Introduction

• Tenure: 99-year leasehold
• Developer: Hong Leong Holdings, Hong Realty & GuocoLand (Joint Venture)[1]
• of Storeys: 2 towers, 40 storeys each[2]
• Land Area: ~9,526 sqm (102,497 sq ft)[2]
• Designed by: ADDP Architects LLP (Project Architect)[3]
• Total Units: 462 residential units[4]
• Location: 70 & 72 Margaret Drive, Queenstown (District 3)[5]
• Completion Date: Expected TOP in 2029[6]
• Developer Introduction: Penrith is Hong Leong Holdings’ latest condo launch in Queenstown, following the successful 845-unit Commonwealth Towers (launched 2014)[7]. Co-developed with GuocoLand, both developers bring extensive track records of quality condo projects in Singapore.

Penrith is the first private condo launch in the Queenstown area since 2018[1]. It offers a prime city-fringe location with excellent connectivity and amenities, while blending modern comfort with the charm of a mature estate. In the following sections, we explore what makes this Margaret Drive new launch an ideal home choice, from its connectivity and surroundings to its value proposition as a District 3 leasehold condo.

WHAT MAKES PENRITH AN IDEAL HOME?

Panoramic view from Penrith, offering sightlines over the green surrounds and city skyline (artist’s impression).

Penrith stands out among city fringe condos in Singapore for several compelling reasons:

• Prime City-Fringe Location: Located in mature Queenstown, Penrith offers the convenience of a prime city-fringe address with abundant amenities at hand[8]. Residents enjoy the charm of a legacy estate alongside modern infrastructure, giving the best of both urban convenience and heartland tranquility.
• Seamless Connectivity: Connectivity is a key draw – this condo near Queenstown MRT is just a short 100% sheltered walk (~4 minutes) to the station[9]. From Queenstown MRT (East-West Line), one can reach the CBD (Raffles Place) in about 15 minutes and Orchard Road in a few stops[10]. For those who drive, major expressways like the AYE and CTE are easily accessible[11], making it a quick 5–10 minute drive to downtown and Orchard Road during off-peak hours.
• Reputable Developers: Penrith is backed by two of Singapore’s most trusted developers – Hong Leong Holdings and GuocoLand[12]. Homebuyers can have confidence in the build quality and design, given the developers’ strong track records (see Developer Background below).
• Comprehensive Facilities & Smart Homes: Future residents will enjoy full condominium facilities including swimming pools, a clubhouse, gym, BBQ pavilions, sky gardens and children’s play areas[13]. Smart home features (digital locks, smart controls, etc.) further enhance convenience, providing a modern and luxurious living environment.
• Strong Investment Potential: Being the first condo launch in Queenstown in 7 years, Penrith benefited from pent-up demand[14]. Looking ahead, URA’s plans – from Dawson estate rejuvenation to the Greater Southern Waterfront – will further uplift Queenstown, potentially boosting property values in the long run[15].
• Unobstructed Views & Design: With two 40-storey towers rising above a low-rise precinct, many high-floor units in Penrith boast permanent* panoramic views of the city skyline and surrounding greenery[16]. Notably, Penrith’s design draws inspiration from English heritage architecture[17], lending it a distinct charm and sophistication not found in typical modern condos.

Permanent views are based on current surrounding land use and greenery; future developments or changes in land use could potentially impact these views[18].

CONNECTIVITY

Getting around from Penrith is a breeze. The development sits just next to Queenstown MRT station on the East–West Line – accessible via a fully sheltered path from Penrith’s side gate[19]. This means residents can comfortably reach the station in minutes, rain or shine. From Queenstown MRT, key destinations like Raffles Place (downtown CBD), Orchard Road, and Jurong East are direct train rides away[10]. For instance, commuting to Raffles Place takes only ~15 minutes by MRT[10].

For those driving, Penrith’s location offers quick entry to major expressways. The Ayer Rajah Expressway (AYE) is just around the corner, linking drivers to the city and western Singapore, while the Central Expressway (CTE) is easily reached for north–south travel[11]. By car, one can be in the Orchard shopping district or Marina Bay area within 10 minutes under light traffic[11]. Multiple bus routes along Commonwealth Avenue and Margaret Drive further connect residents to various parts of Singapore[20]. In short, whether by MRT or by car, getting around is easy from this strategic city-fringe locale.

EDUCATIONAL INSTITUTIONS

For families with school-going children, Penrith’s location is very attractive. Queenstown Primary School is within 1 km[21], which is advantageous for primary one registration. Other well-regarded primary schools in the vicinity (within 1–2 km) include New Town Primary, Gan Eng Seng Primary, and Alexandra Primary[22]. Being near multiple primary schools gives parents more choices and potentially priority admission for their kids.

