Penrith
462 homes in two 40-storey towers — the first private launch in Queenstown since 2018. 97% sold on launch day at S$2,435 to S$3,088 psf, off 1,905 cheques for 462 units.
The numbers, on one page.
- Developer
- GuocoLand, Intrepid Investments (Hong Leong Holdings) & Hong Realty (JV)
- Project company
- Margaret Rise Development Pte Ltd
- Architect
- ADDP Architects (developer-listed)
- Tenure
- 99-year leasehold (from 2024)
- Total units
- 462 across two 40-storey towersSource: EdgeProp new-launch listing
- Home sizes
- 2 to 4 bedrooms · 614 – 1,281 sqft · no 1-bedders
- District
- D3 / Queenstown
- Address
- 70 & 72 Margaret Drive, Singapore 149926 / 149927
- Land cost
- S$497M for ~102,498 sqft / 9,522 sqm (S$1,154 psf ppr)Source: GLS tender result, Aug 2024
- Green Mark
- BCA Green Mark Platinum (Super Low Energy)
- Preview
- 3 October 2025 (1,905 EOI cheques · >4× units)Source: two-source corroborated, Jun 2026
- Launched
- 18 October 2025
- Launch-day sales
- 447 of 462 units (97%) at S$2,435–3,088 psf · avg above S$2,800Source: two-source corroborated, Jun 2026
- Buyer profile
- 92.0% Singaporean · 7.6% PR · 0.4% foreigner
- Completion / TOP
- Expected Q2 2029Source: developer-cited Apr 2029; a 2H 2029 estimate circulates elsewhere
- Nearest MRT
- Queenstown (EW19) — ~5-min sheltered walk (~334 m)Source: distance verified on OneMap
Load-bearing facts on this page are corroborated against at least two independent sources before publication. Last verified 9 Jul 2026.
98% sold to date
Queenstown went years without a new private launch — then this one cleared in a day.
Queenstown is one of Singapore's oldest and most loved mature estates — richly amenitised, minutes from the city, and almost entirely built out. What it has not had is new private housing. Penrith is the first private residential launch in the estate since 2018, when Margaret Ville and Stirling Residences came to market, and it sits on the first Margaret Drive government land sale tender in eight years. The previous Margaret Drive tender, back in December 2016, drew 14 bids; this one drew just two.
The scarcity showed in the demand. The preview opened on 3 October 2025, and by the time booking began on 18 October the project had collected 1,905 expressions of interest — more than four times its 462 units. By 4pm on launch day, 447 of those 462 homes (97%) were sold, at prices spanning S$2,435 to S$3,088 psf and an average above S$2,800. The EdgeProp project page records a 12-month URA average around S$2,796 psf. It made Penrith the fifth 2025 private launch (excluding ECs) to clear more than 90% on its launch weekend.
This was owner-occupier demand, not investor churn. There are no 1-bedroom units; the mix tilts to family-sized 2-, 3- and 4-bedroom layouts. Singaporeans made up 92.0% of buyers, permanent residents 7.6% and foreigners just 0.4%. All the three-bedders sold out on launch day and, by brokers' account, only two four-bedroom units were left. The developer markets north-facing stacks as looking out toward the Central Catchment Nature Reserve.
The consortium behind it is GuocoLand, Hong Leong Holdings' Intrepid Investments and Hong Leong Group's Hong Realty, building through the project company Margaret Rise Development. They won the 102,498 sqft site for S$497 million — S$1,154 psf ppr — at a tender that closed on 1 August 2024, edging out the only other bidder, a Sing Holdings and Cedar Investments tie-up, by about 5%. Hong Leong Holdings was earlier part of the 845-unit Commonwealth Towers next door — an HLH-led JV with CDL and Hong Realty — which sold out before it completed in 2017.
Launched above S$2,800 psf average.
