Public previews for Penrith, a 462-unit condo on Margaret Drive in Queenstown, will start on Friday, Oct 3. Jointly developed by Hong Leong Holdings, Hong Realty and GuocoLand, the 99-year leasehold development will launch for sale on Oct 18.

Comprising two 40-storey towers, Penrith offers a mix of two- to four-bedroom units that range from 614 sq ft to 1,173 sq ft. “Penrith’s unit mix is designed for young couples and larger families seeking functional living spaces,” says Betsy Chng, head of sales and marketing at Hong Leong Holdings. Select high-floor units will have unobstructed views of the city skyline and surrounding greenery.

Prices for the units will start 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-bedders will start from $1.973 million ($2,511 psf), while four-bedroom units will start from $3.078 million ($2,623 psf).

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Four-bedroom units (1,173 sq ft) will be priced from $3.078 million ($2,623 psf) (Photo: Hong Leong Holdings) 

Penrith will have an early childhood development centre with a dedicated drop-off point. Other condo amenities include a two-storey clubhouse featuring two function rooms, a 50-metre swimming pool, and a roof garden on each tower equipped with barbecue facilities and alfresco dining areas.

The project is expected to be completed in April 2029 and will attain BCA’s Green Mark Platinum (Super Low Energy) certification upon completion.

The development occupies a 102,498 sq ft site that 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).

First condo launch in Queenstown since 2018

Penrith marks the first private residential launch in Queenstown since 2018. Before Penrith, the most recent condo launches in Queenstown were for the 309-unit Margaret Ville, also on Margaret Drive, and the 1,259-unit Stirling Residences on Stirling Road. Both are 99-year leasehold developments that have since been completed.

MCL Land had launched Margaret Ville in June 2018, while Logan Property and Nanshan Group launched Stirling Residences a month later. Both projects were fully sold by 2021 and 2022, respectively.

Read also: GuocoLand’s River Modern pulls over 7,000 visitors since sales gallery opened on Feb 20

Hong Leong’s Chng expects Penrith’s prime city-fringe location to be a large draw for buyers. “Penrith differentiates itself through its rare location within the Queenstown estate, a district that offers exceptional connectivity to the CBD, Orchard Road, and key lifestyle hubs, while retaining the character of a mature and established neighbourhood,” she explains.

Located along Margaret Drive, Penrith sits within an established neighbourhood in the Queenstown area. The condo is close to the Queenstown MRT Station on the East-West Line and Alexandra Park Connector, which Penrith residents can access through a sheltered walkway that extends from the development’s side gate.

Just next door to Penrith is Queenstown Primary School, while other schools nearby include New Town Primary School, Queensway Secondary School, Queenstown Secondary School and Crescent Girls’ School. The development is close to several retail centres, including Margaret Drive Hawker Centre, IKEA Alexandra, Anchorpoint and Queensway Shopping Centre,  while also being a short drive away from lifestyle hubs such as Orchard Road and Dempsey Hill.

Second project in Queenstown 

Penrith marks Hong Leong’s second development in Queenstown. In 2014, a joint venture between Hong Leong Holdings, City Developments and Hong Realty launched Commonwealth Towers. Located along Commonwealth Avenue, adjacent to Queenstown MRT Station, the 99-year leasehold development features two 43-storey residential blocks. It has 845 units that consist of a mix of one- to four-bedroom apartments spanning 441 sq ft to 1,302 sq ft. The condo was completed in 2017.

Units at Commonwealth Towers were sold by the developers at an average price of $1,639 psf during the first three years following its launch. Prices have since steadily increased, with caveats lodged as of Sept 30 showing that resale prices at the development averaged $2,253 psf across 36 transactions recorded so far this year.

The latest launches in Queenstown have 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. This year, it has seen 17 resale deals to date at an average price of $2,209 psf. Meanwhile, Stirling Residences, which moved over 1,000 units at an average price of around $1,817 psf in its first three years, recorded 82 resale transactions so far this year at an average price of $2,392 psf.

Read also: Lessons from the most successful condo launches in 2025

The rising prices are indicative of steady demand for private housing in Queenstown. At the same time, demand may also be bolstered by HDB upgraders. The Queenstown estate stands out as having one of the highest numbers of million-dollar flat transactions, many of which have occurred at projects such as SkyTerrace@Dawson and SkyVille@Dawson.

Given the absence of launches in Queenstown over the last seven years, Hong Leong’s Chng is confident in Penrith receiving robust interest. “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,” she says.

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