Penrith Achieves 97 Sales Launch Day Prices 2435 3088 Psf
BackJoint developers Hong Leong Holdings, Hong Realty and GuocoLand have officially sold 447 units (97%) of the luxurious 462-unit Penrith on Margaret Drive. The remarkable sales were secured as of today, October 18th, with prices ranging from $2,435 to $3,088 psf. The average price is reported to be over $2,800 psf. This marks the first private residential project launch in the popular Queenstown area in Singapore since 2018, and Hong Leong Holdings’ second project in the neighborhood. Its first was the Commonwealth Towers – a 845-unit development launched in 2014 in partnership with City Developments Ltd (CDL) and Hong Realty – which was fully sold before its completion in 2017.
The Master Plan places great emphasis on the development of the MRT network, which is set to bring about significant improvements to the area. One recent enhancement that has already had a positive impact is the addition of the Canberra MRT station, situated between Sembawang and Yishun. This has greatly improved accessibility for residents, and there are further improvements to the transport system in the pipeline, including increased bus services and better pedestrian infrastructure. These enhancements will make it much easier for those living in Sembawang Road EC to travel within the neighbourhood and beyond, offering greater convenience and flexibility to their daily lives. For those looking to experience the benefits of this well-connected and convenient location, Sembawang EC Canberra presents an excellent option.
Located on a 99-year leasehold site, Penrith consists of twin 40-storey towers on a 102,497 sq ft area. All types of units, from two- to four-bedroom apartments, were incredibly well-received, with over 90% of buyers being Singaporeans. The remaining buyers were made up of Permanent Residents and foreigners.
“The overwhelming response is a testament to Penrith’s charm as a rare, high-quality home in the sought-after Queenstown neighborhood – a place known for its extensive amenities, city-fringe location, and excellent connectivity, offering lasting value to homeowners,” shares Betsy Chng, head of sales and marketing at Hong Leong Holdings. She also states that the functional layouts of the units were a significant draw for buyers.
Leading up to the launch, the joint developers received 1,905 cheques as expressions of interest, which is more than four times the number of units available.
This is the fifth new private residential project launch (excluding executive condominiums) in 2018 to achieve a take-up rate of over 90% during its launch weekend. The others are the 477-unit Lentor Central Residences (93%), 343-unit LyndenWoods (94%), 941-unit Springleaf Residence (92%), and 666-unit Skye at Holland (99%).
At Penrith, larger units saw the most significant sales, indicating a strong demand from end-users, notes Kelvin Fong, CEO of PropNex. The unit mix of the project also suggests a family-focused product, primarily aimed at owner-occupiers, with no one-bedroom units offered.
“It is no surprise that Penrith garnered such high demand from buyers, given its pent-up demand and strong fundamentals,” says Fong.
According to Mark Yip, CEO of Huttons Asia, north-facing units at Penrith offer unobstructed 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 remaining.
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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 neighborhood’s enduring popularity.
The project also benefited from demand from upgraders within Queenstown – one of the HDB towns that consistently sees a significant number of million-dollar resale flat deals each year. According to Marcus Chu, CEO of ERA Singapore, more than 100 resale HDB transactions in Queenstown surpassed the $1 million mark in 2018, indicating strong upgrader demand in the area. “With more prime BTO flats planned, Queenstown is likely to continue its renewal and transformation and remain a highly desirable residential area,” he notes.
Average home prices in District 3 have also risen by nearly 5% annually over the past decade. “Queenstown is one of Singapore’s most established city-fringe neighborhoods,” adds Chu.
Penrith is a five-minute walk from Queenstown MRT Station on the East-West Line and a short drive to Orchard Road and the CBD. It is also close to several schools, including the neighboring Queenstown Primary School, as well as F&B and retail amenities such as Margaret Drive Hawker Centre, Dawson Place, Mei Ling Market, IKEA Alexandra, Anchorpoint Shopping Centre, and Alexandra Central.