Penrith Achieves 97 Sales Launch Day Prices 2435 3088 Psf
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Joint developers Hong Leong Holdings, Hong Realty and GuocoLand have achieved strong sales for their latest project, the 462-unit Penrith on Margaret Drive. As of 4pm today (Oct 18), 447 units (97%) have been sold at an average price of over $2,800 psf, with prices ranging from $2,435 to $3,088 psf.
The launch marks the first private residential project to be launched in Queenstown since 2018 and marks Hong Leong Holdings’ second development in the area. The first one, the 845-unit Commonwealth Towers, was launched in 2014 in collaboration with City Developments Ltd (CDL) and Hong Realty. It was fully sold before its completion in 2017.
Situated on a 102,497 sq ft site, Penrith is comprised of twin 40-storey towers and features a range of two to four-bedroom apartments. All unit types received strong interest from buyers, with over 90% of them being Singaporeans while the rest being Permanent Residents and foreigners.
“The strong response reflects Penrith’s appeal as a rare, high-quality home in the popular Queenstown estate – a neighborhood that is known for its comprehensive amenities, city-fringe location and excellent connectivity that provides lasting value to homeowners,” says Betsy Chng, the head of sales and marketing at Hong Leong Holdings. She also adds that the buyers were attracted to the functional layouts of the units.
Leading up to the launch, the joint developers had already received 1,905 cheques as expressions of interest. This number was more than four times the number of available units.
Penrith is the fifth new private residential project launched in 2025 (excluding executive condominiums) to have achieved a take-up rate of over 90% during its launch weekend. The other projects were the 477-unit Lentor Central Residences (93%), 343-unit LyndenWoods (94%), 941-unit Springleaf Residence (92%) and 666-unit Skye at Holland (99%).
The CEO of PropNex, Kelvin Fong, observes that the larger unit types at Penrith enjoyed strong sales, which indicates that there is a strong demand from end-users. The unit mix at Penrith suggests that it is mainly aimed at families, as there are no one-bedroom units offered.
“It is not surprising that Penrith was highly sought after by buyers given the pent-up demand and strong fundamentals of this project,” says Fong.
According to the CEO of Huttons Asia, Mark Yip, the north-facing units at Penrith provide unblocked views that extend to the Central Catchment Nature Reserve. Furthermore, the three and four-bedroom units were the most popular, as all the three-bedroom units were sold out, and there are 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 the 1,259-unit Stirling Residences in July 2018. Both these projects have since been fully sold and completed. However, there have been no new launches in the precinct since then, even though the area continues to be popular.
The project also benefits from upgrader demand within Queenstown – one of the HDB towns that consistently sees a sizeable share of million-dollar resale flat deals every year. According to Marcus Chu, the CEO of ERA Singapore, more than 100 resale HDB transactions in Queenstown exceeded the $1 million mark in 2025, which highlights the strong demand for upgrades in the area. He also notes that with more prime BTO flats on the way, Queenstown is likely to continue its renewal and transformation, which will make it a highly desirable residential area.
Further data shows that the average home prices in District 3 have risen by 5% annually over the past decade. “Queenstown is one of Singapore’s most established city-fringe neighborhoods,” adds Chu.
Located just a five-minute walk from Queenstown MRT Station on the East-West Line and a short drive to Orchard Road and the CBD, Penrith offers excellent connectivity. The project is also close to several schools, such as the neighboring Queenstown Primary School, and numerous F&B and retail amenities, such as the Margaret Drive Hawker Centre, Dawson Place, Mei Ling Market, IKEA Alexandra, Anchorpoint Shopping Centre, and Alexandra Central. The strong response from buyers is a testament to the appeal of Penrith as a high-quality home in Queenstown’s popular estate.