Secondary and higher education options abound as well. The respected Crescent Girls’ School and Gan Eng Seng School (secondary) are located a short distance away[23]. For tertiary education, the National University of Singapore (NUS) and Singapore Polytechnic are both easily accessible – NUS is just a few MRT stops or a 10-minute drive westwards, and Singapore Polytechnic is one train stop away at Dover. Younger families will also appreciate the presence of childcare and preschool centers (e.g. Small Wonder, Children’s Cove) in the Queenstown area[23], as well as an Early Childhood Development Centre planned on-site at Penrith itself[24].

SHOPPING MALLS

One big perk of living at Penrith is the sheer variety of shopping options nearby. Whether it’s daily necessities or boutique shopping, residents have plenty to choose from:

• Queensway Shopping Centre: An iconic mall for sportswear and equipment, also famous for its old-school eateries (like the original Queenstown laksa). It’s a short walk or bus ride from Penrith[25].
• Anchorpoint Shopping Centre: A cozy retail mall across the street from Queensway SC, known for factory outlet stores and a mix of cafes and restaurants[25]. It also houses a FairPrice supermarket for groceries.
• IKEA Alexandra & Alexandra Central: The popular IKEA megastore (for furniture and Swedish meatballs alike) is just a 2-minute drive from Penrith[25]. Next door, Alexandra Central Mall offers additional retail and F&B outlets, including cookware shops and cafes, catering to home-makers and families.

Moreover, the prime shopping paradise of Orchard Road is less than 5 km away – roughly a 10-minute drive or a few MRT stops from Queenstown[26]. From luxury brands at ION Orchard to everyday fashion at [email protected], Orchard’s retail belt is extremely accessible for Penrith residents. In addition, lifestyle enclaves like Holland Village and Dempsey Hill (for hip cafes, gourmet grocers and fine dining) are also a short drive away[26], adding to the diverse retail choices when living at Penrith.

LEISURE OPTIONS

Beyond work and shopping, Penrith’s residents have ample leisure options for relaxation and recreation:

• Parks & Nature: Green spaces abound around Queenstown. The Alexandra Canal Linear Park runs right past Margaret Drive, offering a pleasant park connector for jogging or cycling. A short journey away, you can access the Southern Ridges parks – such as HortPark (a gardening-themed park) and Kent Ridge Park – which provide nature trails and panoramic city/harbour views[21][27]. In addition, the renowned Singapore Botanic Gardens is only a few MRT stops away, perfect for weekend picnics or morning walks[27]. For history buffs, Queenstown’s heritage sites (like the restored Princess House or the former Queenstown Public Library) add cultural leisure options close by.
• Sports & Community Facilities: Active residents will appreciate proximity to Queenstown Stadium & Sports Centre, which has swimming pools, tennis courts, and a gym, as well as a stadium for track and field. There’s also the extensive Rail Corridor (former railway line) nearby that has been converted into a green trail stretching through the city[27] – ideal for long bike rides or nature walks (connecting all the way from Tanjong Pagar to Bukit Timah). Community spaces like Dawson Community Club and Queenstown Public Library further contribute to a family-friendly, recreational environment in the neighborhood.

Whether you prefer a weekend hike, a workout at the gym, or simply unwinding in nature, Penrith’s location caters to a healthy and balanced lifestyle.

DINER’S DELIGHT

Foodies will find themselves spoiled for choice around Penrith. Queenstown and the surrounding Alexandra area are known for both delicious local hawker fare and trendy eateries:

• Margaret Drive Hawker Centre: A brand new hawker centre built as part of the Dawson estate renewal, just minutes’ walk from Penrith[21]. It hosts many popular local food stalls, allowing residents to enjoy hawker favorites right in the neighborhood (from chicken rice to char kway teow).
• Mei Ling Market & Food Centre: A beloved neighborhood food centre about 10 minutes’ walk away, known for its wet market downstairs and famous hawker stalls upstairs. Here you can find renowned dishes like fragrant chicken rice, hearty fish soup, and curry puffs that draw queues from morning to night[28].
• Alexandra Village & ABC Brickworks Food Centres: These two large hawker centres near IKEA Alexandra are famed for a treasure trove of local delights – from the famous avocado milkshake and claypot laksa at Alexandra Village to satay, grilled seafood and artisanal desserts at ABC Brickworks. Both are longstanding food haunts that continue to draw diners from all over[28].

