Hong Leong Holdings Previews Penrith Prices Starting 2437 Psf

Public previews for Penrith, a 462-unit condo on Margaret Drive in Queenstown, are set to begin on Friday, October 3. Developed jointly by Hong Leong Holdings, Hong Realty and GuocoLand, this 99-year leasehold development will officially launch for sale on October 18.Featuring two 40-storey towers, Penrith offers a range of unit options, including two- to four-bedroom units that range in size from 614 sq ft to 1,173 sq ft. “Penrith’s unit mix has been thoughtfully designed to meet the needs of young couples and larger families, who require a functional living space,” explains Betsy Chng, head of sales and marketing at Hong Leong Holdings. Some high-floor units will also offer unobstructed views of the city skyline, as well as the surrounding greenery.Prices for these units will start at $1.495 million (equating to $2,437 per square foot) for a two-bedroom unit, while two-bedroom premium units will start at $1.665 million (converting to $2,455 per square foot). Three-bedroom units will be priced from $1.973 million ($2,511 per square foot), while four-bedroom units will start at $3.078 million ($2,623 per square foot).Get the latest information on available units and prices for the PENRITHAdvertisementFour-bedroom units, boasting 1,173 sq ft of living space, will be priced at $3.078 million ($2,623 per square foot) (Photo: Hong Leong Holdings)Penrith will come equipped with an early childhood development centre, as well as a dedicated drop-off point. Additional condo amenities include a two-storey clubhouse, which will feature two function rooms, as well as a 50-metre swimming pool and two different roof gardens situated on each tower. These rooftops will also be outfitted with barbecue facilities and alfresco dining areas.The project is slated for completion in April 2029 and will obtain BCA’s Green Mark Platinum (Super Low Energy) certification once finished.When it comes to location, Penrith is a prime example of a city-fringe property. Offering exceptional connectivity to the CBD, Orchard Road, and key lifestyle hubs, Penrith maintains the character of a mature and established neighbourhood, which explains why it is expected to be a major draw for buyers, according to Hong Leong’s Chng.Concrete evidence of this appeal can be seen in the fact that this is the first private residential launch to take place in Queenstown since 2018. Prior to the Penrith development, the most recent condo launches in this area were the 309-unit Margaret Ville (also on Margaret Drive) and the 1,259-unit Stirling Residences on Stirling Road. Both of these 99-year leasehold developments have since been completed.Developed by MCL Land, Margaret Ville was launched in June 2018, with Stirling Residences launching just one month later (backed by collaboration between Logan Property and Nanshan Group). As it turns out, both of these projects were fully sold by 2021 and 2022, respectively.Hong Leong’s Chng asserts that the location of Penrith is expected to be a major draw for buyers, as the property sits within a coveted central neighbourhood in the Queenstown district. Moreover, Penrith is also located close to the Queenstown MRT Station on the East-West Line, as well as the Alexandra Park Connector. Penrith residents will be able to access the latter through a sheltered walkway that extends from the development’s side gate.Other schools in the area include New Town Primary School, Queensway Secondary School, Queenstown Secondary School, and Crescent Girls’ School, and the development is also in close proximity to Margaret Drive Hawker Centre, IKEA Alexandra, Anchorpoint, Queensway Shopping Centre, as well as other retail centres. Finally, Penrith is situated a short drive from well-known lifestyle hubs such as Orchard Road and Dempsey Hill.Penrith is the second property to be developed by Hong Leong in Queenstown, the first being Commonwealth Towers, which Hong Leong also developed with City Developments and Hong Realty. Comprised of two 43-storey residential blocks, this 99-year leasehold development boasts 845 units, including a blend of one- to four-bedroom apartments which span from 441 sq ft to 1,302 sq ft. Commonwealth Towers was completed in 2017, and the residential towers also feature a roof garden, which can be found on the 40th storey and is equipped with barbecue and alfresco dining spaces. During the first three years following its launch, units at Commonwealth Towers were sold at an average price of $1,639 per square foot. Since then, prices have grown steadily, with caveats lodged as of September 30 showing that resale prices at the development averaged $2,253 per square foot across 36 recorded transactions this year.So far this year, Margaret Ville has already seen 307 sales within the first three years of launch, which were priced at an average of $1,834 per square foot. Additionally, 17 resale deals have been recorded at an average price of $2,209 per square foot. Meanwhile, Stirling Residences moved around 1,000 units during its first three years, which were sold at an average price of $1,817 per square foot. This year, 82 resale transactions have been recorded so far at an average price of $2,392 per square foot.These rising prices are indicative of steady demand for private housing in Queenstown. In part, this demand may be bolstered by HDB upgraders, as the Queenstown estate boasts one of the highest numbers of million-dollar flat transactions, many of which have occurred at projects such as SkyTerrace@Dawson and SkyVille@Dawson.Overall, given the seven-year gap between new condo launches in Queenstown, Hong Leong’s Chng is confident that Penrith will attract plenty of interest. “The scarcity of new properties located in this mature estate only further enhances the appeal of Penrith, giving homebuyers and investors alike a rare opportunity to secure a residence in this well-established neighbourhood,” she notes. Discover the most up-to-date listings for Penrith, as well as other Margaret Ville propertiesAsk BuddyExplore the most recent developments in Districts 1-8Rental data for condos located in Districts 1-8Condo projects with the most profitable transactions in Districts 1-8Obtain price trend graphs for new launch condos in Districts 1-8View 2-bedroom floor plans for Margaret Ville

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