Four-bedder at freehold Honolulu Tower going for $16.5 mil
The most recent property growth in the spot is Perfect Ten, a 230-unit project launched for sale in 2021. The deluxe project was completely sold last June at a standard cost of about $3,400 psf. Other real estate projects in the area include Wing On Life Garden on Bukit Timah Roadway, in which transaction rates average $2,255 psf, and Palm Spring on Ewe Boon Roadway, which sees a typical rate of $2,284 psf.
Completed in 1985, Honolulu Tower is a freehold development on Bukit Timah Roadway in prime District 10. There are just 30 units within the 16-storey project, that includes four-bedroom units of 5,823 sq ft and a set of 10,312 sq ft penthouses.
“Honolulu High rise is an in-demand property development given its freehold tenure 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 around 68,864 sq ft also makes it an appealing property development,” sats Tan.
Springleaf Residence condominium
Based upon caveats lodged, resale purchases at Honolulu Tower are occasional. The most recent transaction occurred in June 2021, when a four-bedder on the 7th floor was cost $10.8 million ($1,855 psf). Another four-bedroom unit on the 12th level brought $9.1 million ($1,563 psf) in July 2019.
Tan anticipates the unit is going to appeal to buyers looking for large-size residences to accomodate family members needs, in addition to those that intend to send their children to any of the close-by schools.
A four-bedroom unit at Honolulu Tower is on the market through private treaty and marketed by Knight Frank Singapore. It will be an owner’s sale and the 5,821 sq ft unit has an overview cost of $16.5 million, that equates to $2,834 psf on the floor area.
Nevertheless, resale rates at Honolulu Tower climbed up from around $940 psf in May 2010, to about $1,810 psf a decade later on. Based on a collection of resale warnings by EdgeProp Singapore, the condo’s average cost today is around $1,855 psf.
The condominium is close to several widely known colleges, amenities and the public transport network. According to OneMap, the development is just within 1km of Anglo-Chinese School (Primary) and Singapore Chinese Girls’ Primary School. Higher education schools around consist of St Joseph’s Institution and Catholic Junior College. Furthermore, Honolulu Tower is located in between 2 MRT interchanges– Stevens on the Downtown and Thomson-East Coast Lines, including Newton on the North-South and Downtown Lines.
It is unusual to see a large-sized house such as this on the marketplace today, as recent new release projects seldom offer units of this dimension, mentions Tricia Tan, supervisor of auction and sales at Knight Frank. “This unit feels very much like a ‘bungalow in the sky’ offered its large design,” she explains, adding that the demand for large-sized luxury units currently exceeds the available resale source out there.
According to Knight Frank, the unit up for sale is currently rented for about $25,000 each month and the occupancy will end in November 2026. There were 6 rental purchases lodged at Honolulu Tower last year, with rents varying from $30,000 (or about $10 psf monthly) to $12,000 ($4 psf monthly).
A distinctive feature of the real property’s layout is a garden terrace that wraps around half of the unit. This outdoor balcony is accessed from the living room, private family hall, master bedroom, and among the other bedrooms. All the bedrooms are en suite. The building also offers separate living and dining-room, along with a covered cooking area that point to a yard and an assistant’s area.
