As of Oct 15, sources say the developers of Penrith on Margaret Drive have collected 1,905 cheques as expressions of interest — an oversubscription of 4.1 times for the project’s 462 units.

The 99-year leasehold condominium in District 3 of the Rest of Central Region (RCR) is jointly developed by Hong Leong Holdings, Hong Realty (part of the Hong Leong Group) and GuocoLand.

Given the strong response, balloting of units has begun ahead of the launch on Oct 18.

Market watchers anticipate healthy demand for Penrith, following the strong take-up at Skye at Holland, launched the previous weekend (Oct 11–12). The 666-unit project at Holland Village in the Core Central Region (CCR) was 99% sold within a day, after receiving 2,151 cheques during its two-week preview — an oversubscription of 3.2 times.

Get the latest details on available units and prices for PENRITH

Penrith, which previewed on Oct 3, comprises two 40-storey towers with two- to four-bedroom units ranging from 614 to 1,173 sq ft. Prices start from $1.495 million ($2,437 psf) for a two-bedroom unit, $1.665 million ($2,455 psf) for a two-bedroom premium, $1.973 million ($2,511 psf) for a three-bedroom, and $3.078 million ($2,623 psf) for a four-bedroom.

With cheques received exceeding four times the number of units available, Penrith will test whether the strong buying momentum seen at Skye at Holland can continue into another launch weekend.

Check out the latest listings for Penrith properties