For restaurant dining and nightlife, Dempsey Hill is conveniently nearby (under a 10-minute drive)[26]. There, one can find upscale bistros, cafes, and bars set in a charming colonial-era enclave – perfect for a special night out. Whether it’s savoring hawker delicacies or enjoying a fine dining experience, Penrith’s location delivers endless dining delights for residents.

TENURE

Advantages of 99-Year Leasehold Developments

Penrith’s 99-year leasehold status is common for private condos in Singapore, especially in choice locations. While some buyers traditionally prefer freehold, there are clear advantages to a 99-year leasehold property:

• Lower Entry Price: Leasehold condos generally launch at lower prices than comparable freeholds – roughly 10% (or more) price discount for a similar location and size[29]. This means buyers can secure a prime location condo like Penrith at a more affordable quantum than if it were freehold. In turn, a lower purchase price often translates to better potential percentage gains.
• Higher Rental Yields: For investors, a leasehold can actually yield better returns. Tenants pay the same rent whether a unit is freehold or leasehold, so a lower purchase price boosts rental yield[30]. In other words, you spend less capital up front but earn similar rental income, improving the investment’s cashflow.
• Strong Capital Appreciation (Early Years): Leasehold properties tend to appreciate significantly in their first 20–30 years, especially when new. In a desirable city-fringe location, a 99-year condo can see value gains comparable to freehold peers during this period. In fact, resale data from Queenstown shows that original buyers of nearby 99-year condos like Queens Peak and Stirling Residences have reaped profits exceeding S$1 million upon resale[31]. Clearly, having a lease hasn’t hindered capital growth in such cases.
• Ample Buyer Demand: The near sell-out of Penrith itself is telling – modern buyers are increasingly pragmatic about leasehold versus freehold. As one market observer noted, there was “little or no concern about Penrith’s 99-year leasehold status” among buyers[32]. The traditional obsession with freehold has diminished, as buyers focus more on location, price, and project quality. A well-located leasehold can thus enjoy very robust demand and resale liquidity, as Penrith’s launch demonstrated.

Price vs Value Comparison

In the current market, price (quantum) often matters more than the tenure or even the psf rate. Penrith was launched at an attractive price point relative to its location and the prevailing market. Initial two-bedroom units (614 sq ft) were priced from around S$1.495 million (~S$2,437 psf)[33], which is below the typical quantum for new city-fringe condos (many 2-bedders now exceed S$1.7–1.8 million)[34]. Three-bedroom units (around 786 sq ft) ranged around S$2.1–2.3 million, and even spacious four-bedroom units (1,173–1,281 sq ft) were generally kept under S$3.0–3.3 million at launch[35]. This pricing strategy – offering family-sized units at palatable overall prices – clearly struck a chord with upgraders.

On a per-square-foot basis, Penrith’s average selling price came to roughly S$2,800 psf[36] after brisk sales, following a couple of upward price revisions during launch day. This remains competitive when compared to other recent launches in prime central locales. For instance, Zyon Grand (an integrated development near River Valley) averaged about S$3,050 psf at its launch[37], and Promenade Peak (Zion Road) saw prices in the S$2,900–3,300 psf range[38]. Even The Landmark in Chinatown, launched in 2020, averaged around S$2,250 psf then[39] (and has since risen to the mid-$2,000s psf on the resale market). In light of this, Penrith’s pricing offered a value proposition – essentially “city-fringe new condo at RCR prices” – which helped drive its 97% sales on day one.

Ultimately, buyers recognized that Penrith’s overall package (location, quality, and accessible quantum) justified its leasehold status and strong psf. They were willing to pay for the convenience and new-build premium, so long as the absolute prices were within reach. This reflects a broader trend: homebuyers are increasingly focused on value and lifestyle fit, rather than simply chasing the lowest psf or a freehold label[32]. Penrith’s success exemplifies how a well-priced leasehold condo in a great location can deliver both a desirable home and a sound investment.

DEVELOPER BACKGROUND

Hong Leong Holdings (HLHL) and GuocoLand have combined forces to develop Penrith, bringing a wealth of experience and reputation to the project. Both are heavyweight developers in Singapore:

