Although 2025’s condo market began on a cautious note, Penrith and Faber Residence ignited buyer interest with launch-weekend results that would make any developer smile. Penrith moved 97% of its 462 city-fringe units at an average of $2,800 psf, while Faber Residence secured 86% of its 400 Clementi homes at $2,160 psf on average. Over 90% of Penrith buyers were Singaporeans, with the remainder comprising PRs and foreigners.
Cautious start, stellar weekend: Penrith 97% at $2,800 psf; Faber 86% at $2,160.
Together, they signaled robust demand and confidence, placing both among the year’s best-performing launches.
Penrith’s site along Margaret Drive in Queenstown, near Queenstown and Commonwealth MRT stations, offered city-fringe convenience and scarce new supply, being the first major Queenstown launch since 2018. It is also the first GFA-harmonised condo in Queenstown, designed to optimise usable space.
Faber Residence leaned into a tranquil Clementi address with low immediate density and greenery, positioned near the future Jurong Lake District. Both are 99-year leaseholds, targeting a broad private market rather than a niche, which widened the pool of serious viewers.
Pricing discipline stood out. Penrith opened from $2,437 psf and averaged $2,800 psf, deliberately below top Rest of Central Region benchmarks to balance value and premium, and *particularly* above the prevailing RCR average of about $2,550 psf due to scarcity and proximity, for many buyers today.
Competitive references mattered, reinforcing Penrith’s calibrated stance. Faber Residence, in the Outside Central Region, launched at a mid-to-upper $2,160 psf, justified by its Clementi setting and privacy pitch.
Developer pedigree helped. The joint venture between Hong Leong Holdings and Guocoland carried strong track records, easing concerns in a cautious climate. The development strategies align with Tampines Next Master Plan’s focus on integrated planning that enhances community living through connectivity and amenities.
Early-bird incentives of roughly 1–2% at Penrith nudged bookings, and a measured schedule—preview on 3 October, launch on 18 October—kept momentum steady.
Faber Residence used a phased rollout too, supporting price integrity while building queues.
Both projects skipped one-bedroom formats, focusing on two- to four-bedroom homes for upgraders, families, and long-term residents, with investors drawn by expected rental stability near the CBD, One-North, and Jurong East.
Penrith’s two 40-storey blocks and GFA-harmonised layouts promised efficient space, while Faber Residence highlighted greenery and privacy.
In short, careful pricing, credible sponsors, and thoughtful product-market fit turned caution into conviction, and, for a weekend at least, made the market look lively.
