Ninety-seven percent of Penrith’s 462 units were snapped up on launch day, a blink-and-you-missed-it result that signals extraordinary demand in Queenstown. The sales rate ranks among the highest for city-fringe launches in recent years, and the average transacted price crossed S$2,800 per square foot, with deals ranging from S$2,435 to S$3,088 psf.
The project was oversubscribed by 4.1 times ahead of the weekend, so the outcome surprised few market watchers, though the speed still raised eyebrows.
Several demand drivers converged. Penrith is Queenstown’s first new launch in seven years, creating pent-up interest in a location that typically sells steadily even in quieter cycles.
Scarcity in District 3 meant buyers had limited fresh options, and proximity to Queenstown MRT, Orchard, and Buona Vista added daily convenience that investors and owner-occupiers value.
Compared with other recent city-fringe projects, pricing felt relatively compelling, which nudged fence-sitters to act, quickly.
Developer reputation amplified that momentum. Hong Leong Holdings and GuocoLand are widely seen as consistent deliverers of quality projects, with GuocoLand’s Lentor Modern and Springleaf Residence recording brisk take-up previously.
That track record, combined with a strategic land purchase during the slow 2024 market, set expectations for a well-priced, well-executed launch.
Confidence matters in big-ticket decisions, and here it showed, unit after unit.
The site itself helped the story. Located along Margaret Drive in Queenstown, Penrith sits within walking distance of Queenstown MRT and retail nodes like IKEA Alexandra and Alexandra Central Mall, while food options at Margaret Drive Hawker Centre are close enough to tempt nightly visits. This mirrors the broader HDB resale market which has shown remarkable resilience with 20 consecutive quarters of positive price growth. Schools from Queenstown Primary to the National University of Singapore sit within reach, and green spaces such as HortPark and the Southern Ridges offer weekend relief. Further uplift is anticipated from the URA Master Plan’s Greater Southern Waterfront, which will introduce new waterfront parks, commercial nodes, and public spaces that should reinforce Queenstown’s appeal and long-term investment prospects.
The development comprises two 40-storey towers on a 99-year leasehold, with 462 units across varied layouts, modern architecture with large windows, and facilities including a pool, gym, rooftop garden, and an early childhood development centre.
Completion is targeted for Q2 2029, which gives buyers a clear runway.
Pricing underpinned the sell-out. Indicative levels started around S$2,400 psf, aligning with 2024 resale comparables, while the final range stayed competitive.
With land acquired at S$497 million, or S$1,154 psf ppr, the numbers supported feasible launch pricing.
Strong sentiment followed, and the result, frankly, spoke for itself.
