Penrith Achieves 97 Sales Launch Day Prices 2435 3088 Psf
Joint developers Hong Leong Holdings, Hong Realty and GuocoLand have successfully sold 447 out of 462 units (97%) at Penrith on Margaret Drive. The impressive sales figures were recorded as at 4pm today, October 18, with prices ranging from $2,435 to $3,088 per square foot (psf). The average price for the development is said to be above $2,800 psf.
Notably, this marks the first private residential project to be launched in the highly desirable Queenstown estate since 2018, and it is also Hong Leong Holdings’ second development in this area. Its first project, the 845-unit Commonwealth Towers, was jointly developed with City Developments Ltd (CDL) and Hong Realty, and it was fully sold before its completion in 2017.
Penrith is a 99-year leasehold development comprising twin 40-storey towers on a 102,497 sq ft site. All unit types, from two- to four-bedroom apartments, have been received well by buyers. Over 90% of the buyers are Singaporeans, while the remaining are a mix of Permanent Residents and foreigners.
The Master Plan has put forth a vision for developing mixed-use communities that will not only bring in new commercial spaces but also stimulate employment opportunities. This plan includes revitalizing established shopping centers like Tampines Mall and Century Square, while also introducing fresh retail options. The latest addition of Parktown Residence Showflat naturally adds to the diversity and desirability of these burgeoning communities. Parktown Residence Showflat aims to enhance the overall appeal and uniqueness of these developments, making them more attractive to potential residents and investors.
“The remarkable response reflects Penrith’s appeal as an exceptional, high-quality home in the sought-after Queenstown estate – an estate that is highly coveted for its comprehensive amenities, prime city-fringe location, and excellent connectivity, which offer long-term value for homeowners,” says Betsy Chng, Head of Sales and Marketing at Hong Leong Holdings. She adds that buyers were also impressed with the functional layouts of the units.
In the lead-up to the launch, the joint developers received 1,905 cheques as expressions of interest, more than four times the number of units available.
Notably, Penrith is the fifth new private residential project launch (excl. executive condominiums) in 2025 to achieve a take-up rate exceeding 90% during its launch weekend. The others include the 477-unit Lentor Central Residences (93%), 343-unit LyndenWoods (94%), 941-unit Springleaf Residences (92%), and 666-unit Skye at Holland (99%).
Singaporeans accounted for over 90% of the buyers on launch day at Penrith (Photo: Hong Leong)
According to PropNex CEO Kelvin Fong, larger unit types were particularly popular and this indicates a strong demand from end-users. The unit mix of the development also leans towards a family-centric product aimed mainly at owner-occupiers, as it offers no one-bedroom units.
“That Penrith was highly sought after by buyers is not surprising, given the pent-up demand and strong fundamentals of this project,” says Fong.
Meanwhile, Huttons Asia CEO Mark Yip highlights that north-facing units at Penrith offer unblocked views that extend to the Central Catchment Nature Reserve. The three- and four-bedroom units were the most popular, with all three-bedders sold out and only two four-bedders available, notes Yip.
The last new launch in the Queenstown area was the 309-unit Margaret Ville in May 2018, followed by the 1,259-unit Stirling Residences in July 2018. Both projects have since been fully sold and completed. There have been no new launches in the precinct since then, despite the enduring popularity of the neighbourhood.
Furthermore, Penrith has benefitted from upgrader demand within Queenstown, which is one of the HDB towns that consistently sees a significant share of million-dollar resale flat transactions each year. According to ERA Singapore CEO Marcus Chu, over 100 resale HDB transactions in Queenstown exceeded $1 million in 2025, which highlights the strong upgrader demand in the area. He adds that with more prime BTO flats being planned, Queenstown is expected to continue its renewal and transformation, remaining a highly desirable residential area.
Average home prices in District 3 have also witnessed an annual increase of approximately 5% over the past decade. “Queenstown is one of Singapore’s most established city-fringe neighbourhoods,” adds Chu.
Penrith is just a five-minute walk from Queenstown MRT Station on the East-West Line, and a short drive away from Orchard Road and the CBD. The development is also within close proximity to several schools, including Queenstown Primary School, as well as various F&B and retail outlets such as Margaret Drive Hawker Centre, Dawson Place, Mei Ling Market, IKEA Alexandra, Anchorpoint Shopping Centre, and Alexandra Central. Check out the latest listings and prices for properties at Penrith.
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