Penrith Achieves 97% Sales on Launch Day at an Average Price Above $2,800 psf
The 462-unit Penrith at Margaret Drive achieved a standout launch performance, selling 447 units (97%) as of 4pm on launch day. Prices ranged from $2,435 to $3,088 psf, averaging above $2,800 psf.
Sell-through on launch day
Price range
Total units
Expressions of interest
Launch Overview
Jointly developed by Hong Leong Holdings, Hong Realty, and GuocoLand, Penrith is a 99-year leasehold project that marks Queenstown’s first private residential launch since 2018 and Hong Leong’s second development in the area after the fully sold Commonwealth Towers.
Occupying a 102,497 sq ft site, the development features twin 40-storey towers with a mix of two- to four-bedroom apartments, all of which enjoyed brisk take-up during launch.
Buyer Profile and Demand
Singaporeans accounted for more than 90% of buyers, with Permanent Residents and foreign purchasers forming the balance. The project drew 1,905 expressions of interest — over four times the number of available units — underscoring strong pent-up demand in the city-fringe segment.
Market Momentum
Penrith joins a series of 2025 projects achieving near sell-outs on opening weekend, including:
- Lentor Central Residences – 93%
- LyndenWoods – 94%
- Springleaf Residence – 92%
- Skye at Holland – 99%
This string of results highlights robust underlying demand for well-located new launches despite broader market caution.
Unit Mix and Sales Trends
Larger units saw particularly strong demand — three-bedroom apartments were fully sold and only a handful of four-bedroom units remained available by evening. This pattern reflects solid end-user and family demand, attracted by the project’s functional layouts and owner-occupier appeal.
Prime City-Fringe Location
- Accessibility: Five-minute walk to Queenstown MRT Station, offering direct access to the CBD and Orchard Road.
- Amenities: Near Margaret Drive Hawker Centre, Dawson Place, IKEA Alexandra, Anchorpoint, and Alexandra Central.
- Schools: Within proximity to Queenstown Primary School and several reputable institutions.
Outlook and Market Context
As the first new Queenstown launch in over seven years, Penrith benefits from upgrader demand in one of Singapore’s most established city-fringe neighbourhoods. Home values in District 3 have risen nearly 5% per annum over the past decade, underpinned by ongoing urban renewal and strong locational fundamentals.