Penrith Condo Review (2025): Full Pricing & Unit Layout Analysis

For the first time in seven years, a new condo in Queenstown is being launched and buyers are noticing. Penrith condo in Singapore, a collaboration between Hong Leong Holdings, GuocoLand, and Hong Realty, marks a milestone in this mature, city-fringe district. Located on Margaret Drive, this new launch condo offers 462 premium units on a 99-year leasehold, with an estimated TOP in 2029.

As the first GFA-harmonised condo in Queenstown, Penrith maximises usable space while maintaining a prime position between Queenstown MRT and Commonwealth MRT. Starting from $2,437 psf, it’s competitively priced among new condos in Singapore within the RCR, offering the perfect balance of convenience, value, and long-term Singapore real estate potential.

Project Overview: What makes Penrith stand out in 2025?

Penrith is more than just another Singapore property launch, it’s a statement of how thoughtfully designed condominiums in Singapore can still thrive in mature estates. As the first major residential launch in Queenstown since 2018, it embodies the next phase of the area’s evolution.

Location & Connectivity

Nestled on Margaret Drive, Penrith enjoys one of the most strategic city-fringe positions in Singapore. You’re situated between Queenstown MRT and Commonwealth MRT, giving you quick access to both east–west and central routes. For drivers, the AYE and PIE are less than five minutes away, ensuring smooth commutes to Orchard Road, the CBD, and One-North in just 10–15 minutes.

Beyond its transport connectivity, Penrith’s surroundings read like a lifestyle wish list. Within a 500-metre radius, residents will find the Alexandra Canal Linear Park, Dawson Place, and the Margaret Drive Hawker Centre: everyday conveniences within a short stroll. Slightly further out, lifestyle nodes such as Holland Village, Dempsey Hill, and Great World City offer a range of dining, retail, and recreation options.

The site itself sits between SkyVille @ Dawson and Queenstown Primary School, surrounded by established housing clusters that give it both community vibrancy and long-term stability. Most importantly, despite its proximity to the MRT, Penrith does not face the train tracks directly: a rare advantage in Queenstown, where older condos often deal with noise from passing trains.

So, you get MRT-level convenience without the noise trade-off; something few other Queenstown condos near MRT can claim.

“I’ve always believed Queenstown is one of Singapore’s most quietly successful neighbourhoods. Over the past decade, it has evolved from being seen as an ‘old estate’ to becoming a benchmark for million-dollar HDBs. When you walk along Margaret Drive today, it’s not just nostalgia; it’s progress.

What’s clever about Penrith is how it leverages this transformation without trying to reinvent it. You’re not buying into an untested area; you’re buying into a district that’s already proven its resilience.”

Developer Profile: Trusted Names Behind Penrith

In a market where developer pedigree often determines long-term value, Penrith condo in Singapore stands on exceptionally strong foundations. Behind this highly anticipated new launch condo are three of Singapore’s most established real estate players: Hong Leong Holdings, Hong Realty, and GuocoLand.

This trio has a long history of collaboration, responsible for several of Singapore’s most successfully integrated residential projects. Their collective track record offers not just reassurance of quality but also insight into how Penrith has been envisioned as a premium, yet practical residence designed to age gracefully.

Hong Leong Holdings: Reliability and Consistency

As one of Singapore’s most respected private developers, Hong Leong Holdings has been a consistent name in the Singapore property landscape since the 1960s. The company’s philosophy has always been about delivering homes that balance aesthetics, function, and long-term durability.

In recent years, Hong Leong has been behind landmark projects such as Penrose, Midwood, and The Jovell, all of which sold well and demonstrated thoughtful space planning and quality finishing. More recently, its projects like Springleaf Residence and Lentor Central Residences continue that legacy, proving its keen understanding of market trends and buyer needs.

Notably, this isn’t Hong Leong’s first foray into Queenstown. Together with its partners, it developed Commonwealth Towers in 2014, a project that has since shown consistent appreciation, with resale prices now averaging over $2,200 psf. This long-term performance underscores how Hong Leong’s presence in a neighbourhood often translates to enduring demand.

GuocoLand: Design Excellence and Urban Vision

GuocoLand, on the other hand, brings design ambition and large-scale vision to the partnership. Known for high-profile developments like Midtown Modern, Martin Modern, and Lentor Modern, GuocoLand has carved a niche for crafting lifestyle-centric, architecturally refined spaces that elevate everyday living.

Their projects often blend green spaces, smart design, and lifestyle amenities: an approach that’s clear in Penrith’s blueprint too. Partnering with ADDP Architects, GuocoLand is applying the same principles of sustainability and integrated urban living that made Lentor Modern a benchmark for city-fringe developments.

