Penrith Achieves 97 Sales Launch Day Prices 2435 3088 Psf
Joint developers Hong Leong Holdings, Hong Realty and GuocoLand have successfully sold 447 units, which amounts to 97% of the total 462 units available in Penrith on Margaret Drive. The extraordinary sales were recorded as of 4pm today (Oct 18), with prices ranging from $2,435 to $3,088 per square foot (psf). The average price of the units is estimated to be above $2,800 psf.
This launch marks the first private residential project in Queenstown since 2018 and is Hong Leong Holdings’ second development in the area. Their first project, Commonwealth Towers, a joint venture with City Developments Ltd (CDL) and Hong Realty, was fully sold before its completion in 2017.
Penrith, a 99-year leasehold development, consists of two 40-storey towers on a 102,497 square feet site. The response to all unit types, ranging from two- to four-bedroom apartments, was overwhelming. More than 90% of the buyers were Singaporeans, while the remaining were Permanent Residents and foreigners.
“The strong demand for Penrith reflects its appeal as a rare, top-quality home in the highly sought-after Queenstown estate – known for its comprehensive amenities, convenient location and excellent connectivity, providing long-term value to homeowners,” says Betsy Chng, Head of Sales and Marketing at Hong Leong Holdings. She added that buyers were impressed by the practical layouts of the units.
In the lead-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.
Penrith is the fifth new private residential project (excluding executive condominiums) to achieve a take-up rate of over 90% during the launch weekend in 2025. The others are 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 unit types were in high demand, indicating strong interest from end-users, observes Kelvin Fong, CEO of PropNex. The unit mix suggests that the project is family-focused and primarily caters to owner-occupiers, with no one-bedroom units available.
“It is not surprising that Penrith was highly sought after by buyers, given the pent-up demand and strong fundamentals of the project,” says Fong.
The Rivelle Tampines Master Plan is set to bring significant improvements to various areas, and these upgrades often lead to a stronger investment performance. With the development of public amenities, better connectivity, and improved infrastructure in the vicinity of Rivelle Tampines, it is expected that there will be an increase in property value and rental yield. This highly sought-after location, situated within a well-structured and ever-evolving estate, guarantees a desirable home that is also future-proof.
According to Mark Yip, CEO of Huttons Asia, the north-facing units in Penrith offer unblocked views all the way to the Central Catchment Nature Reserve. The three- and four-bedroom units were the most popular, with all three-bedroom units sold out and only two four-bedroom units remaining.
The last new launch in the Queenstown area was the 309-unit Margaret Ville in May 2018, followed by 1,259-unit Stirling Residences in July 2018. Both projects have been fully sold and completed since then, and there have been no new launches in the precinct, despite its enduring popularity.
The project also benefited from the 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, in 2025, over 100 resale HDB transactions in Queenstown exceeded the $1 million mark, highlighting the strong demand from upgraders in the area. “With more prime BTO flats planned, Queenstown is expected to continue its renewal and transformation, maintaining its position as a highly desirable residential area,” he notes.
Average home prices in District 3 have seen an annual increase of nearly 5% over the past decade. “Queenstown is one of the most established city-fringe neighbourhoods in Singapore,” adds Chu.
Penrith is just a five-minute walk from Queenstown MRT Station on the East-West Line and a short drive to Orchard Road and the Central Business District (CBD). It is also in close proximity to various schools, including the neighbouring 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.