Four-bedder at freehold Honolulu Tower going for $16.5 mil
A four-bedroom unit at Honolulu Tower is on the market via private treaty and marketed 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 converts to $2,834 psf on the floor area.
Nevertheless, resale costs at Honolulu Tower climbed from about $940 psf in May 2010, to around $1,810 psf a several years later on. Based on a compilation of resell warnings by EdgeProp Singapore, the condominium’s average cost today is around $1,855 psf.
It is unusual to get a large-sized flat like this on the market these days, as recent new release properties rarely offer units of this dimension, says Tricia Tan, director of auction and sales at Knight Frank. “This unit feels very much like a ‘bungalow in the sky’ given its spacious design,” she says, adding that the demand for large-sized high-end units currently surpasses the available resale supply out there.
Finished in 1985, Honolulu Tower is a freehold development on Bukit Timah Roadway in prime District 10. There are only 30 units throughout the 16-storey project, that consists of four-bedroom units of 5,823 sq ft and a pair of 10,312 sq ft penthouses.
8@BT Bukit Sembawang Estates Limited
The condo is near to a number of widely known 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 schools around include St Joseph’s Institution and Catholic Junior College. On top of that, Honolulu Tower lies between two MRT interchanges– Stevens on the Downtown and Thomson-East Coast Lines, along with Newton on the North-South and Downtown Lines.
The most recent property development in the spot is Perfect Ten, a 230-unit project started for sale in 2021. The deluxe project was completely sold last June at a common rate of around $3,400 psf. Other freehold developments in the neighbourhood include Wing On Life Garden on Bukit Timah Road, in which transaction prices balance $2,255 psf, and Palm Spring on Ewe Boon Roadway, which sees an ordinary rate of $2,284 psf.
Tan expects the unit will interest buyers looking for large-size condos to accomodate family members wants, along with those that intend to send their kids to any one of the close-by academies.
According to Knight Frank, the unit up for sale is presently leased for about $25,000 monthly and the tenancy will finish in November 2026. There were six rental deals lodged at Honolulu Tower last year, with rents ranging from $30,000 (or about $10 psf each month) to $12,000 ($4 psf monthly).
A distinguishing characteristic of the real property’s style is a garden terrace that wraps all over 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 building also offers separate living and dining rooms, as well as a covered kitchen that leads to a yard and an attendant’s space.
Based on caveats lodged, resale transactions at Honolulu Tower are occasional. The most recent transaction occurred in June 2021, when a four-bedder on the 7th level was sold for $10.8 million ($1,855 psf). Some other four-bedroom unit on the 12th level obtained $9.1 million ($1,563 psf) in July 2019.
“Honolulu High rise is an in-demand property development given its freehold period and location 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 big site area of about 68,864 sq ft also makes it an appealing development,” sats Tan.
