In this week’s episode of Open House, hosts Susan Ng and Felicia Tan from 99.co explored two distinct yet timely topics in Singapore’s property landscape. First, they took a closer look at Penrith, a new 99-year leasehold development along Margaret Drive in Queenstown. Later in the episode, they shifted focus to discuss whether industrial properties have become a strategic move for long-term investors.
Table of contents
- Inside Penrith at Margaret Drive
- Are industrial properties Singapore’s next strategic investment?
Inside Penrith at Margaret Drive
Located between the city centre and Queenstown, Penrith sits right next to the Alexandra Canal Linear Park. With 462 units spread across two 40-storey towers, the development features a mix of 2- to 4-bedroom units, catering to both homeowners and investors.
According to Jonathan Lee, Division Director at ERA Realty Network, the smaller layouts, mainly 2- and 3-bedroom units, will likely attract young professionals, couples, and small families who prefer a city-fringe address with strong rental potential. On the other hand, the larger 4-bedroom units are designed for upgraders and multi-generational families who value space, comfort, and accessibility.
Family-oriented living and amenities
Penrith’s design places strong emphasis on family living. Beyond the modern facilities you’d expect from a new launch, the development’s English garden-inspired theme gives it a relaxed, community feel. You’ll find playgrounds, gazebos, and landscaped spaces that encourage residents to slow down and connect with one another.
Queenstown’s wider rejuvenation also adds to the appeal. The government’s Age Well initiative, announced at this year’s National Day Rally, will enhance the area with revitalised community hubs such as a refreshed Mainlink Neighbourhood Centre and a new plaza at Dawson Place. These improvements aim to make the estate inclusive for all ages, from young families to seniors.
Convenience is another strong suit. The development sits just a four-minute walk from Queenstown MRT station, providing access to the East-West Line. From there, you’re only a few stops away from Buona Vista, Orchard, and the CBD, as well as connections to the Circle Line, North-East Line, and Thomson-East Coast Line. For drivers, Penrith offers quick access to Tanglin, Orchard, and Dempsey Hill, each only a few minutes away.
Want a more in-depth look at Penrith? Read here: First Queenstown condo in 7 years, Penrith starts from S$2,437 psf
Designed with everyday needs in mind
Families with young children will appreciate the early childhood development centre located within Penrith itself. The development includes an early childhood development centre within its compound, giving parents peace of mind knowing their little ones are cared for safely nearby. There are also several preschools in the vicinity, along with Queenstown Primary School located just across the road, making daily routines simpler for families.
The development also borders the Alexandra Canal Linear Park, which connects to Robertson Quay, Clarke Quay, and Marina Bay. Whether you prefer an evening stroll or a weekend cycle, the park connector brings outdoor living right to your doorstep.
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Pricing, value, and investment potential
Penrith’s units are priced from around S$2,437 per square foot, averaging about S$2,800 psf – comparable to nearby projects in the Rest of Central Region (RCR). It’s been about seven years since the last major launch in Queenstown, which was Stirling Residences, making Penrith a fresh opportunity for buyers looking for a new project in this area.
Jonathan noted that Penrith stands out as Queenstown’s first harmonised project, meaning air-conditioning ledges aren’t included in the unit’s floor area. This means buyers are paying only for actual liveable space, resulting in about 5–6% cost savings compared to older, non-harmonised developments – not because of added space, but because pricing now better reflects what you can truly use.
With a strategic city-fringe location and strong rental prospects, Penrith appeals to both investors and owner-occupiers alike. Nearby amenities such as IKEA Alexandra, Dawson’s rejuvenated precinct, and Star Vista enhance its liveability, while the ongoing redevelopment of Tanglin Halt, which will add about 5,500 new homes, further underscores the area’s long-term growth potential.
Are industrial properties Singapore’s next strategic investment?
After discussing Penrith, the hosts turned their attention to Singapore’s industrial property market – a segment that has evolved significantly over the decades. To explore this, they spoke with Alan Cheong, Executive Director of Savills Research and Consultancy.
Alan explained that Singapore’s industrial landscape has undergone multiple transformations, from the early days of Science Park 1 in 1982 to more recent developments like Mapletree Business City and Punggol Digital District. Each new phase has shortened in cycle, reflecting how rapidly innovation-driven industries are reshaping business needs.
What’s driving the sector’s growth
Over the years, companies have sought cost-efficient and flexible spaces that resemble modern office environments. This shift has driven the rise of high-specification industrial buildings and business parks, which provide a professional look and feel at lower rental costs.
Among industrial segments, data centres currently lead demand due to the rise of AI services and cloud computing. However, Alan noted that the number of data centre licences is limited, so this segment remains largely accessible only to institutional investors.
The logistics sector continues to attract strong interest, especially for temperature-controlled and ramp-up warehouses, while food factories in central locations also see steady demand. These are segments where individual investors can still participate through strata-titled units.
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Policy support and market dynamics
Government initiatives have also shaped industrial development. Projects like CleanTech Park and Punggol Digital District were created to support specific industries such as sustainability and cybersecurity. These targeted zones have led to greater rent differentiation and a wider spread of industrial pricing across locations.
Meanwhile, the limited supply of freehold industrial properties has driven up prices, with many investors viewing them as land-banking opportunities for potential future redevelopment.
Yields have also played a major role in attracting interest. While office and retail properties saw compressed yields due to rising interest rates, industrial assets continued to offer 6–6.5% yields, making them more attractive to investors seeking stability.
Risks and considerations
However, Alan cautioned that industrial investments are not without risks. For individuals, it’s important not to be swayed by lower entry prices alone. You need to consider who your tenants will be, whether your unit size fits market demand, and if the property complies with industrial usage rules.
For institutions and funds, lease length is a major factor – most industrial properties come with 30-year leases, so resale value and exit strategy must be carefully planned. Market size and competition are also key risks, as overdevelopment in specific zones could lead to oversupply.
Sustainability and the future of industrial spaces
Sustainability is becoming a defining trend in this sector. Tenants – especially multinational corporations – are now more selective, preferring green-certified buildings to align with their corporate ESG goals. Private equity firms and institutional investors are following the same direction, as their funds often require sustainable investment compliance.
Looking ahead, Singapore’s industrial landscape seems poised for continued evolution. From AI-powered data centres to next-generation logistics hubs, industrial assets are slowly shifting from niche to mainstream investments – appealing to those seeking both yield and long-term growth potential.
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