Penrith and Faber Residence See Strong Launch Weekend Sales, Near Sell-Out for Queenstown’s Penrith
Penrith, the first new private residential launch in Queenstown since 2018, sold 447 out of its 462 units over the weekend — a 97% take-up rate. The average price achieved was around S$2,800 per square foot (psf). The project sits in the city-fringe Rest of Central Region (RCR) and was developed by Hong Leong Holdings, Hong Realty and GuocoLand.
The 99-year leasehold project is located along Margaret Drive and offers two- to four-bedroom units across two 40-storey towers. Prices ranged from S$2,435 to S$3,088 psf, with over 90% of the buyers being Singaporeans. The rest were a mix of permanent residents and foreigners.
Penrith’s strong showing follows hot on the heels of the Skye at Holland launch the previous weekend, which sold 99% of its units at an average S$2,953 psf. It’s also the fifth project in 2025 to hit over 90% sales on launch, joining Lentor Central Residences, LyndenWoods, Springleaf Residence and Skye at Holland.
PropNex CEO Kelvin Fong noted that many HDB upgraders from Queenstown — a mature town known for million-dollar resale flats — were among the keen buyers. ERA’s Marcus Chu added that more than 100 HDB resale deals in Queenstown crossed the S$1 million mark in 2025 alone.
Faber Residence in Clementi Achieves 86% Sales
In the Outside Central Region (OCR), Faber Residence — located in Faber Hills along the riverfront — saw 344 out of 399 units sold during its launch weekend. That’s an 86% take-up rate, at an average price of S$2,160 psf. Entry prices started from S$1.28 million for a 646 sq ft two-bedroom unit.
The project is jointly developed by GuocoLand, TID and Hong Leong Holdings, and features nine 5-storey blocks. All 80 of the two-bedroom units and all 199 three-bedroom units were sold out, with more than half of the four- and five-bedders also taken up.
This pricing comes in slightly below the OCR average of S$2,275 psf for new non-landed private homes. According to PropNex, the transacted prices for Faber’s two- and three-bedroom units fit neatly into the S$2.5 million “sweet spot” for many buyers.
The developers had acquired the land in November 2024 for about S$900 psf per plot ratio — roughly 30% lower than the nearby Clementi Avenue 1 site sold a year earlier. This allowed Faber Residence to be priced more affordably.
Low Interest Rates, High Demand
Huttons Asia CEO Mark Yip attributed the strong sales at both launches to pent-up demand, coupled with lower borrowing rates — now at their lowest levels since 2023. He noted that many investors are now more confident about entering the property market.
Given the recent string of successful launches, Yip also suggested that the government may consider releasing more land in the 2026 Government Land Sales (GLS) programme to meet the ongoing demand and help moderate land prices.
Market Watchers Split on Sustainability
While most analysts welcomed the response, some were more cautious. Mogul.sg’s Nicholas Mak said the enthusiastic buying even in suburban projects shows signs that the market could be getting overheated — especially if buyers overlook locational attributes in a rush to secure units.
