Joint developers Hong Leong Holdings, Hong Realty and GuocoLand have sold 447 units (97%) of the 462-unit Penrith on Margaret Drive. The strong sales were achieved as at 4pm today (Oct 18), with prices ranging from $2,435 to $3,088 psf. The average price is said to be above $2,800 psf.

The launch marks the first private residential project in Queenstown since 2018 and Hong Leong Holdings’ second development in the estate. Its first, the 845-unit Commonwealth Towers, was launched in 2014 in partnership with City Developments Ltd (CDL) and Hong Realty, and was fully sold before its completion in 2017.

The 99-year leasehold Penrith comprises twin 40-storey towers on a 102,497 sq ft site. All unit types — from two- to four-bedroom apartments — were well received. Singaporeans accounted for over 90% of buyers, with the remainder made up of Permanent Residents and foreigners.

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“The strong response reflects Penrith’s appeal as a rare, high-quality home in the popular Queenstown estate — a neighbourhood prized for its comprehensive amenities, city-fringe location and excellent connectivity that offer lasting value to homeowners,” says Betsy Chng, head of sales and marketing at Hong Leong Holdings. She adds that buyers were also drawn to the functional layouts of the units.

In the lead-up to the launch, the joint developers collected 1,905 cheques as expressions of interest — more than four times the number of units available.

Penrith is the fifth new private residential project launch (excluding executive condominiums) in 2025 to achieve a take-up rate exceeding 90% during its launch weekend. The others are the 477-unit Lentor Central Residences (93%), 343-unit LyndenWoods (94%), 941-unit Springleaf Residence (92%) and 666-unit Skye at Holland (99%).

At Penrith, larger unit types enjoyed brisk sales, indicating strong end-user demand, observes Kelvin Fong, CEO of PropNex. The project’s unit mix suggests a family-focused product aimed mainly at owner-occupiers, with no one-bedroom units offered.

“That Penrith was highly sought after by buyers is not surprising, given the pent-up demand and strong fundamentals of this project,” says Fong.

According to Mark Yip, CEO of Huttons Asia, north-facing units at Penrith offer unblocked views extending to the Central Catchment Nature Reserve. The three- and four-bedroom units were the most popular, with all three-bedders sold out and only two four-bedders remaining, he notes.

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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 projects have since been fully sold and completed. There have been no new launches in the precinct since then, despite the neighbourhood’s enduring popularity.

The project also benefited from upgrader demand within Queenstown — one of the HDB towns that consistently sees a sizable share of million-dollar resale flat deals each year. According to Marcus Chu, CEO of ERA Singapore, more than 100 resale HDB transactions in Queenstown surpassed the $1 million mark in 2025, underscoring the strong upgrader demand in the area. “With more prime BTO flats planned, Queenstown is likely to continue its renewal and transformation, remaining a highly desirable residential area,” he notes.

Average home prices in District 3 have also risen nearly 5% annually over the past decade. “Queenstown is one of Singapore’s most established city-fringe neighbourhoods,” adds Chu.

Penrith is a five-minute walk from Queenstown MRT Station on the East-West Line, and a short drive to Orchard Road and the CBD. It is also close to several schools, including the neighbouring Queenstown Primary School, as well as F&B and retail amenities such as Margaret Drive Hawker Centre, Dawson Place, Mei Ling Market, IKEA Alexandra, Anchorpoint Shopping Centre and Alexandra Central.

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