Penrith sold 447 of 462 units on launch day at S$2,435 to S$3,088 psf, averaging above S$2,800, with quantums from S$1.495 million for a 2-bedroom. That sits well above the Queenstown stock around it. The nearest peers all launched years earlier at far lower prices and still resell below Penrith's launch average:
- Commonwealth Towers (2014): ~S$1,639 psf launch · ~S$2,254 psf resale now
- Stirling Residences (2018): ~S$1,817 psf launch · ~S$2,390 psf resale now
- Margaret Ville (2018): S$1,880 psf launch · ~S$2,247 psf resale now
- Penrith (2025): above S$2,800 psf — fresh launch, ~18% over current resale
The S$1,154 psf ppr land cost sets the floor; the surrounding resale market sets the context. The gap is the premium for a brand-new 99-year title and the scarcity of new private stock in Queenstown.
| Project | Area / distance | Units | Launched | PSF & take-up |
|---|---|---|---|---|
| Penrithsubject | Queenstown · D3 | 462 | Oct 2025 | above S$2,800 avg · 97% launch day |
| Stirling Residences | Queenstown · ~561 m | 1,259 | 2018 | ~S$1,817 launch · S$2,390 now |
| Margaret Ville | Margaret Dr · ~768 m | 309 | 2018 | S$1,880 launch · S$2,247 now |
| Commonwealth Towers | Queenstown · ~301 m | 845 | 2014 | ~S$1,639 launch · S$2,254 now |
| Queens Peak | Dundee Rd · Queenstown MRT | 736 | 2016 | sold out · S$2,238 resale now |
Comparable launch and current-resale averages are each sourced from the relevant project's own EdgeProp listing. Zyon Grand is District 3 administratively but sits in River Valley, about 2.8 km away in a different sub-market, so it is a same-district pricing reference rather than a Queenstown neighbour. Penrith's full URA caveat range will be added here as transactions settle.
Family-sized — and no 1-bedders.
462 homes from 2 to 4 bedrooms, in a 614 to 1,281 sqft envelope. There are no 1-bedroom units — PropNex called it a family-focused product aimed mainly at owner-occupiers, and the launch-day results bore that out, with every three-bedder sold and only two four-bedders left. Marketing copy quoted a 614 to 1,173 sqft span; the full distribution table extends to a 1,281 sqft four-bedroom premium, which we treat as the true top end.
| Type | Units | Size (sqft) | Pricing |
|---|---|---|---|
| 2-bedroom (2a) | 76 | 614 | from S$1.495M (~S$2,437 psf) |
| 2-bedroom premium (2b) | 78 | 678 | from S$1.665M (~S$2,455 psf) |
| 3-bedroom (3a / 3b) | 117 | 786 / 850 | from S$1.973M (~S$2,511 psf) |
| 3-bedroom premium (3c / 3d) | 77 | 936 / 1,066 | developer factsheet |
| 4-bedroom (4a) | 76 | 1,173 | from S$3.078M (~S$2,623 psf) |
| 4-bedroom premium (4b) | 38 | 1,281 | developer factsheet |
Unit-type counts and sizes are from EdgeProp's new-launch listing (sums to 462); starting prices and PSF are developer-reported from launch coverage. The 1,281 sqft four-bedroom premium is a single structured source and a minor discrepancy against press copy that cited a 1,173 sqft maximum. Exact per-stack sizes and counts are in the developer factsheet — request it via the form below.
Margaret Drive — a five-minute walk to the MRT.
Penrith sits on Margaret Drive in the heart of Queenstown, about 334 m — a five-minute walk — from Queenstown MRT (EW19) on the East-West Line, with a sheltered side-gate walkway linking to the Alexandra Park Connector. The location map shows the site in red, the MRT in blue and Queenstown Primary School in green, immediately next door.
This is a city-fringe address that already works. From Queenstown it's roughly 10 minutes by rail to Raffles Place, with Commonwealth (EW20) and Redhill (EW18) also within reach and Orchard, the CBD and Dempsey minutes away by road. The Alexandra Canal linear park frontage is about 200 m from the site.
Day-to-day, the Margaret Drive Hawker Centre is about 475 m away, Dawson Place around 440 m, and Anchorpoint, IKEA Alexandra and Queensway Shopping Centre all sit within roughly a kilometre. Unlike a new estate, the amenity is here now — the question is upside, not convenience.