From integrated landscaping to energy-efficient systems, their influence ensures that Penrith aligns with modern sustainability standards while delivering a sense of calm luxury.

Together, these two developers have a shared commitment to Liveable Urban Luxury: homes that feel both elevated and enduring, not just impressive on launch day.

A Proven Partnership Built for the Long Term

When Hong Leong Holdings and GuocoLand team up, it often leads to well-balanced projects that hold their value over time. Their partnership previously produced Midtown Modern and Lentor Modern, both of which achieved high take-up rates at launch and have maintained strong secondary-market interest.

At Penrith, their joint focus extends to long-term sustainability. From achieving the BCA Green Mark Platinum (Super Low Energy) certification to incorporating features like EV charging, smart-home integration, and rainwater harvesting, the developers are positioning the project for future-ready living: a key differentiator in the RCR market.

It’s also worth noting that the acquisition of the Penrith site, secured at $1,154 psf ppr, represents a disciplined approach to land cost management. This relatively conservative bid (compared to Bayshore’s $1,388 psf ppr) gives the developers room to offer more measured entry prices, a win for buyers looking to enter the Singapore real estate market with a strong value proposition.

“When I evaluate new projects, one of my first filters is always the developer. Hong Leong and GuocoLand are names that carry weight because they’ve weathered multiple market cycles without compromising on quality.

Their projects may not always be the flashiest, but they’re enduring; the kind that quietly appreciate over time. For buyers, that reliability matters just as much as a good price per square foot.”

Design, Layouts & Facilities: Thoughtful Urban Luxury

Every detail of Penrith condo in Singapore has been shaped around modern urban lifestyles: a mix of refined design, efficient layouts, and resort-inspired living. The development balances aesthetics and functionality, delivering what many would call the “sweet spot” between premium comfort and day-to-day practicality.

As a new launch condo in one of Singapore’s most established estates, Penrith doesn’t just aim to impress at first glance, it’s designed for long-term liveability. From its architectural form to its internal unit configurations, the project shows how thoughtful planning can make a dense urban site feel open, calm, and elegant.

Architectural Concept & Site Plan

Penrith will rise over 40 storeys across two slender towers, making it one of the tallest structures in Queenstown. The vertical design maximises light, air, and panoramic views; so, residents on higher floors can expect clear sightlines toward the city skyline, Alexandra Canal Linear Park, and even Sentosa on clear days.

The façade features vertical greenery, shaded glass, and a balance of steel and stone finishes: a distinct urban-resort aesthetic that blends seamlessly with the surrounding Dawson precinct. Landscape architects have incorporated layered green decks and pocket courtyards, giving residents a sense of retreat right at home.

The ground level houses a welcoming drop-off plaza and a two-storey clubhouse, while landscaped pathways lead to various leisure zones. Penrith’s elongated plot layout allows for separation of recreation areas from the main circulation roads: a small but important touch that enhances privacy and safety for families.

Amenities are spread thoughtfully throughout: pools and active zones on lower decks, serene lounges and dining spaces on sky terraces, and community areas near the clubhouse.

These design choices echo the best practices from GuocoLand’s other integrated developments, elevating not just the appearance but the experience of daily living.

Unit Mix & Layouts

Penrith offers 462 residential units, ranging from 2-bedroom to 4-bedroom premium configurations, all optimised for space efficiency and flexibility.

Here’s a summary of the estimated mix:

Unit Type	Size Range (sqft)	Starting Price	From PSF	Units	Share of Total
2-Bedroom	614 – 678	$1.495M – $1.665M	From $2,437 psf	154	33%
3-Bedroom	786 – 1,066	From $1.973M	From $2,511 psf	194	42%
4-Bedroom	1,173 – 1,281	From $3.078M	From $2,623 psf	114	25%

Table: Unit Mix Features

Unlike many new condo launches in Singapore, Penrith doesn’t include 1-bedroom units, which is a deliberate choice that signals its focus on families and long-term owner-occupiers. The layouts are efficient and smartly zoned, minimising corridors and maximising usable space.

The 2-bedroom units cater to young couples, small families, and even singles seeking flexibility. Many are opting for two-bedders today as hybrid homes: one room for relaxing, the other for remote work or hobbies.

The 3-bedroom units hit the sweet spot for HDB upgraders and young families, offering a well-balanced blend of space and value. Most units come with enclosed kitchens and clearly defined living/dining zones that are ideal for multi-generational use.

Meanwhile, the 4-bedroom premium units are designed with walk-in wardrobes, dual-balcony layouts, and store/utility rooms; thus creating a semi-luxury feel that’s rare in the RCR at this price range.

