Four-bedder at freehold Honolulu Tower going for $16.5 mil
The newest freehold advancement in the place is Perfect Ten, a 230-unit project launched for revenue in 2021. The luxury project was fully offered last June at a standard cost of around $3,400 psf. Other freehold developments in the area include Wing On Life Garden on Bukit Timah Road, in which purchase costs average $2,255 psf, and Palm Spring on Ewe Boon Roadway, which sees an average rate of $2,284 psf.
It is uncommon to see a large-sized flat just like this on the marketplace these days, as recent new release plans seldom provide units of this size, says Tricia Tan, director of auction and sales at Knight Frank. “This unit feels significantly like a ‘bungalow in the sky’ given its spacious style,” she explains, adding that the demand for large-sized high-end units currently exceeds the available resale supply on the market.
Tan expects the unit will appeal to customers on the lookout for large-size houses to accomodate family members needs, along with those who plan to send their children to any one of the nearby academies.
Nevertheless, resale costs at Honolulu Tower climbed up from about $940 psf in May 2010, to approximately $1,810 psf a 10 years later. Based upon a collection of resale warnings by EdgeProp Singapore, the condo’s ordinary price today is around $1,855 psf.
Completed in 1985, Honolulu Tower is a freehold property development on Bukit Timah Road in prime District 10. There are just 30 units inside the 16-storey project, which includes four-bedroom units of 5,823 sq ft and a pair of 10,312 sq ft penthouses.
Canberra Crescent Residences Kheng Leong Pte Ltd and Low Keng Huat Limited
According to Knight Frank, the unit up for sale is presently leased for around $25,000 per month and the occupancy will end in November 2026. There were 6 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).
Based on cautions lodged, resale purchases at Honolulu Tower are irregular. The most current transaction took place in June 2021, when a four-bedder on the seventh ground was cost $10.8 million ($1,855 psf). Another four-bedroom unit on the 12th flooring brought $9.1 million ($1,563 psf) in July 2019.
A distinctive feature of the property’s layout is a garden balcony that covers around half of the unit. This outdoor balcony is accessible from the living room, private family hall, master bedroom, and among the other bedrooms. All the bedrooms are en suite. The building also offers different living and dining-room, along with an enclosed kitchen area that goes to a backyard and an assistant’s room.
The apartment is near to a number of popular schools, amenities and the public transport network. According to OneMap, the development is inside 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. Additionally, Honolulu Tower lies in between two MRT interchanges– Stevens on the Downtown and Thomson-East Coast Lines, along with 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 operator’s sale and the 5,821 sq ft unit has an overview rate of $16.5 million, that converts to $2,834 psf on the floor area.
“Honolulu Tower is a desired development given its property period and location within an affluent residential area near to Newton and Balmoral Road. It’s relative low-density with only 30 exclusive four-bedroom units over a huge site area of about 68,864 sq ft also causes it to a pleasing property development,” sats Tan.