A mature estate, already built around you.
The contrast with a new town is the point: Queenstown's amenities are already here. Schools, the MRT, hawker fare, malls and a linear park all sit within a short walk or a kilometre. The forward-looking piece is the Tanglin Halt redevelopment — a new hawker centre, market and polyclinic under one roof plus thousands of new homes — which is years out and broker-forecast.
- Queenstown Primary School~138 m · within 1 km P1 tier
- New Town Primary School~1.04 km · 1–2 km P1 tier
- Crescent Girls' School~1–1.4 km · secondary
- Queensway / Queenstown Secondarynearby · secondary
- Queenstown MRT (EW19, EWL)~334 m · ~5-min walk
- Raffles Place / CBD~10 min by rail
- Commonwealth MRT (EW20)~1.4 km · next station
- Alexandra Park Connectorsheltered link from site
- Margaret Drive Hawker Centre~475 m
- Dawson Place~440 m
- Anchorpoint & IKEA Alexandra~0.9 km
- Tanglin Halt redevelopmentplanned · years out
- Alexandra Canal Linear Park~198 m · frontage
- Alexandra Park Connectorsheltered link from site
- Central Catchment viewsnorth-facing · marketing claim
- 50 m pool & rooftop sky facilitiesdeveloper-listed
The recreation banner shows Alexandra Canal (Wikimedia Commons, CC BY-SA 4.0, photo by Nick-D), about 200 m from the site. School, transit and precinct maps: OneMap, Singapore Land Authority.
Two buyers it fits — and one it doesn't.
A 97% launch-day sell-out tells you demand was broad. But broad isn't the same as right-for-everyone. Here's where Penrith genuinely fits, and where it doesn't.
Fresh private stock in an estate with almost none.
Queenstown has had no new private launch since 2018, and this was the first Margaret Drive land tender in eight years. For a buyer who wants a brand-new home in a proven, well-connected mature estate, Penrith is a rare chance to buy new rather than resale — which is exactly why it drew 1,905 cheques for 462 units.
The product backs it: two 40-storey towers offer skyline and, per the developer's marketing, Central Catchment views in a precinct otherwise dominated by low-rise blocks — a tangible differentiator on facing and height.
Families who want Queenstown, new and near the MRT.
There are no 1-bedders; the mix is built for upgrader families, with Queenstown Primary next door, the MRT five minutes away and the CBD ten minutes by rail. 92% of launch-day buyers were Singaporean — this is end-user demand, not investor churn.
Queenstown also produced dozens of million-dollar HDB resale deals in 2025 (Stacked Homes), a pool of upgraders for whom a new condo in the same estate is the natural next move.
Yield-chasers and buyers expecting big transformation upside.
If you're buying for capital upside on the back of a transformation story, Queenstown is already highly built-out and richly amenitised — the easy uplift you get in an emerging estate is smaller here, and much of the future-amenity case (Tanglin Halt) is years out and not yet committed. The entry price is full: an above-S$2,800 launch average is roughly 18% over the current resale of the condos next door, and within 800 m you compete with Stirling, Margaret Ville, Commonwealth Towers and Queens Peak at around S$2,200 to S$2,400 psf. The lease is 99 years from 2024, so there's no freehold upside, and these are dense, 40-storey towers where stack and facing will matter a lot.
What the launch hype won't tell you.
The price is full.An above-S$2,800 psf launch average is roughly 18% over what Stirling Residences and Commonwealth Towers resell for today, and well above their own ~S$1,640 to ~S$1,880 psf launch prices. You're paying a fresh-launch and scarcity premium up front, not buying at a discount.
It's leasehold. 99 years from 2024 — no freehold upside, and lease decay matters over a hold into the 2040s and beyond.
It's dense and tall. 462 units on a ~9,522 sqm site in two 40-storey towers is high-rise, high-density living. Facing and stack selection will drive both liveability and value — worth checking carefully on the remaining four-bedroom units.