All homes come with smart-home integration via Z-Wave technology, digital locksets, and energy-efficient fittings, reflecting the developers’ push toward sustainability and intelligent living.

“From an advisor’s perspective, I see the 2- and 3-bedroom units appealing most to HDB upgraders. They hit that balance between affordability and liveability, big enough to grow into but not oversized. Investors might find the 2-bedders compelling for rental yield, especially given Queenstown’s tenant mix from One-North and NUH.

For genuine homeowners, though, the 4-bedders feel like hidden gems. They offer what I’d call ‘practical luxury.’ You get space, privacy, and premium finishes without crossing into CCR pricing.”

Facilities & Lifestyle Offerings

Despite its mid-sized plot, Penrith packs an impressive spread of facilities. The development’s recreation zones are designed around the concept of vertical community living, balancing private sanctuaries with communal gathering spaces.

Key Highlights Include:

• 50-metre lap pool and children’s water play area
• Full-sized tennis court (a rarity in modern launches)
• Two-storey clubhouse with gym, function rooms, and co-working lounges
• Rooftop sky gardens on both towers, featuring themed decks such as:
  • Sky Dining Terrace
  • Hammock Deck
  • Yoga Lawn
  • Stargazing Pavilion
  • Sunset Lounge
• Early Childhood Development Centre (ECDC) with a separate drop-off
• EV charging bays, smart parcel lockers, and energy-efficient lighting

Both sky gardens feature accessible restrooms and multiple dining terraces, turning the rooftop into a genuine social space rather than a token feature. With around 377 parking lots (80% ratio), the project strikes a balance between sustainability and practicality.

Expected to achieve BCA Green Mark Platinum (Super Low Energy) certification, Penrith exemplifies how newer condominiums in Singapore are blending eco-conscious design with luxury living.

Pricing & Launch Details: What You Need To Know?

For buyers comparing Penrith condo in Singapore to other new launch condos, pricing will be one of the first considerations. While the development sets a new benchmark for Queenstown condos near MRT, its overall quantum remains competitive, thanks to efficient layouts and a family-focused mix.

Indicative Price Range & PSF Comparison

Penrith’s official guide prices start from $2,437 psf, with 2-bedroom units beginning at about $1.495 million, 3-bedders from $1.973 million, and 4-bedders from $3.078 million.

Here’s how it stacks up against key nearby projects:

Project	Location	Launch Year	Average PSF (2025)	Distance to MRT
Penrith	Margaret Drive	2025	From $2,437	4-min walk to Queenstown MRT
Stirling Residences	Stirling Rd	2018	$2,344	3-min walk
Margaret Ville	Margaret Dr	2018	$2,169	6-min walk
Queens Peak	Dundee Rd	2016	$2,195	1-min walk
Commonwealth Towers	Commonwealth Ave	2014	$2,205	1-min walk

Table: Penrith vs Nearby Projects

In the Rest of Central Region (RCR), the 2025 average sits around $2,550 psf, while OCR projects like Faber Residence and Springleaf Residence hover between $1,950–$2,200 psf. That positions Penrith slightly below top-end RCR new launches like Skye at Holland ($2,598 psf) and Bloomsbury Residences ($2,503 psf), making its entry point justifiable for its city-fringe address and developer pedigree.

Buyers are effectively paying a small premium for proximity and rarity, not overpricing: a critical distinction in today’s Singapore property market.

Launch Timeline & Booking Process

Penrith’s preview begins on 3rd October 2025, followed by the official launch on 18th October 2025. Interested buyers can register early for preview slots and enjoy priority booking during the initial release.

Given Hong Leong and GuocoLand’s past track records, expect a structured sales rollout with early-bird pricing available for first-round buyers. Those who secure units during this window may benefit from a slight discount (typically 1–2%), which often disappears once sales momentum builds post-launch.

Investment Analysis: Who Should Consider Penrith?

Penrith’s appeal isn’t limited to homeowners. As a new launch condo in a mature RCR district with scarce supply, it ticks many boxes for Singapore real estate investors looking for stable yields and long-term capital growth. Let’s uncover Penrith condo investment analysis to get a better view.

1. Rental Potential & Demand Drivers

Queenstown’s tenant pool has remained one of the most resilient in the city fringe. Proximity to One-North, NUH, Alexandra Technopark, and Biopolis ensures consistent demand from medical professionals, researchers, and expats.

Current rental yields in the area range between 3.3% to 3.8%, outperforming most mature estates due to connectivity and proximity to CBD.

Penrith’s 2- and 3-bedroom units are likely to be investor favourites, offering manageable entry prices and strong leasing demand. The limited pipeline of new projects in Queenstown (last launched in 2018) adds to the project’s rental resilience.

