Penrith, a 462-unit residential development located at Margaret Drive in Queenstown’s District 3 and jointly developed by Hong Leong Holdings and GuocoLand, achieved a remarkable 97% sell-through rate on its October 18, 2025 launch day. Units transacted at an average price exceeding S$2,800 per square foot across a range spanning from S$2,435 to S$3,088 psf.
This performance ranks among the highest first-day absorption rates recorded in Singapore’s new residential market during 2025, underscoring exceptional buyer appetite for city-fringe properties in established estates.
The project comprises two 40-storey blocks containing 462 units across 39,994 square meters of gross floor area. It is situated on a 9,522.3-square-meter site with a 99-year leasehold tenure and an estimated Temporary Occupation Permit delivery in 2029. The development is strategically positioned near Queenstown MRT station on the East-West Line, providing direct access to the CBD and other parts of Singapore.
Entry-level pricing commenced near S$2,400 psf, positioning the project competitively within the core city-fringe segment relative to other recent launches. Premium top-floor configurations achieved peak valuations of S$3,088 psf.
The competitive pricing structure reflected the developers’ strategic land acquisition in 2024 at S$1,154 psf per plot ratio during a market lull, enabling favorable cost positioning at launch.
Pre-launch demand considerably exceeded available supply, with subscription rates exceeding 4.1 times oversubscription and extensive ballot applications registered prior to the public offering. The robust pre-launch interest demonstrated strong buyer confidence in the development’s location and positioning.
This robust demand reflects pent-up buyer interest, particularly given Queenstown’s absence of major new launches since Stirling Residences in 2017, combined with limited supply expansion in the locality. The strong sales performance indicates the market’s resilience despite ongoing government efforts to promote sustainable market growth aligned with economic fundamentals.
Several unit configurations sold entirely on launch day, demonstrating allocation velocity across diverse buyer preferences.
The development offers all-encompassing condominium amenities including rooftop gardens, swimming facilities, fitness centers, landscaped communal spaces, and early childhood development provisions.
Unit configurations range from two-bedroom to four-bedroom layouts, each featuring large windows and premium finishes designed to appeal to owner-occupiers and investors seeking established neighborhood characteristics.
Location advantages include proximal access to Queenstown MRT station on the East-West Line, proximity to retail centers including IKEA Alexandra and Queensway Shopping Centre, and nearby educational institutions such as Crescent Girls’ School and the National University of Singapore.
The launch performance signals sustained market resilience within the residential segment and establishes a notable benchmark for absorption rates and pricing within the core city-fringe category during the late 2025 period.