• Hong Leong Holdings – Established in 1968 as the property arm of Hong Leong Group, HLHL is a veteran with nearly 100 residential projects completed across Singapore[40]. HLHL’s track record spans upscale projects like Sage, The Tate Residences and One Balmoral[41], as well as recent mass-market condos like Penrose and Midwood. The company has a reputation for quality and innovation, and together with its sister company CDL (City Developments Ltd.), holds one of the largest residential land banks in Singapore[42]. Hong Leong was also behind Commonwealth Towers in Queenstown, demonstrating familiarity with the locale. As a privately held but award-winning developer, HLHL has consistently delivered homes that retain value and appeal in the resale market.
• GuocoLand Limited – GuocoLand is a major SGX-listed developer known for its iconic integrated developments and luxury projects. Headquartered at the landmark Guoco Tower in Tanjong Pagar, the company’s portfolio includes transformative mixed-use projects like the landmark Guoco Tower/Wallich Residence and the upcoming Guoco Midtown in Bugis. GuocoLand has won numerous awards for design and sustainability, frequently clinching “Top Developer” accolades in industry events[43]. Homebuyers recognize GuocoLand’s projects for their upscale finishes and thoughtful planning of amenities and landscaping.

Notably, Hong Leong and GuocoLand are no strangers to collaboration. They have jointly developed other projects in Singapore – for example, the upcoming Lentor Mansion and Springleaf Residence in the Thomson area were also co-developed by the two partners[44]. This partnership leverages Hong Leong’s deep local market experience and GuocoLand’s innovative design approach, resulting in developments that are both liveable and investment-worthy.

In the case of Penrith, buyers can take confidence that the condo is backed by this duo of established developers. The project is a showcase of their combined expertise – from the heritage-inspired gardens to the efficient layouts and smart provisions, every detail reflects the developers’ commitment to delivering a top-notch home. The strong sales response at launch further underscores the market’s trust in Hong Leong and GuocoLand’s brand names.

COMPARATIVE ANALYSIS: Penrith vs Zyon Grand vs Promenade Peak vs The Landmark vs Riviere

To put Penrith’s offering in perspective, we compare it against several other recent or nearby condominium launches:

Penrith vs Zyon Grand: Zyon Grand (706 units by CDL/Mitsui) is a newly launched integrated condo at Zion Road (River Valley), with direct access to Havelock MRT and on-site retail amenities[45]. Its prime central location commanded a higher price (~S$3,050 psf average)[37]. Zyon Grand also offers 1-bedroom units from ~S$1.3M[46] (Penrith’s smallest is a 2-bedroom ~$1.5M), which attracted more investor buyers, whereas Penrith’s larger unit mix caters to owner-occupiers. Both projects enjoyed strong sales, but Penrith’s appeal lies in its more affordable quantum and community-centric Queenstown setting, versus Zyon Grand’s ultra-convenient, integrated city living.

Penrith vs Promenade Peak: Promenade Peak (596 units by Allgreen) launched in 2025 along Zion Road as well. This 63-storey development boasts panoramic city/river views and a coveted River Valley address. It was priced higher (around S$2,900–3,300 psf on average)[38] and saw a moderate sales take-up (~54% sold launch weekend). Penrith, in contrast, was lower in price and sold out almost entirely. Promenade Peak’s draw is its central location near Great World (and the TEL MRT station there) and its towering vistas, while Penrith offers the convenience of an MRT at its doorstep and a lower entry price. For buyers, it’s a choice between River Valley’s high-rise luxury versus Queenstown’s value and connectivity.

Penrith vs The Landmark: The Landmark (396 units, launched 2020) is a 99-year condo at Chin Swee Road (Outram area). Closer to the CBD, it launched at about S$2,250 psf[39] and has since approached the mid-$2,000s psf as the market rose. The Landmark features many one-bedroom units (aimed at investors) and is a single tall tower near Pearl’s Hill City Park. By comparison, Penrith comprises all 2-bedroom and larger homes (more family-oriented) and is embedded in a mature estate with plentiful amenities. While The Landmark offers greater proximity to downtown, it lacks immediate neighborhood conveniences (no MRT right next door, fewer nearby schools/shops). At similar current price levels, buyers must weigh downtown adjacency at The Landmark versus the day-to-day convenience and family-friendly environment of Penrith.

Penrith vs Riviere: Riviere (455 units by Frasers Property) is a luxury condo by the Singapore River (Robertson Quay), launched in 2019. It offered a chic waterfront lifestyle, with initial prices around S$2,400+ psf (one-bedders from just over S$1.5M)[47]. Riviere’s appeal is its riverfront city living – steps from Great World City, Robertson Quay eateries, and downtown attractions. Penrith, on the other hand, provides a more laid-back city-fringe living next to an MRT and heartland amenities. Both are 99-year leasehold and have seen strong demand (Riviere is nearly sold out at an average ~S$2,600 psf as it reaches completion[48], while Penrith sold 97% at launch). The decision here comes down to lifestyle preference: the upscale riverfront vibrancy of Riviere versus the convenient, community-oriented charm of Penrith’s Queenstown locale.

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