First Queenstown condo in 7 years, Penrith starts from S$2,437 psf

Private condos in Queenstown have been few and far between. In fact, the last condo projects in the area were Margaret Ville with 309 units and Stirling Residences with 1,259 units, both introduced back in 2018. By 2021 and 2022, those developments were completely sold out, leaving buyers waiting for the next opportunity to own a home in this mature and highly sought-after town.

As the first major launch in Queenstown in seven years, Penrith is attracting strong interest, not only for its city-fringe location but also for its thoughtful design, family-friendly unit mix, and extensive facilities.

Project overview

Penrith is a 99-year leasehold condo situated along Margaret Drive, one of the most desirable pockets of Queenstown. This project stands on a 102,498 square foot site and will comprise 462 units spread across two 40-storey towers.

The public preview begins on October 3, 2025, while the official launch is scheduled for October 18, 2025. The development is a joint effort by Hong Leong Holdings, Hong Realty, and GuocoLand.

Hong Leong Holdings has a solid track record in Singapore’s residential market, with recent launches such as Penrose (2020), Springleaf Residence (2025), and Lentor Central Residences (2025). This is also not the group’s first project in Queenstown. Back in 2014, together with its partners, it introduced Commonwealth Towers, an 845-unit condo located next to Queenstown MRT. Units there were first launched at around S$1,639 psf, and prices have since appreciated steadily.

As for Penrith, the site was acquired in August 2024 through the Government Land Sales (GLS) programme for S$497 million, or S$1,154 psf per plot ratio (ppr). With its strong development team and established track record, Penrith is set to offer a balance of modern design, quality finishes, and long-term value for buyers.

Unit mix and pricing

Penrith offers a carefully considered mix of 2- to 4-bedroom units, ranging in size from 614 square feet to 1,281 square feet.

Unlike many newer launches, Penrith does not include 1-bedroom units. This deliberate choice points to its focus on families, HDB upgraders, and owner-occupiers who prioritise liveable space over compact units.

You’ll also notice a strong emphasis on 2-bedroom units, which have grown in popularity in recent years. These homes are no longer limited to couples or small families. Increasingly, even singles are choosing two-bedders for their versatility, using the extra room as a study, hobby space, or guest room.

If you’re someone who values larger spaces, the 3- and 4-bedroom units provide more flexibility for multi-generational living or growing families. High-floor units will also enjoy sweeping views of the city skyline and surrounding greenery, which adds to the appeal.

The units come with modern fittings and smart home features such as digital locksets, smart lighting, air-con controls, and expandable home automation options via Z-Wave technology.

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Location highlights

Penrith is located along Margaret Drive in Queenstown, a city-fringe area that combines good accessibility with the familiarity of an established neighbourhood.

Connectivity

The development is about a four-minute walk to Queenstown MRT station on the East-West Line. For those who drive, there is direct access to the AYE and CTE, which makes it possible to reach Orchard Road or the CBD in roughly 10 to 15 minutes. A sheltered walkway also connects Penrith to the Alexandra Park Connector, linking residents to nearby green spaces.

Schools nearby

Families with school-going children will find several options close by. Queenstown Primary School is directly next to the development, while New Town Primary, Queensway Secondary, Queenstown Secondary, and Crescent Girls’ School are within the vicinity. Preschools such as PCF Sparkletots, E-Bridge, and My First Skool are also located a short drive away.

Retail and lifestyle

Day-to-day amenities and dining options are accessible within the area. These include Margaret Drive Hawker Centre, IKEA Alexandra, Anchorpoint, Alexandra Central, Dawson Place, Queensway Shopping Centre, and Mei Ling Market. For broader retail and leisure choices, Orchard Road and Dempsey Hill are within a short drive.

Recreation

The development is situated beside the Alexandra Canal Linear Park, part of the Park Connector Network. This route provides connections to places such as River Valley, Robertson Quay, Clarke Quay, and Marina Bay Sands, offering recreational and leisure options beyond the immediate neighbourhood.

