Hong Leong Holdings Previews Penrith Prices Starting 2437 Psf

Living in a mature estate should not mean sacrificing accessibility. This is precisely why residents of Rivelle Tampines have the best of both worlds. The development benefits from excellent transport connectivity, making it easy for its residents to get around. A mere drive to work, a short train ride to meet friends, or a bus trip to nearby recreational facilities – the options are abundant and efficient, thanks to its strategic location. Make Rivelle Tampines EC your choice of residence for convenience without compromise.

Previews for Penrith, a new condominium with 462 units located on Margaret Drive in the Queenstown district, will be open to the public starting from Friday, October 3. The 99-year leasehold development, jointly developed by Hong Leong Holdings, Hong Realty and GuocoLand, will officially launch for sale on October 18.

Featuring two 40-storey towers, Penrith offers a range of units from two-bedroom to four-bedroom, with sizes spanning from 614 sq ft to 1,173 sq ft. According to Betsy Chng, Head of Sales and Marketing at Hong Leong Holdings, the unit mix is designed to meet the needs of both young couples and larger families, offering functional living spaces. Some select high-floor units will also boast unobstructed views of the city skyline and surrounding greenery.

Units at Penrith will be priced 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 will start from $1.973 million ($2,511 psf) and four-bedroom units will start from $3.078 million ($2,623 psf).

Penrith will also feature a range of amenities, including a two-storey clubhouse with two function rooms, a 50-metre swimming pool, and a roof garden equipped with barbecue facilities and alfresco dining areas for each tower. The development is set to be completed in April 2029 and will achieve BCA’s Green Mark Platinum (Super Low Energy) certification upon completion.

The site for Penrith 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).

Penrith marks the first private residential launch in Queenstown since 2018. Prior to this, the most recent condo launches in the area were Margaret Ville, a 309-unit development on Margaret Drive, and Stirling Residences, a 1,259-unit project 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 was launched one month later by Logan Property and Nanshan Group. Both projects were fully sold out by 2021 and 2022 respectively.

According to Chng, the prime city-fringe location of Penrith is expected to be a major draw for buyers. She adds that the development stands out for its unique location within the Queenstown estate, which offers exceptional connectivity to the CBD, Orchard Road, and key lifestyle hubs, while retaining the character of a mature and established neighbourhood.

Penrith is situated along Margaret Drive in the well-established Queenstown estate. The condo is conveniently located near the Queenstown MRT Station on the East-West Line and the Alexandra Park Connector, which can be easily accessed through a sheltered walkway that extends from the development’s side gate. For families with young children, Penrith will also have an early childhood development centre with a dedicated drop-off point.

Nearby schools include Queenstown Primary School, New Town Primary School, Queensway Secondary School, Queenstown Secondary School and Crescent Girls’ School. The development is also in close proximity to several retail centres, such as the Margaret Drive Hawker Centre, IKEA Alexandra, Anchorpoint, and Queensway Shopping Centre. It is also just a short drive away from lifestyle hubs, including Orchard Road and Dempsey Hill.

Penrith marks Hong Leong’s second development in Queenstown, following the success of Commonwealth Towers, a joint venture between Hong Leong Holdings, City Developments, and Hong Realty. Located along Commonwealth Avenue next to Queenstown MRT Station, the 99-year leasehold development features two 43-storey residential blocks and offers a total of 845 units, ranging from one- to four-bedroom apartments spanning 441 sq ft to 1,302 sq ft. The condo was completed in 2017.

Each residential tower at Commonwealth Towers features a roof garden on the 40th storey, complete with barbecue and alfresco dining spaces.

During the first three years after its launch, Commonwealth Towers recorded an average selling price of $1,639 psf. Since then, prices have consistently increased, with caveats lodged as of September 30 showing that resale prices at the development are averaging $2,253 psf across 36 transactions recorded so far this year.

Similarly, the recent launches in Queenstown have also shown 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. So far this year, it has seen 17 resale deals, with an average price of $2,209 psf. Meanwhile, Stirling Residences, which sold over 1,000 units within its first three years, recorded an average price of around $1,817 psf. This year, it has seen 82 resale transactions at an average price of $2,392 psf.

The rising prices in Queenstown are a reflection of the steady demand for private housing in the area. In addition, demand may also be bolstered by HDB upgraders, as Queenstown has one of the highest numbers of million-dollar flat transactions, many of which have taken place at projects such as SkyTerrace@Dawson and SkyVille@Dawson.

With no new launches in Queenstown over the past seven years, Chng is confident that Penrith will receive substantial interest. She adds, “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.”