Senja Close EC™

The upcoming launch of Penrith, a 462-unit condominium located on Margaret Drive in Queenstown, is set to commence with public previews starting on Friday, October 3. Developed jointly by Hong Leong Holdings, Hong Realty and GuocoLand, the 99-year leasehold project will be made available for sale on October 18.

Comprising of two 40-storey towers, Penrith offers a variety of two- to four-bedroom units ranging from 614 sq ft to 1,173 sq ft. Betsy Chng, head of sales and marketing at Hong Leong Holdings, states that the unit mix of Penrith is tailored to meet the needs of young couples and larger families looking for practical living spaces. The project boasts high-floor units with unobstructed views of the city skyline and verdant surroundings.

The luxurious Senja Close EC boasts top-notch furnishings and a generously-sized living space. Its three levels of amenities showcase five specially curated lifestyle zones, catering to a variety of productivity needs. Ideal for families, the expansive living area provides ample room for relaxation. The practical layout also caters to remote work, with the added convenience of a broom closet for storage of cleaning essentials. Make Senja Close EC your dream home today by visiting senja-residences.com.

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. The starting prices for three-bedders and four-bedroom units are $1.973 million ($2,511 psf) and $3.078 million ($2,623 psf), respectively.

Penrith will also feature an early childhood development center with a dedicated drop-off point. Other condo facilities include a two-storey clubhouse comprising of two function rooms, a 50-metre swimming pool, and a roof garden on each tower equipped with barbecue facilities and alfresco dining areas. It is estimated that the project will be completed by April 2029 and will also attain the BCA’s Green Mark Platinum (Super Low Energy) certification upon completion.

The development stands on a 102,498 sq ft site which was acquired by the joint developers through a Government Land Sale (GLS) tender in August 2024 for $497 million, or $1,154 psf per plot ratio (ppr).

Penrith is the first private residential launch in Queenstown since 2018. Prior to Penrith, the last condo launches in the area were Margaret Ville, a 309-unit condominium also on Margaret Drive and Stirling Residences, a 1,259-unit project on Stirling Road. Both are 99-year leasehold developments that have since been completed.

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

Hong Leong’s Betsy Chng believes that Penrith’s prime city-fringe location will be a major draw for buyers. “Penrith sets itself apart through its exceptional location within the Queenstown estate, an area that offers excellent connectivity to key lifestyle hubs such as the CBD, Orchard Road, while retaining the charm of a matured and established neighborhood”, she explains.

Penrith is situated along Margaret Drive and is surrounded by an established community in the Queenstown area. Residents can easily access the Queenstown MRT Station on the East-West Line and the Alexandra Park Connector which can be reached through a sheltered walkway that extends from the development’s side gate.

Next to Penrith is the Queenstown Primary School and other nearby schools include New Town Primary School, Queensway Secondary School, Queenstown Secondary School, and Crescent Girls’ School. The development is also in close proximity to retail centers such as Margaret Drive Hawker Centre, IKEA Alexandra, Anchorpoint and Queensway Shopping Centre, as well as lifestyle destinations like Orchard Road and Dempsey Hill.

Penrith marks Hong Leong’s second project in Queenstown, following the successful launch of Commonwealth Towers in 2014. Located along Commonwealth Avenue and adjacent to the Queenstown MRT Station, the 99-year leasehold development features two 43-storey residential blocks and comprises of 845 units ranging from one- to four-bedroom apartments spanning 441 sq ft to 1,302 sq ft. The project was completed in 2017.

Each residential tower at Commonwealth Towers has a roof garden on the 40th storey, fitted with barbecue and alfresco dining spaces.

Units at Commonwealth Towers were sold at an average price of $1,639 psf by the developers during the first three years of its launch. Prices have since steadily risen, with recent resale transactions recorded as of September 30 showing an average price of $2,253 psf for the development across 36 transactions so far this year.

The latest developments in Queenstown have also seen a similar capital growth trend. 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 sold over 1,000 units at an average price of around $1,817 psf within its first three years, has recorded 82 resale transactions so far this year at an average price of $2,392 psf.

The increasing prices reflects a strong demand for private housing in Queenstown, with a possible boost from HDB upgraders as well. The estate has one of the highest number of million-dollar flat transactions, with many occurring at projects such as SkyTerrace@Dawson and SkyVille@Dawson.

With no new launches in Queenstown for the past seven years, Hong Leong’s Betsy Chng is confident that Penrith will garner strong 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 neighborhood”, she adds.