The estate is already mature.Queenstown is loved precisely because it's built out — but that also means the obvious transformation upside is smaller than in an emerging town. The forward story (the Tanglin Halt redevelopment) is years away and sits on broker forecasts, not committed delivery.
You'll have company on resale. TOP is only Q2 2029, and resale and sub-sale competition from Stirling, Margaret Ville, Commonwealth Towers and Queens Peak already sits at around S$2,200 to S$2,400 psf within 800 m. That existing stock is what your eventual buyer will weigh you against.
About 15 units left as of October 2025 — mostly the larger layouts.
We'll send the current balance-unit list, indicative pricing by stack, and any developer incentives still active. Tell us the bedroom count or budget you're working with and our partner agent can pull the matching options before the showflat call.
What buyers keep asking.
- When is Penrith expected to TOP? +
- Penrith is expected to TOP around Q2 2029 — the developer has cited April 2029 — roughly a four-year build from the October 2025 booking date. Some third-party listings circulate a second-half-2029 estimate; as of June 2026, developer-side reporting consistently points to April 2029. We'll firm this up against the developer's sales documents as the legal completion date is confirmed.
- What were the launch prices for Penrith? +
- Penrith's units sold on launch day (18 October 2025) at S$2,435 to S$3,088 psf, averaging above S$2,800 psf. Indicative starting quantums ran from S$1.495 million for a 2-bedroom, S$1.973 million for a 3-bedroom and S$3.078 million for a 4-bedroom. The EdgeProp project page shows a 12-month URA average of about S$2,796 psf as of May 2026, with recorded transactions spanning roughly S$2,347 to S$3,087 psf.
- How many units does Penrith have, and what's left? +
- Penrith has 462 units across two 40-storey towers. 447 (97%) sold on launch day, leaving about 15 units. Brokers reported all three-bedders sold out and only two four-bedroom units remaining as at launch. Some early third-party articles circulate a 460-unit, one-to-five-bedroom figure; as of June 2026, EdgeProp's listing and launch coverage consistently point to 462 units across 2- to 4-bedroom layouts. That's a launch-day snapshot — the live balance list refreshes as bookings settle, so drop your details below for current availability.
- Who is the developer? +
- Penrith is developed by a joint venture of GuocoLand, Hong Leong Holdings' Intrepid Investments and Hong Leong Group's Hong Realty, through the project company Margaret Rise Development Pte Ltd. The architect is ADDP Architects (developer-listed). The same consortium won the Margaret Drive government land site for S$497 million (S$1,154 psf ppr). Hong Leong Holdings was earlier part of the 845-unit Commonwealth Towers next door — an HLH-led JV (with CDL and Hong Realty) — which sold out before completion in 2017.
- Is Penrith really the first private launch in Queenstown in years? +
- Penrith is the first private residential launch in Queenstown since 2018 — when Margaret Ville and Stirling Residences came to market — and it sits on the first Margaret Drive government land sale tender in eight years. With almost no new private stock added to the estate since, pent-up demand drove 1,905 expressions of interest for 462 units, more than four times the supply.
- How far is the MRT from Penrith? +
- Queenstown MRT (EW19) on the East-West Line is about a five-minute walk from Penrith — roughly 334 m straight-line — with a sheltered side-gate walkway connecting to the Alexandra Park Connector. Commonwealth (EW20) and Redhill (EW18) are also nearby. From Queenstown it's around 10 minutes by rail to Raffles Place in the CBD.
- What's the unit mix at Penrith? +
- Penrith offers 462 homes from 2 to 4 bedrooms, in a 614 to 1,281 sqft envelope — there are no 1-bedroom units. The distribution runs roughly: 154 two-bedroom (614 / 678 sqft), 194 three-bedroom and three-bedroom premium (786 to 1,066 sqft), and 114 four-bedroom and four-bedroom premium (1,173 to 1,281 sqft). PropNex described it as a family-focused product aimed mainly at owner-occupiers. Exact per-stack sizes and counts are in the developer factsheet — request it via the form below.
