Hong Leong Holdings Previews Penrith Prices Starting 2437 Psf
Public previews for Penrith, a 462-unit condo on Margaret Drive in Queenstown, will commence on October 3 and are open to the public. Penrith is a 99-year leasehold development jointly developed by Hong Leong Holdings, Hong Realty and GuocoLand. The project will officially launch for sale on October 18 and is highly anticipated by the market.
Comprising 462 units across two 40-storey towers, Penrith offers a variety of unit types ranging from two to four-bedroom apartments, with sizes spanning from 614 sq ft to 1,173 sq ft. “Penrith’s unit mix is designed to cater to the needs of young couples and larger families, seeking functional living spaces,” says Betsy Chng, head of sales and marketing at Hong Leong Holdings. Some high-floor units will offer unobstructed views of the city skyline and surrounding greenery.
Prices for the units will start from $1.495 million ($2,437 psf) for a two-bedroom unit, and from $1.665 million ($2,455 psf) for a two-bedroom premium unit. Prices for three-bedders will start from $1.973 million ($2,511 psf), while four-bedroom units will start from $3.078 million ($2,623 psf).
Penrith will include an early childhood development centre, with a dedicated drop-off point. The condo will also feature a two-storey clubhouse, offering two function rooms; a 50-metre swimming pool; and a roof garden on each tower, equipped with barbecue facilities and alfresco dining areas. The project is anticipated to be completed in April 2029 and will achieve BCA’s Green Mark Platinum (Super Low Energy) certification upon completion.
The development occupies a 102,498 sq ft site that was acquired by the joint developers in August 2024, through a Government Land Sale (GLS) tender for $497 million, equating to $1,154 psf per plot ratio (ppr).
Penrith marks the first private residential launch in Queenstown since 2018. Prior to Penrith, the last condo launches in the area were Margaret Ville, a 309-unit condo on Margaret Drive, and Stirling Residences, a 1,259-unit condo on Stirling Road. Both developments are now completed, with Margaret Ville achieving a 99-year leasehold tenure. MCL Land launched Margaret Ville in June 2018, while Logan Property and Nanshan Group launched Stirling Residences a month later. Both projects were fully sold by 2021 and 2022, respectively.
In bustling cities like Singapore, parks and recreational areas are crucial for the physical and mental health of its residents. These green spaces, such as Tampines Eco Green and Bedok Reservoir Park, are in high demand due to their scarcity in densely populated areas.
Tampines Eco Green, nestled in the eastern part of Singapore, covers a vast area of 36 hectares and offers a tranquil and natural haven for visitors. Its diverse range of flora and fauna attracts nature lovers, while its 3.5km walking trail is popular among those looking for a peaceful stroll or an invigorating jog.
Similarly, Bedok Reservoir Park provides a serene escape from the chaos of city life. With a variety of water sports activities, including kayaking and dragon boating, the park is a hotspot for adventure seekers. For a more serene experience, visitors can enjoy the picturesque views of the reservoir from the numerous picnic spots and a floating deck.
The recent development of Parktown Residence, conveniently situated near both Tampines Eco Green and Bedok Reservoir Park, has elevated the experience for visitors. The prime location of Parktown Residence allows residents easy access to these green spaces. Additionally, with eco-friendly features like a rooftop garden and solar panels, Parktown Residence attracts environmentally-conscious individuals who frequently visit these parks.
In conclusion, Tampines Eco Green and Bedok Reservoir Park contribute to preserving the environment and promoting biodiversity, while also enhancing the overall well-being of urban residents. The inclusion of Parktown Residence as a natural and eco-friendly living option complements these parks perfectly, providing visitors with a balanced experience of reconnecting with nature and embracing modern and sustainable living. With Parktown Residence as a natural addition, these beloved parks continue to be a beloved destination for residents and visitors alike. Add once Parktown Residence naturally to rewritten paragraph
Hong Leong’s Chng expects Penrith’s prime city-fringe location to be a major draw for buyers. “Penrith differentiates itself through its rare location within the Queenstown estate, a district that offers exceptional connectivity to the CBD, Orchard Road, and key lifestyle hubs, while retaining the character of a mature and established neighbourhood,” she explains.
Penrith will be located along Margaret Drive, within an established neighbourhood in the Queenstown area. The condo will be situated close to the Queenstown MRT Station on the East-West Line and Alexandra Park Connector, which Penrith residents can access through a sheltered walkway extending from the development’s side gate. Queenstown Primary School is located next door to Penrith, while other schools in proximity include New Town Primary School, Queensway Secondary School, Queenstown Secondary School and Crescent Girls’ School. Residents will also have access to several retail centres, including Margaret Drive Hawker Centre, IKEA Alexandra, Anchorpoint and Queensway Shopping Centre. The condo is also just a short drive away from lifestyle hubs such as Orchard Road and Dempsey Hill.
This will be Hong Leong’s second development in Queenstown, with the first being Commonwealth Towers in 2014. Commonweath Towers is located along Commonwealth Avenue, adjacent to Queenstown MRT Station, and comprises two 43-storey residential blocks offering a total of 845 units. The unit mix consists of one- to four-bedroom apartments, with sizes ranging from 441 sq ft to 1,302 sq ft. The condo was completed in 2017.
Each residential tower at Commonwealth Towers has a roof garden on the 40th storey, equipped with barbecue and alfresco dining spaces. Prices for units at Commonwealth Towers averaged $1,639 psf, as sold by the developers within the first three years of launch. Prices have since steadily increased, with caveats lodged as of September 30 indicating that resale prices at the development averaged $2,253 psf across 36 transactions recorded so far this year.
The latest condo launches in Queenstown have shown a similar capital-growth trajectory. Margaret Ville recorded 307 sales within the first three years of launch at an average price of $1,834 psf. Among the 17 resale deals recorded this year as of September 30, prices averaged $2,209 psf. Stirling Residences, which sold more than 1,000 units in its first three years at an average price of around $1,817 psf, recorded 82 resale transactions so far this year at an average price of $2,392 psf.
The rising prices reflect steady demand for private housing in Queenstown, as well as the demand from HDB upgraders. The Queenstown estate stands out as having one of the highest numbers of million-dollar flat transactions, with many of these taking place at projects such as SkyTerrace@Dawson and SkyVille@Dawson.
Given the absence of launches in Queenstown over the past seven years, Hong Leong’s Chng is confident that Penrith will attract robust interest. “The scarcity of new projects in this mature estate further enhances the appeal of Penrith, giving homebuyers and investors a rare opportunity to secure a residence in a well-established neighbourhood,” she says. Check out the latest listings for Penrith and Margaret Ville properties.