Hong Leong Holdings Previews Penrith Prices Starting 2437 Psf
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Penrith, a 462-unit condo on Margaret Drive in Queenstown, has announced that public previews will start on Friday, Oct 3. The 99-year leasehold development, jointly developed by Hong Leong Holdings, Hong Realty and GuocoLand, will be launching for sale on Oct 18. The two 40-storey towers of Penrith will offer a range of two- to four-bedroom units, varying from 614 sq ft to 1,173 sq ft. Hong Leong Holdings’ head of sales and marketing, Betsy Chng, said that the condominium’s unit mix has been planned with the needs of young couples and bigger families in mind. Some of the higher-floor units will even offer stunning views of the city skyline and lush greenery. The starting price for a two-bedroom unit is set at $1.495 million ($2,437 psf), while a two-bedroom premium unit will start at $1.665 million ($2,455 psf). Three-bedroom units are available from $1.973 million ($2,511 psf), and four-bedroom units from $3.078 million ($2,623 psf).
When it comes to facilities, Penrith features a two-storey clubhouse that comes equipped with two function rooms, a 50-metre swimming pool, and a roof garden for each tower. The project is expected to be completed by April 2029 and will receive BCA’s Green Mark Platinum (Super Low Energy) certification upon completion.
Penrith is strategically located within the Queenstown estate, offering fantastic connectivity to the CBD, Orchard Road, and other lifestyle hubs, while retaining the charm of a mature and established neighborhood, says Chng. Notably, it is the first private residential launch in Queenstown since 2018. The last projects to launch in the area were Margaret Ville, a 309-unit development also on Margaret Drive, and the 1,259-unit Stirling Residences on Stirling Road, both leasehold projects that have since been completed.
Penrith was acquired by a joint venture between Hong Leong Holdings, City Developments and Hong Realty in August 2014 through a Government Land Sale (GLS) tender, for $497 million ($1,154 psf ppr).
The development sits on a 102,498 sq ft plot and features 462 residential units. The project offers a mix of one- to four-bedroom apartments ranging from 441 sq ft to 1,302 sq ft. Among its notable amenities, Penrith boasts of an early childhood development centre that comes with a dedicated drop-off point. In addition, it also offers residents a sheltered walkway that leads to the Queenstown MRT Station on the East-West Line and the Alexandra Park Connector.
Penrith is also situated close to reputable schools such as Queenstown Primary School, New Town Primary School, Queensway Secondary School, Queenstown Secondary School, and Crescent Girls’ School. Residents will also have access to a range of retail and dining options, with shopping centers such as Margaret Drive Hawker Centre, IKEA Alexandra, Anchorpoint, and Queensway Shopping Center in the vicinity. Popular lifestyle destinations like Orchard Road and Dempsey Hill are also within a short drive away.
Hong Leong Holdings’ Chng believes that Penrith’s prime location will be a major draw for potential buyers. “Penrith stands out for its unique location in the Queenstown estate, which offers excellent connectivity to the CBD, Orchard Road, and key lifestyle hubs, while retaining the character of a well-established neighborhood,” she explains.
Penrith is Hong Leong’s second project in Queenstown after the successful launch of Commonwealth Towers in 2014. Commonwealth Towers features two 43-storey residential blocks and 845 units, with a mix of one- to four-bedroom apartments spanning 441 sq ft to 1,302 sq ft. Each residential tower also boasts a roof garden on the 40th storey, equipped with barbecue and alfresco dining spaces.
Units at Commonwealth Towers were sold by the developers at an average price of $1,639 psf during the first three years following its launch. Prices have since shown steady growth, with resale prices averaging at $2,253 psf across 36 transactions recorded this year. The latest launches in Queenstown have also shown similar growth, with both Margaret Ville and Stirling Residences recording excellent sales within their first three years of launch.
In terms of resale prices, Margaret Ville recorded 307 sales within the first three years of launch at an average price of $1,834 psf. This year, it has seen 17 resale deals to date at an average price of $2,209 psf. Meanwhile, Stirling Residences, which sold over 1,000 units at an average price of around $1,817 psf in its first three years, has recorded 82 resale transactions averaging at $2,392 psf, so far this year.
The demand for private housing in Queenstown remains steady, as evidenced by the growing resale prices and consistent demand for new launches in the area. Moreover, the Queenstown estate is known for having a high concentration of million-dollar HDB flat transactions, particularly at projects like SkyTerrace@Dawson and SkyVille@Dawson.
Chng is confident that Penrith will receive robust interest from homebuyers and investors, given the absence of new projects in Queenstown over the past seven years. “The limited supply of new developments in this mature estate adds to the appeal of Penrith, offering homebuyers and investors a rare chance to own a property in this well-established neighborhood,” she says. Interested buyers can get the latest information on available units and prices on Penrith, Margaret Ville, and other properties in the area.