- What schools are near Penrith? +
- Queenstown Primary School is next door to Penrith, about 138 m away, which puts the project inside the closest 1 km Primary 1 priority band. New Town Primary (~1.04 km) and Gan Eng Seng Primary (~1.38 km) fall in the 1–2 km tier. Secondary options nearby include Queensway Secondary, Queenstown Secondary and Crescent Girls' School. MOE measures door-to-door, so confirm the exact distance for balloting.
- How does Penrith compare to other Queenstown condos? +
- Penrith launched well above the estate's existing stock. The nearest peers — Stirling Residences, Margaret Ville and Commonwealth Towers, all within about 800 m — launched between roughly S$1,640 and S$1,880 psf and resell around S$2,250 to S$2,390 psf as of May 2026. Penrith's above-S$2,800 launch average is roughly 18% over those current resale levels, a fresh-launch-and-scarcity premium. The trade-off is a brand-new 99-year title in two 40-storey towers versus older, larger, lower-priced developments.
- Why did Penrith sell about 97% on launch day? +
- Penrith combined the first Queenstown private launch since 2018, 1,905 EOI cheques for 462 units (more than four times subscribed), an owner-occupier-led buyer base (92% Singaporean, no 1-bedders), a strong, well-capitalised consortium, and a five-minute-MRT city-fringe location. Penrith was the fifth 2025 private launch (excluding ECs) to clear more than 90% on its launch weekend, alongside Lentor Central Residences, LyndenWoods, Springleaf Residence and Skye at Holland.
- Is Penrith a sound long-term bet? +
- Penrith is a scarcity play in a beloved, highly built-out mature estate. The upside is owning fresh, rare private stock in a low-rise-dominated precinct minutes from the MRT and the CBD; the future-amenity story (the Tanglin Halt redevelopment, with a new hawker centre, market and polyclinic plus thousands of new homes) adds to that, though it's years out and broker-forecast rather than committed. The risk is that you're paying a full price up front — much of the obvious transformation upside is smaller than in an emerging estate, the lease is 99 years from 2024, and resale competition from Stirling, Margaret Ville, Commonwealth Towers and Queens Peak already sits at around S$2,200 to S$2,400 psf within 800 m as of May 2026.
- How do I get the balance unit list or book a showflat? +
- For Penrith's balance-unit list or a showflat booking, drop your details via the form on this page. Our partner agent will come back with the current balance-unit list (the remaining stock skews to the larger four-bedroom layouts), indicative pricing by stack, and any developer incentives still active.
Why this launch worked.
447 of 462 units booked on a single day. Here's what the buyers were reading — and what it means for the handful still on the table.
~15 units remain as of October 2025 · brokers noted the larger four-bedroom layouts as the last to go.
Get the balance unit list →- 01It was the first Queenstown private launch since 2018.No new private stock in the estate for years, and the first Margaret Drive land tender in eight. Scarcity in a beloved, built-out mature estate is a clean thesis — and buyers acted on it.
- 02It went in more than four times subscribed.1,905 expressions of interest against 462 units before launch. When a project is that oversubscribed, launch day becomes a ballot, not a browse — and the 97% clear-out followed.
- 03It was an owner-occupier product.No 1-bedders, a family-sized mix and 92% Singaporean buyers. All three-bedders sold and only two four-bedders were left — end-user absorption, not investor churn.
- 04The location already works.A five-minute sheltered walk to Queenstown MRT (EW19), roughly 10 minutes by rail to the CBD, with Queenstown Primary next door. Unlike a new town, the convenience is here today.
- 05A strong, well-capitalised consortium stood behind it.GuocoLand with Hong Leong's Intrepid Investments and Hong Realty — Hong Leong Holdings was earlier part of the fully-sold-pre-completion Commonwealth Towers next door, an HLH-led JV with CDL and Hong Realty. Track record, in a market that rewards it.
This page is maintained continuously. Balance unit counts refresh as bookings settle; pricing, the URA caveat range and the per-stack unit mix update as the developer and URA release them. If there's a question we haven't covered, email hello@whichcondo.sg.