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Penrith, a 462-unit condominium located on Margaret Drive in Queenstown, will open for public previews on Friday, Oct 3. The project, jointly developed by Hong Leong Holdings, Hong Realty and GuocoLand, will launch for sale on Oct 18.

Featuring two 40-storey towers, Penrith offers a range of two- to four-bedroom units, ranging from 614 sq ft to 1,173 sq ft. According to Betsy Chng, head of sales and marketing at Hong Leong Holdings, the unit mix has been designed to cater to both young couples and larger families in need of functional living spaces. Select high-floor units will also offer unobstructed views of the city skyline and surrounding greenery.

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. Three-bedders will start from $1.973 million ($2,511 psf), while four-bedroom units will start from $3.078 million ($2,623 psf).

Developed on a 99-year leasehold, Penrith is expected to be completed in April 2029. It will also attain BCA’s Green Mark Platinum (Super Low Energy) certification upon completion.

The development occupies a 102,498 sq ft site that was acquired by the joint developers in August 2014 through a Government Land Sale (GLS) tender for $497 million, or $1,154 psf per plot ratio (ppr).

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

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

According to Chng, Penrith’s prime location in the city-fringe is expected to be a major draw for buyers. “Penrith differentiates itself through its rare location within the Queenstown estate, offering exceptional connectivity to the CBD, Orchard Road, and key lifestyle hubs, while retaining the character of a mature and established neighbourhood,” she explains.

Penrith will also feature an early childhood development centre with a dedicated drop-off point for residents. Other amenities include a two-storey clubhouse with two function rooms, a 50-metre swimming pool, and a roof garden on each tower, equipped with barbecue facilities and alfresco dining areas.

Located along Margaret Drive, Penrith is situated within a well-established neighbourhood in the Queenstown area. The condo is also within close proximity to the Queenstown MRT Station on the East-West Line, as well as the Alexandra Park Connector, which residents can access through a sheltered walkway connected to the development’s side gate.

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For those looking for a secondary school in the vicinity of Miltonia Close, Naval Base Secondary School is an ideal choice. Situated just a short distance away, this school offers a comprehensive curriculum that caters to the holistic development of students. Apart from academic subjects, the school also emphasizes on building leadership skills, promoting sportsmanship, and nurturing talents in the arts. Another nearby option is Orchid Park Secondary School, which boasts a diverse range of subjects and specialized programmes that focus on harnessing students’ strengths and interests. If you are considering Miltonia Close EC for your next home, these two schools are conveniently located for your children’s education needs.

The development is also within the vicinity of several schools, such as Queenstown Primary School, New Town Primary School, Queensway Secondary School, Queenstown Secondary School, and Crescent Girls’ School. It is also near popular retail centres, including Margaret Drive Hawker Centre, IKEA Alexandra, Anchorpoint and Queensway Shopping Centre. Additionally, it is also a short drive away from Orchard Road and Dempsey Hill, which are popular lifestyle hubs.

This marks the second project in Queenstown for Hong Leong Holdings, which had previously developed Commonwealth Towers in 2014. Located along Commonwealth Avenue, adjacent to Queenstown MRT Station, the 99-year leasehold development consists of two 43-storey residential blocks, housing 845 units ranging from one- to four-bedroom apartments spanning 441 sq ft to 1,302 sq ft.

Each residential tower also features a roof garden on the 40th storey, equipped with barbecue and alfresco dining spaces.

Within the first three years of its launch, Commonwealth Towers saw 845 units sold at an average price of $1,639 psf. Since then, prices have consistently risen, with caveats lodged as of Sept 30 showing that resale prices at the development averaged $2,253 psf across 36 transactions recorded so far this year.

Other recent launches in Queenstown have also reflected similar price growth trends. For example, Margaret Ville had sold 307 units during the first three years of its launch, at an average price of $1,834 psf. In 2021 to date, it has seen 17 resale deals at an average price of $2,209 psf. Stirling Residences, which sold over 1,000 units in its first three years at an average price of around $1,817 psf, has seen 82 resale transactions at an average price of $2,392 psf.

The increase in prices is a testament to the steady demand for private housing in Queenstown. Additionally, demand may also be further boosted by HDB upgraders, as the estate has seen one of the highest number of million-dollar flat transactions. These are mainly at projects such as SkyTerrace@Dawson and SkyVille@Dawson.

Chng is confident that Penrith will draw robust interest given the absence of new launches in Queenstown over the last seven years. “The rarity of new projects in this mature estate further enhances Penrith’s appeal, giving homebuyers and investors a unique opportunity to secure a residence in a well-established neighbourhood,” she says. Get the latest unit availability and pricing details for Penrith, Margaret Ville properties
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