A new icon is set to rise in the heart of Queenstown - Penrith, an exclusive residential development along Margaret Drive, is already shaping up to be one of the most talked-about condominium launches of 2025. Backed by reputable developers Hong Leong Holdings, GuocoLand and Intrepid Investments, the project brings a rare blend of luxury, convenience, and community to Singapore’s beloved city-fringe district.
With prices expected to start from S$2,437 per square foot (psf), developers Hong Leong and GuocoLand are confident that Penrith comprising of 462 units ranging from two to four-bedroom apartments across two 40-storey towers will be highly anticipated among homeowners and investors.
Prices start at $1.495 million ($2,437 psf onwards) for a 614 square foot (sqft) two-bedroom unit. Two-bedroom premium units, sized from 678 sqft, will go from $1.665 million ($2,455 psf onwards). Three-bedders, sized from 786 sqft, are priced from $1.973 million ($2,511 psf onwards). The largest units, with four bedrooms, from S$3.078 million ($2,623 psf onwards).
"This year's condo launches are very attractive to buyers as almost all of this year's new condo launches are able to match their surrounding older resale condo prices." - Kiwi Lim, Associate Group Director, PropNex Realty
Penrith collected 1,905 cheques as expressions of interest — an oversubscription of 4.1 times for the project’s 462 units for this 99-year leasehold condominium in District 3 (Rest of Central Region or RCR) isGiven the strong response, balloting of units has begun ahead of the launch on Oct 18.
Market watchers anticipate healthy demand for Penrith, following the strong take-up at Skye at Holland, launched the previous weekend. Skye at Holland is a 666-unit project at Holland Village in the Core Central Region (CCR) was 99% sold within a day, after receiving 2,151 cheques during its two-week preview — an oversubscription of 3.2 times.
There are currently only two condo launches that saw its units more than 4 times oversubscribed in Singapore's real estate history.
"Other than Penrith in Queenstown, the other condo launch is Emerald of Katong which was 4.3 times oversubscribed and recorded strong sales over its launch weekend as developer Sim Lian Group sold 835 of 846 units (98.7%) last year during its preview on 16 Nov 2024. The average price of units sold across the weekend was $2,621 psf" said real estate analyst Kiwi Lim, Associate Group Director of PropNex Realty.
Sadly, Emerald of Katong is already 100% sold today but we can look forward to another upcoming project Zyon Grand which enjoys direct access to Havelock MRT (TEL) which is expected to close its showflat soon for its weekend preview next week.
Zyon Grand previewed on 8 Oct and is scheduled for its sales launch on 25 Oct. Click to view Zyon Grand info.
The 706-unit Zyon Grand is developed by City Developments (CDL) and Mitsui Fudosan (Asia), which previewed on Oct 8 and is scheduled for its sales launch on Oct 25. The units are located in two 62-storey residential towers along Kim Seng Road. The integrated development features a retail podium on the first floor — Zyon Galleria — with F&B options, a supermarket and an early childhood development centre. The project connects directly to Havelock MRT Station on the Thomson-East Coast Line.
Zyon Grand includes a 36-storey block with over 350 long-stay serviced apartments. The serviced apartment block has a dedicated entrance and basement parking. The 164,450 sq ft, 99-year leasehold site is the first to be sold under the Government Land Sales (GLS) programme with a long-stay serviced apartment II (SA2) component. Under the SA2, the minimum stay is three months.
"This year's new launches are very attractive for buyers, due to their lower land costs from last year and almost all new launches this year saw more than 80% sold in one preview as they are priced to at least match their older resale condo prices. We also saw for the first time 2 Core Central Region (CCR) condo launches almost sellout during 1st weekend of preview and Penrith will likely be the first Rest of Central Region (RCR) condo project to see a 100% sellout on preview weekend." said Kiwi Lim, Associate Group Director of PropNex Realty.
From Business Times & Edgeprop
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