Nearly 800 new launch units sold across Penrith and Faber Residence over the weekend

The property market saw another strong showing over the weekend of 18–19 October, as two new condominium projects — Penrith and Faber Residence — drew robust demand from buyers. The momentum came just a week after the near sell-out of Skye at Holland in the Core Central Region (CCR).

At Penrith, located along Margaret Drive in the city-fringe Queenstown area (RCR), developers achieved remarkable results with 447 units sold. Meanwhile, Faber Residence, nestled along Faber Walk in Clementi within the Outside Central Region (OCR), saw 344 units snapped up. Combined, the two launches moved nearly 800 units, signalling continued buyer confidence in both the city-fringe and mass-market segments.

Penrith: 97% take-up, S$2,800 psf on average

Jointly developed by Hong Leong Holdings, Hong Realty, and GuocoLand, Penrith comprises 462 units across two elegant 40-storey towers. The 99-year leasehold development sits on a 102,497 sqft site along Margaret Drive, acquired in August last year for S$497 million or about S$1,154 psf per plot ratio.

This marks Queenstown’s first new private residential project in seven years. Additionally, it’s also Hong Leong Holdings’ second venture in the estate, following the successful 845-unit Commonwealth Towers in 2014, which sold out ahead of completion in 2017.

Penrith sales performance at launch

During launch weekend, 447 of the 462 units (97%) were sold at prices ranging between S$2,435 and S$3,088 psf — around S$2,800 psf on average. Demand spanned across all unit types, with Singaporeans forming over 90% of buyers and the rest comprising permanent residents and foreigners.

Interest leading up to the launch was intense. The consortium had reportedly collected 1,905 cheques as expressions of interest, more than four times the available units.

Larger units proved especially popular, with all 3-bedroom apartments sold out and just two 4-bedroom units remaining. This response reflects the project’s strong appeal among families and owner-occupiers, as Penrith deliberately omitted one-bedroom layouts to target end-users rather than investors.

Get the latest details on available units at Penrith here.

One of the best-selling projects in 2025

Penrith now joins the ranks of 2025’s top-performing launches, becoming the fifth project this year to exceed a 90% take-up rate during its opening weekend. Others in the list include Lentor Central Residences (93%), LyndenWoods (94%), Springleaf Residence (92%), and Skye at Holland (99%).

“The strong response reflects Penrith’s appeal as a rare, high-quality home in the popular Queenstown estate — a neighbourhood prized for its comprehensive amenities, city-fringe location and excellent connectivity that offer lasting value to homeowners,” says Betsy Chng, head of sales and marketing at Hong Leong Holdings.

Is Penrith really worth its price tag? Here’s our in-depth breakdown of its real value.

Pent-up demand and strong HDB upgraders

Penrith’s near sell-out performance reflects pent-up demand in the Queenstown area. The project enjoys a prime location just minutes from Queenstown MRT Station and within easy reach of a wide range of amenities. Nearby options include Margaret Drive Hawker Centre, Dawson Place, Mei Ling Market, IKEA Alexandra, Anchorpoint Shopping Centre, and Alexandra Central. The vibrant Dempsey Hill and Singapore Botanic Gardens lifestyle clusters are also within a short drive.

The last new launches in Queenstown, Margaret Ville and Stirling Residences, both in 2018, have long been sold out, leaving a supply gap in the area. That scarcity, paired with Queenstown’s large pool of HDB upgraders, helped drive strong demand.

According to Marcus Chu, CEO of ERA Singapore, more than 100 resale HDB transactions in Queenstown surpassed the S$1 million mark in 2025, underscoring the strong upgrader demand in the area. District 3 home prices have also grown steadily, rising nearly 5% annually over the past decade, further highlighting the area’s resilience and investment appeal.

Faber Residence: 86% units sold, averaging S$2,160 psf

Over in the west, Faber Residence also recorded an impressive 86% sales rate during its launch weekend, with 344 out of 399 units sold at an average of S$2,160 psf. Faber Residence’s launch pricing came in slightly below the S$2,275 psf OCR average, making it an appealing option for buyers seeking waterfront living without the premium price tag.

The development sits on a site along the tranquil stretch of Sungei Ulu Pandan, purchased in November 2024 for S$349.9 million (S$900 psf ppr) — roughly 30% lower than the price of a nearby Clementi Avenue 1 site (now ELTA) sold the year before. This lower land cost gave developers room to offer more competitive pricing while maintaining healthy profit margins.

Sold units and buyers’ demographics

According to GuocoLand, all 80 2-bedroom and 199 3-bedroom units were fully sold, while over half of the larger 4- and 5-bedroom apartments were also taken up. The unit mix attracted strong upgrader demand, as many families and young couples sought affordable, well-sized homes with strong locational attributes.

Get the latest details on available units at Faber Residence here.

Sensitive pricing and strong locational attributes

PropNex CEO, Kelvin Fong, noted the project’s “sensitive pricing and locational attributes” likely played a crucial role. At an average of S$2,160 psf, Faber Residence struck a sweet spot between affordability and perceived value. The 2-bedroom units started from S$1.28 million, while 3-bedders began around S$1.57 million — comfortably within reach for many HDB upgraders.

Beyond pricing, the project’s location stood out. It’s within walking distance of the upcoming Jurong Town Hall MRT Station (JRL) and enjoys convenient access to the Ayer Rajah Expressway (AYE) and Pan-Island Expressway (PIE).

Its proximity to the Jurong Lake District — Singapore’s future second CBD — adds long-term upside, appealing to professionals working in the Jurong Innovation District and one-north. The project’s setting by the Pandan River also offers a rare, tranquil lifestyle that sets it apart from other suburban developments.

Read our deep dive on the pricing and investment potential of Faber Residence here.

OCR new launch performance (ex. EC) in 2025

Faber Residence’s strong launch closes the year as the final OCR project of 2025, capping off what’s been a healthy rebound in mass-market housing demand. As of September 2025, SRI data shows that 3,811 new private homes in the OCR were already sold — more than double the 1,952 units recorded over the same period last year.

Projects such as Parktown Residence, Springleaf Residence, and Lentor Central Residences all achieved over 90% take-up, underscoring the strength of the mass-market segment. Competitive pricing, resilient local demand, and sustained upgrader activity continue to support OCR sales momentum this year.

New private home sales in Q4 2025

As of September, developers had sold 7,924 new private homes (excluding ECs) in the first nine months of 2025. With strong take-up at Skye at Holland, Penrith, and Faber Residence in October, total sales have now climbed close to 9,400 units, significantly surpassing the 6,626 units sold in the whole of 2024.

According to Fong, another key factor driving demand at Penrith and Faber Residence was the recent easing of interest rates, which has made home financing more affordable for buyers. As of 17 October 2025, the 3-month compounded SORA stood at around 1.4% per annum — the lowest level in more than three years. This, coupled with a strong stock market rally and steady economic growth, has lifted buyer sentiment and confidence in property as a stable asset class.

If sales momentum continues, total new home sales in 2025 could cross 10,000 units, with the upcoming Zyon Grand (Kim Seng Road) and The Sen (Beauty World) wrapping up the final RCR launches of the year. Should that happen, 2025 would mark the most active year for new home sales since 2021, when developers sold over 13,000 units.

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

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