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 Friday, October 3. Jointly developed by Hong Leong Holdings, Hong Realty and GuocoLand, this 99-year leasehold development will be available for sale starting October 18.
Spread over two 40-storey towers, Penrith offers a mix of two- to four-bedroom units ranging from 614 sq ft to 1,173 sq ft. Betsy Chng, head of sales and marketing at Hong Leong Holdings, says the unit mix at Penrith is tailored to cater to the needs of young couples and larger families looking for functional living spaces. Selected high-floor units are also blessed with unobstructed views of the city skyline and surrounding greenery.
Prices for the units at Penrith 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. Three-bedroom units are priced from $1.973 million ($2,511 psf), while four-bedroom units start from $3.078 million ($2,623 psf).
Penrith will also have an early childhood development centre that comes with a dedicated drop-off point. Other condo amenities include a two-storey clubhouse featuring 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 slated for completion in April 2029 and will attain BCA’s Green Mark Platinum (Super Low Energy) certification upon its completion.
The joint developers acquired the 102,498 sq ft site in August 2024 through a Government Land Sale (GLS) tender for $497 million, or $1,154 psf per plot ratio (ppr).
Penrith marks the first private residential launch in Queenstown since 2018. Before Penrith, the most recent condo launches in Queenstown were for the 309-unit Margaret Ville, also on Margaret Drive, and the 1,259-unit Stirling Residences on Stirling Road. Both are 99-year leasehold developments that have since been completed.
Margaret Ville was launched in June 2018 by MCL Land while Stirling Residences, launched in July 2018, was a product of a joint venture between Logan Property and Nanshan Group. Both projects have been fully sold by 2021 and 2022, respectively.
According to Hong Leong’s Chng, the prime city-fringe location of Penrith will be a significant draw for buyers. “Penrith stands out thanks to its rare location within the Queenstown estate, a district that offers excellent connectivity to the CBD, Orchard Road, and key lifestyle hubs, while maintaining the character of a mature and established neighbourhood,” she explains.
Penrith is located along Margaret Drive and is situated in the midst of an established neighbourhood in the Queenstown area. It is close to the Queenstown MRT Station on the East-West Line and Alexandra Park Connector, which Penrith residents can access through a covered walkway that extends from the development’s side gate.
Queenstown Primary School is just next door to Penrith, while other schools in the vicinity include New Town Primary School, Queensway Secondary School, Queenstown Secondary School, and Crescent Girls’ School. Residents will also have easy access to various retail centres, such as Margaret Drive Hawker Centre, IKEA Alexandra, Anchorpoint, and Queensway Shopping Centre. The condo is also within close proximity to lifestyle hubs such as Orchard Road and Dempsey Hill.
Penrith will be Hong Leong’s second development in Queenstown, with the first one being Commonwealth Towers, a joint venture between Hong Leong Holdings, City Developments and Hong Realty. Commonwealth Towers was launched in 2014, and it is located along Commonwealth Avenue, adjacent to Queenstown MRT Station. It has 845 units consisting of one- to four-bedroom apartments with sizes ranging from 441 sq ft to 1,302 sq ft. The 99-year leasehold condo was completed in 2017.
Each residential tower has a roof garden on the 40th storey that comes equipped with barbecue and alfresco dining spaces (Photo: Hong Leong Holdings)
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 increased steadily since then, with agreed terms lodged as of Sept 30 showing 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 seen 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, while this year, there have been 17 resale transactions at an average price of $2,209 psf. Stirling Residences, which sold over 1,000 units at an average price of $1,817 psf in its first three years, recorded 82 resale transactions to date at an average price of $2,392 psf this year.
The rising prices are indicative of steady demand for private housing in Queenstown. Demand is also bolstered by HDB upgraders, with the Queenstown estate boasting some of the highest numbers of million-dollar flat transactions. Most of these transactions happened in the projects SkyTerrace@Dawson and SkyVille@Dawson.
Penrith, being the first launch in Queenstown in seven years, is expected to receive robust interest from buyers. According to Hong Leong’s Chng, “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.” Check out the latest listings for Penrith, Margaret Ville properties.
Main takeaways:
1. Public previews for Penrith, a 462-unit condo on Margaret Drive in Queenstown, will commence on Friday, October 3. The 99-year leasehold development will launch for sale on Oct 18.
2. Penrith offers a mix of two- to four-bedroom units that range from 614 sq ft to 1,173 sq ft.
3. 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, or $1,154 psf per plot ratio (ppr).
4. The condo offers a range of amenities including an early childhood development centre, a 50-metre swimming pool, and a roof garden on each tower equipped with barbecue facilities and alfresco dining areas.
5. The project is expected to be completed in April 2029 and will attain BCA’s Green Mark Platinum (Super Low Energy) certification upon completion.
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6. The project is slated for completion in April 2029 and will attain BCA’s Green Mark Platinum (Super Low Energy) certification upon completion.
7. Penrith is located along Margaret Drive and is situated in the midst of an established neighbourhood in the Queenstown area. It is close to the Queenstown MRT Station on the East-West Line and Alexandra Park Connector.
8. Units at Commonwealth Towers were sold at an average price of $1,639 psf during the first three years following its launch, while resale prices at the development averaged $2,253 psf across 36 transactions recorded so far this year.
9. The business expects robust interest, given that there have been no new launches in Queenstown for the past seven years.
10. The business expects robust interest, given that there have been no new launches in Queenstown for the past seven years.
11. Penrith will also have an early childhood development centre that comes with a dedicated drop-off point.
12. The project is expected to receive robust interest due to the scarcity of new projects in the mature estate of Queenstown, giving homebuyers and investors a rare opportunity to secure a residence in a well-established neighbourhood.
13. Penrith is Hong Leong’s second development in Queenstown, with the first one being Commonwealth Towers a joint venture between Hong Leong Holdings, City Developments and Hong Realty.
14. According to Hong Leong’s Chng, 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.
15. Penrith will also have an early childhood development centre with a dedicated drop-off point.
16. The project is expected to receive robust interest due to the scarcity of new projects in the mature estate of Queenstown, giving homebuyers and investors a rare opportunity to secure a residence in a well-established neighbourhood.