Four-bedder at freehold Honolulu Tower going for $16.5 mil
A distinctive feature of the property’s layout is a garden terrace that rolls up all over fifty percent of the unit. This outdoor balcony is reachable from the living room, private family hall, bedroom, and one of the other bedrooms. All the bedrooms are en suite. The property also features different living and dining rooms, as well as an enclosed kitchen area that leads to a yard and an attendant’s room.
The condo is close to several widely known institutions, 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 in the vicinity consist of St Joseph’s Institution and Catholic Junior College. Furthermore, Honolulu Tower is located in between two MRT interchanges– Stevens on the Downtown and Thomson-East Coast Lines, including Newton on the North-South and Downtown Lines.
Marina View Residences IOI Properties
Completed in 1985, Honolulu Tower is a freehold property development on Bukit Timah Road in prime District 10. There are just 30 units within the 16-storey project, which consists of four-bedroom units of 5,823 sq ft and a pair of 10,312 sq ft penthouses.
The most recent freehold development in the spot is Perfect Ten, a 230-unit project launched for revenue in 2021. The luxury project was totally sold last June at a standard cost of about $3,400 psf. Other freehold developments in the neighbourhood consist of Wing On Life Garden on Bukit Timah Roadway, in which purchase prices average $2,255 psf, and Palm Spring on Ewe Boon Road, which sees an ordinary price of $2,284 psf.
“Honolulu Tower is a desired property development given its freehold period and place within an affluent residential area close to Newton and Balmoral Roadway. It’s relative low-density with only 30 exclusive four-bedroom units over a big site area of around 68,864 sq ft also makes it an appealing project,” sats Tan.
It is rare to get a large-sized apartment just like this on the marketplace these days, as recent new release properties rarely offer units of this size, says Tricia Tan, director of auction and sales at Knight Frank. “This unit feels very much like a ‘bungalow in the sky’ offered its large design,” she states, adding that the demand for large-sized high-end units currently surpasses the available resale supply in the marketplace.
According to Knight Frank, the unit up for sale is presently rented for about $25,000 monthly and the occupancy will end in November 2026. There were 6 rental deals lodged at Honolulu Tower last year, with rents varying from $30,000 (or about $10 psf each month) to $12,000 ($4 psf per month).
Based on caveats lodged, resale purchases at Honolulu Tower are irregular. The most current transaction occurred in June 2021, when a four-bedder on the 7th ground was cost $10.8 million ($1,855 psf). Another four-bedroom unit on the 12th flooring fetched $9.1 million ($1,563 psf) in July 2019.
Tan expects the unit will appeal to customers in search of large-size houses to accomodate family wants, in addition to those that plan to send their children to any of the neighboring schools.
Nevertheless, resale prices at Honolulu Tower climbed from about $940 psf in May 2010, to approximately $1,810 psf a 10 years later on. Based on a compilation of resale signs by EdgeProp Singapore, the condo’s average rate today is about $1,855 psf.
A four-bedroom unit at Honolulu Tower is on the market via 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 cost of $16.5 million, which converts to $2,834 psf on the floor area.
