at Honolulu Tower last year, with rents ranging from $30,000 (or about $10 psf monthly) to $12,000 ($4 psf per month).
It is uncommon to find a large-sized flat like this on the market nowadays, as current new release ventures hardly use units of this measurements, says Tricia Tan, supervisor of auction and sales at Knight Frank. “This unit feels quite like a ‘bungalow in the sky’ provided its sizable layout,” she explains, adding that the interest for large-sized luxury units currently surpasses the available resale source on the market.
“Honolulu High rise is a sought-after property development given its property period and place inside an affluent residential area 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 attractive property development,” sats Tan.
Tan expects the unit will interest customers looking for large-size condos to accomodate family needs, as well as those that plan to send their kids to any of the nearby academies.
The most recent freehold growth in the area is Perfect Ten, a 230-unit project launched for revenue in 2021. The high-end project was completely offered last June at a common cost of about $3,400 psf. Other real estate developments in the area consist of Wing On Life Garden on Bukit Timah Road, where purchase costs balance $2,255 psf, and Palm Spring on Ewe Boon Roadway, which sees a typical rate of $2,284 psf.
A distinguishing characteristic of the real property’s style is a garden terrace that rolls up around fifty percent of the unit. This outdoor patio is reachable from the living-room, private family hall, bedroom, and one of the other bedrooms. All the bedrooms are en suite. The real estate also features different living and dining rooms, as well as a covered kitchen that point to a backyard and a helper’s space.
Based on cautions lodged, resale transactions at Honolulu Tower are occasional. The most recent transaction occurred in June 2021, when a four-bedder on the seventh ground was sold for $10.8 million ($1,855 psf). Yet another four-bedroom unit on the 12th level obtained $9.1 million ($1,563 psf) in July 2019.
The condo is near to several widely known colleges, amenities and the public transport network. According to OneMap, the project is inside 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. In addition, Honolulu Tower lies 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.
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 a guide cost of $16.5 million, which translates to $2,834 psf on the floor area.
Nevertheless, resale costs at Honolulu Tower climbed up from about $940 psf in May 2010, to about $1,810 psf a several years later on. Based upon a compilation of resale caveats by EdgeProp Singapore, the condominium’s average cost today is around $1,855 psf.
Finished in 1985, Honolulu Tower is a freehold development on Bukit Timah Roadway in prime District 10. There are only 30 units inside the 16-storey property development, which consists of four-bedroom units of 5,823 sq ft and a pair of 10,312 sq ft penthouses.