Quick Note: Units under 800 sq. ft. are the “sweet spot” for tenants, easy to maintain and positioned within mid-range rental budgets, keeping turnover low.

2. Capital Appreciation Outlook

Queenstown’s property market has historically shown steady, recession-resistant appreciation. According to URA Realis, resale prices in the district rose from $1,652 psf in 2014 to $2,200 psf in 2024, an annualised gain of roughly 2.9% with stronger performance post-2021 due to renewed demand.

Future growth catalysts include:

• Tanglin Halt redevelopment (5,500 new homes + new hawker centre + market)
• Dawson precinct renewal with upgraded amenities
• Limited GLS supply in D3, maintaining scarcity premium
• Continued migration of HDB upgraders from SkyVille@Dawson and SkyTerrace@Dawson

While immediate flipping potential is modest due to ABSD and loan restrictions, Penrith’s 5–10-year appreciation horizon looks strong, particularly given its developer’s discipline in pricing and long-term branding.

3. Buyer Profiles: Who Fits Best?

Profile Type	Why Penrith Works
HDB Upgraders	Located near Dawson and Commonwealth, Penrith provides a natural next step for families upgrading from mature HDBs.
Investors	Steady tenant demand, manageable quantum, and RCR positioning for yield stability.
Families & Professionals	Larger unit options, proximity to top schools (Queenstown Primary, Crescent Girls’), and MRT connectivity.
CCR Buyers Seeking Value	Premium design and location without CCR-level entry prices.

Table: Buyer Profile Fits

In short, Penrith is positioned as both a homeowner’s haven and an investor’s stability play: a rare balance for a mid-sized condominium in Singapore.

Comparative Market Context: How Penrith Stacks Up?

Even in a competitive Singapore real estate market, Penrith’s fundamentals set it apart. It’s not the cheapest in Queenstown, but few projects can match its combination of location, layout efficiency, and newness.

1. Nearby Project Comparison

Project	Tenure	Avg PSF (2025)	Key Highlights	Penrith’s Edge
Stirling Residences	99 yrs	~$2,344	Large site, good landscaping	Newer, quieter site, more efficient GFA
Queens Peak	99 yrs	~$2,195	Next to MRT, smaller units	Better liveable space, newer specs
Blossoms by the Park	99 yrs	~$2,650	Buona Vista/One-North location	Lower PSF, closer to core city
Commonwealth Towers	99 yrs	~$2,205	Larger project (845 units)	Smaller community, modern design

Table: Competitor Analysis

Penrith isn’t competing on lowest PSF, it’s positioned for buyers who value modernity, exclusivity, and maturity. With fewer than 500 units, it avoids the density trade-offs of mega-developments, offering a quieter, more personal living experience.

2. Market Timing: Is 2025 a Good Year to Buy?

2025 marks a turning point for RCR projects. With SORA rates easing, stabilising land bids, and controlled GLS supply, market sentiment is cautiously optimistic.

Developers are more measured and launches like Penrith; priced sensibly below CCR peers, aligning well with this new phase. RCR properties remain the “middle ground” choice for long-term stability: better capital upside than OCR, less volatility than CCR.

FAQs 

Q1. What is the launch date for Penrith @ Margaret Drive?

Preview begins 3 October 2025, official launch 18 October 2025.

Q2. How many units are there and what’s the mix?

462 units: 2- to 4-bedroom configurations only, no 1-bedders.

Q3. Who are the developers?

A joint effort by Hong Leong Holdings, Hong Realty, and GuocoLand.

Q4. What’s the starting price and tenure?

From $1.495 million ($2,437 psf), 99-year leasehold, TOP in April 2029.

Q5. Is Penrith a good investment?

Yes, limited Queenstown supply, proven developer, and strong upgrader demand support long-term value.

Q6. Any early-bird discounts?

Likely small preview incentives for registered buyers during round-one bookings.

Final Thoughts – My Take As A Mortgage Advisor

Having watched Singapore’s condo market evolve for over a decade, I see Penrith as one of those rare launches that gets the fundamentals right: strong developer, well-balanced pricing, and an unbeatable location in a district that keeps maturing gracefully.

It’s not a speculative buy; it’s a steady, long-term hold. The kind you choose when you want both lifestyle comfort and predictable appreciation.

That said, it’s a premium entry, so ensure your financing is structured smartly. If you’re considering Penrith or nearby new launch condos, I can help you compare bank loan rates and find the best fit. Connect with me today for a detailed outlook on how your next purchase will benefit you.

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*The information and publications on this website are not intended to be and do not constitute financial advice from Dollarback Mortgage Pte Ltd.