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Joint developers Hong Leong Holdings, Hong Realty, and GuocoLand have successfully sold 447 out of 462 units (97%) of Penrith on Margaret Drive. This remarkable sales achievement was achieved by 4pm today (Oct 18), with prices ranging from $2,435 to $3,088 per square foot (psf), with an average price above $2,800 psf.

This launch marks the first private residential project in Queenstown since 2018 and is Hong Leong Holdings’ second development in the area. Their first project, 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.

Spanning 102,497 square feet of land, Penrith is a 99-year leasehold development that comprises of twin 40-storey towers. The project received overwhelming response for all unit types, from two to four-bedroom apartments. The majority of buyers were Singaporeans, making up over 90% of the total, with the remaining being Permanent Residents and foreigners.

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

In the lead up to the launch, the joint developers received a staggering 1,905 cheques as expressions of interest – which is more than four times the number of available units.

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

Singaporeans made up more than 90% of the buyers at Penrith on launch day (Photo: Hong Leong)

According to Kelvin Fong, CEO of PropNex, larger unit types at Penrith experienced brisk sales, indicating strong end-user demand. The project’s unit mix caters mostly to families and owner-occupiers, with no one-bedroom units available.

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

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

Read also: Penrith over 4.1 times subscribed ahead of weekend launch on Oct 18

This new launch marks the first residential project in Queenstown since 2018, following the completion of the 309-unit Margaret Ville in May 2018 and the 1,259-unit Stirling Residences in July 2018 – both of which were fully sold. Despite the neighborhood’s enduring popularity, there have been no new launches in the area since then.

Penrith also benefitted from the upgrader demand within Queenstown – one of the HDB towns that consistently sees a significant share of million-dollar resale flat deals each year. Marcus Chu, CEO of ERA Singapore, observes that Queenstown had more than 100 resale HDB transactions surpassing the $1 million mark in 2025, highlighting 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.

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

When using public transportation, it is most beneficial to stay near an MRT station. This not only helps save time, but also cuts down on bus fares. Luckily, Bukit Panjang MRT station makes it easy to access the Hillion Mall. Being in such close proximity to the mall, opting for the MRT is a more efficient and convenient choice compared to driving and finding parking. Additionally, the LRT section at Bukit Panjang MRT station allows for easy connections to other areas. For those looking for a residential option in the area, consider senja close ec gls as a viable choice.

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