Overall, Penrith’s location provides a mix of transport connectivity, schooling options, everyday amenities, and access to outdoor spaces, while being set within a mature residential estate.

Facilities and features

Penrith is designed with families and community living in mind. Across its two towers and landscaped grounds, you’ll find a variety of thoughtful facilities:

Penrith will be made up of two 40-storey towers positioned on an elongated plot of land, with the main entrance set along Margaret Drive. Residents will arrive through a dedicated drop-off area that leads to a clubhouse offering a gym and function rooms, while a two-storey clubhouse adds further communal spaces. 

An early childhood development centre is also built into the development, complete with its own drop-off point for parents. For recreation, the project features a 50-metre swimming pool, a children’s pool, and a full-sized tennis court, which is less common in newer launches today. 

Each tower will also include a roof garden on the 40th storey, offering a wide range of communal facilities. Block 72 will feature spaces such as the Juniper Lounge, Hammock Deck, Horizon Terrace, Stargazing Deck, and a Sky Dining Terrace with BBQ. Block 70 will provide an Outdoor Reading Lounge, Yoga Lawn, Sunset Terrace, Scented Garden, and Alfresco Dining with BBQ. 

Both roof gardens will also be equipped with accessible toilets for added convenience.

In total, there will be 377 parking lots, which works out to an 80% lot-to-unit ratio. Penrith is also designed with sustainability in mind and is expected to attain the BCA Green Mark Platinum (Super Low Energy) certification upon completion.

Urban renewal and future growth in Queenstown

While Queenstown is one of Singapore’s oldest housing estates, it is also undergoing significant rejuvenation.

The Tanglin Halt redevelopment will add about 5,500 new homes, along with a new hawker centre, market, and better connectivity to Commonwealth MRT and the Rail Corridor.

Beyond this, the URA has also earmarked more residential plots in the area, creating room for future private and public housing.

Since 2021, HDB has steadily introduced new BTO projects in Queenstown, many of which will reach their Minimum Occupation Period (MOP) in the coming years. These will naturally generate a wave of potential HDB upgraders looking to move into private housing nearby.

So even though parts of Queenstown still carry their vintage charm, the wider area is on a clear path of rejuvenation. 

Market considerations and nearby condo comparisons

According to URA Realis data for 2025, resale prices in Queenstown developments are currently lower than Penrith’s starting point of S$2,437 psf. Margaret Ville averages about S$2,207 psf, Stirling Residences around S$2,379 psf, Commonwealth Towers about S$2,248 psf, and Queens Peak roughly S$2,209 psf.

While Penrith’s pricing starts above the resale averages, the steady performance of earlier condos shows the resilience of the Queenstown property market. Demand has consistently been supported by HDB upgraders, with the town recording some of the highest numbers of million-dollar flat transactions, especially at SkyTerrace @ Dawson and SkyVille @ Dawson.

Developers are confident that Penrith will attract significant interest. With its rare location, family-focused unit mix, and comprehensive facilities, the project is expected to appeal to both homebuyers and investors.

Wrapping up

Penrith’s arrival marks more than just another condo launch – it signals the reopening of Queenstown’s private residential market after a seven-year pause. With its location along Margaret Drive, comprehensive facilities, and focus on practical layouts, the project is likely to draw attention from both homeowners and investors. Pricing may start above current resale averages in the area, but this is consistent with the premium that new launches command, especially in a mature and well-connected estate like Queenstown.

At the same time, the neighbourhood itself continues to evolve. From the Tanglin Halt redevelopment to new BTO projects feeding future upgrader demand, Queenstown’s appeal is being reinforced through renewal and steady interest. For you as a buyer, Penrith represents not only a chance to secure a home in a prime city-fringe location but also to be part of a district with a proven track record of resilience and growth.

Stay updated with the latest news and insights on Singapore’s new launch market here.

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