Project Overview

Penrith is a 99-year leasehold condominium development by joint developers GuocoLand, Hong Leong Holdings and Hong Realty, located at 70-72 Margaret Drive, District 3 (Alexandra/Queenstown) in Singapore.

• Total units: approx. 462 residential units.

• Site area: approx. 102,497 sq ft (≈9,522 sqm) on Margaret Drive.

• Two towers of ~40 storeys each.

• Expected TOP around Q2/2029.
  This is the first major new private condo launch in the Queenstown area since 2018, making it a “city-fringe / RCR” (Rest of Core Central Region) proposition with good upside.

Location & Connectivity

• Address: 70-72 Margaret Drive, District 3 (Alexandra / Commonwealth)

• MRT: Just a short walk to Queenstown MRT Station (East-West Line) — about 4-8 minutes.

• Expressways & Road Access: Quick access to AYE, CTE, making linkage to Orchard, CBD, Marina Bay convenient.

• Amenities: Margaret Drive Hawker Centre, IKEA Alexandra, Anchorpoint Mall, Alexandra Central, the mature Queenstown estate and the Alexandra Canal Linear Park/rail corridor nearby.

• Future Upside: As the Queenstown / Alexandra precinct further develops and benefits from city-fringe demand, the location positions Penrith well for medium/long-term value.

Product & Features

• Tenure: 99-year leasehold.

• Unit mix: 2-bedroom, 2-bedroom premium, 3-bedroom, 3-bedroom premium, 4-bedroom, 4-bedroom premium layouts.

• Unit sizes: For example, 2-bedroom units around ~614 sq ft, 2-bedroom premium ~678 sq ft, 3-bedroom ~786-850 sq ft, 4-bedroom ~1,173 sq ft+ in early pricing.

• Facilities: Extensive facilities expected — lap pool, children’s pool, tennis court, sky gardens, function rooms, early childhood development centre on site, smart home features.

• Developer pedigree: GuocoLand & Hong Leong Holdings are well-regarded developers, providing assurance on build quality and finish.

Investment & Appeal

• The launch at Penrith addresses a pent-up supply gap in Queenstown (first new launch in ~7 years) — this strengthens demand fundamentals.

• The location is a strong city-fringe pick: near MRT, in a mature estate with amenities, and more affordable than CCR (Core Central Region) launches — so value entry for upgraders & investors.

• For families: moderate size units from 2-bedrooms up, along with good school access and family-friendly environment make it appealing.

• For investors: Good rental catchment given connectivity, proximity to CBD, and fresh product. The scale of 462 units means supply is limited for this area for some time.

• Average PSF at launch: reported at ~S$2,800 psf average for units sold early. 
  This suggests pricing remains competitive compared to other high-end launches.

• Long term: As Queenstown/ Alexandra undergo further rejuvenation, the site may benefit from increased value.

Price & Unit Summary

• Launch pricing: 2-bedrooms from ~S$1.495 M for ~614 sq ft. (approx ~S$2,437 psf)

• 4-bedrooms ~1,173 sq ft from around S$3.078 M (~S$2,623 psf) in early listing.

• Overall PSF range at launch: from ~S$2,437 to ~S$2,623 for many unit types in initial list.

• Units sold: 447 of 462 units sold (~97%). Average about S$2,800 psf. 
  This strong take-up signals healthy market demand.

Schools

Nearby schools include:

• Queenstown Primary School — very close, high convenience for families.

• New Town Primary School — within a short distance.

• Queensway Secondary School — within the catchment.

• Additional preschools/childcare options expected given the site includes an early childhood development centre. 
  Good schooling options enhance owner-occupier and family buyer appeal.

Key Takeaways for Investors / Buyers

• Strong entry value for city-fringe location: Penrith offers a central location in District 3 but at a price point significantly lower than some CCR launches.

• Developer quality + supply gap: Trustworthy developers, good location, and gap in new supply in Queenstown support value.

• Unit selection critical: Focus on units with good stacks, views, higher floors, proper orientation — these will differentiate long-term.

• Supply & horizon: Being mid-sized (462 units), not massive, meaning supply is limited in this sub-zone for new launches → value retention stronger.

• Family + investor appeal: With 2-4 bed units, good schooling nearby, connectivity, and facilities, it ticks both owner-occupier and investment boxes.

• Consideration: Leasehold 99 years means long-term hold may be more important than short-term flip. Completion around 2029 means you’ll need to budget for interim costs/loan servicing.

• Macro & market risk: As with any property investment, interest rate, supply pipeline, and economic conditions matter. But the fundamentals for Penrith are favourable in its segment.

• Rental potential: With MRT access, good connectivity and family-friendly neighbourhood, strong rental appeal — especially for upgraders, young families, professionals.

• For owner-occupiers: Good lifestyle pick — mature estate, green / canal park nearby, connectivity to CBD/Orchard, yet more value than some ultra-premium neighbourhoods.