Hong Leong Holdings to Launch Penrith in Queenstown from $2,437 PSF
A Rare New Launch in Queenstown
Hong Leong Holdings, together with Hong Realty and GuocoLand, will be launching Penrith, a new residential development in Queenstown. This marks the first private residential launch in the area since 2018. Previews begin Friday, 3 Oct 2025, with starting prices from $2,437 psf.
Project Details
Penrith consists of 462 residential units spread across two 40-storey towers. The development offers a range of 2- to 4-bedroom apartments, making it suitable for singles, couples, and families looking for city-fringe living with good amenities and transport connectivity.
Unit Mix and Pricing
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2-Bedroom (614 sqft): From $1.495M or $2,437 psf
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2-Bedroom Premium (678+ sqft): From $1.665M or $2,455 psf
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3-Bedroom (786+ sqft): From $1.973M or $2,511 psf
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4-Bedroom: From $3.078M or $2,623 psf
The breakdown of units includes:
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76 two-bedroom units
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78 two-bedroom premium units
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194 three-bedroom units
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114 four-bedroom units
Why Queenstown?
Queenstown remains one of Singapore’s most sought-after city-fringe estates. In Q2 2025, resale HDB flats in Queenstown had a median price of $1 million for 4-room units — among the highest in Singapore, after Central and Toa Payoh. This highlights the district’s strong housing demand and price resilience.
Betsy Chng, Head of Sales & Marketing at Hong Leong Holdings, shared that Queenstown’s central location, lifestyle offerings, and community appeal are key reasons why buyers continue to be drawn to this mature estate.
Prime Location with Strong Connectivity
Penrith is located along Margaret Drive, just a short walk from Queenstown MRT station. It is also near key retail and leisure spots including Ikea Alexandra, Queensway Shopping Centre, and Dempsey Hill.
Land Acquisition and Master Plan Outlook
The developers purchased the 9,522 sqm site in August 2024 for $497 million, translating to $1,154 psf ppr. With ongoing estate rejuvenation plans under the URA Master Plan, Penrith is positioned to benefit from long-term capital growth and rising demand in the area.
Penrith offers a rare opportunity to own a brand-new home in Queenstown — a mature, well-connected neighbourhood with limited new supply. With its competitive starting price, range of layouts, and future growth potential, it is expected to attract both homebuyers and investors.
