Penrith.
The brief
Penrith sits on Margaret Drive in District 3, 462 units developed by GuocoLand, Hong Leong Holdings, and Hong Realty within the Queenstown mature estate, five minutes from Queenstown MRT on the East-West Line. Launched 18 October 2025, TOP April 2029.
Pricing. PSF from $2,437 at launch. Entry from $1.495M for a 1-bedroom plus study. 4-bedroom units up to $3.078M. Units remain available from the developer.
Location context. Queenstown MRT (EW19, East-West Line) is a 5-minute walk, with Outram Park interchange (EW16/NE3/TE17) three stops east. IKEA Alexandra, Queensway Shopping Centre, and the Alexandra retail corridor are within the neighbourhood. The Dawson HDB precinct and Commonwealth Avenue food options are walkable.
Three things to know.
GuocoLand, Hong Leong and Hong Realty, a proven JV
Penrith is developed by the same GuocoLand-Hong Leong Holdings-Hong Realty JV behind Midtown Modern and Midtown Bay in the Bugis-Beach Road corridor. GuocoLand brings deep Singapore mixed-use experience; Hong Leong Holdings and Hong Realty add residential delivery track records across the OCR and RCR. The JV is one of the more active land-banking groups in the Singapore GLS market, indicating a long-horizon view on the Queenstown corridor.
Queenstown MRT and the East-West Line
Queenstown MRT (EW19) is a 5-minute walk, connecting east to Outram Park interchange (EW16/NE3/TE17) in three stops, and from there to the North-East Line and Thomson-East Coast Line. Westward the EWL runs directly to Clementi and Jurong East. The East-West Line remains Singapore's primary lateral spine across the southern corridor, and Queenstown sits near its midpoint.
Queenstown estate, mature town with limited new supply
Queenstown is Singapore's first satellite HDB town, with a predominantly owner-occupier character and limited new private land release. The Margaret Drive GLS site sits within the Queenstown Redevelopment Area, a URA masterplan zone earmarked for private residential intensification alongside existing HDB stock. Private launches within Queenstown's immediate catchment are rare; the typical resale market is HDB-dominated, making new leasehold supply structurally scarce.
Fit & trade-offs
Who this is for.
Primary-market entry into Queenstown's first new private launch in seven years on Margaret Drive, a 5-minute walk to Queenstown MRT on the East-West Line, two 40-storey towers totalling 462 units by the GuocoLand, Hong Leong Holdings and Hong Realty consortium, and a launch band starting at $2,437 psf within the Queenstown Redevelopment Area
Direct basement MRT integration available at Zyon Grand on the same D3 corridor, freehold or 999-year tenure, and the lower entry quantum available at OCR launches further from the central spine
- ·Buyers wanting primary-market entry into Queenstown's first new private launch in seven years
- ·Buyers prioritising a 5-minute walk to an existing East-West Line station from a District 3 RCR address
- ·Buyers valuing the GuocoLand and Hong Leong Holdings consortium's track record across Midtown Modern and Lentor Mansion
- ·Buyers anchoring on direct basement MRT integration rather than a 5-minute station walk
- ·Buyers requiring freehold or 999-year tenure rather than a 99-year leasehold
- ·Buyers seeking the lowest D3 entry quantum without the Queenstown mature-estate premium
Unit mix
462 units. 4 typologies.
| Type | Size (sqft) | Indicative PSF | Price from |
|---|---|---|---|
| 1-Bedroom + Study | 527-635 | $2,437 - $2,900 | fr. $1.495M |
| 2-Bedroom | 700-818 | $2,437 - $2,900 | fr. $1.800M |
| 3-Bedroom | 980-1163 | $2,437 - $2,900 | fr. $2.400M |
| 4-Bedroom | 1302-1463 | $2,437 - $2,900 | up to $3.078M |
Floor plans
8 typologies.
Block + stack layout. 462 units across 8 typologies.
Living here
On site, around.
- 50m lap poolpool
- Family poolpool
- Gymnasiumwellness
- Yoga deckwellness
- Function roomssocial
- Clubhousesocial
- BBQ pavilionssocial
- Tennis courtrecreation
- Conciergeutility
- Queenstown Primary Schoolprimary
- New Town Primary Schoolprimary
- Gan Eng Seng Primary Schoolprimary
- Alexandra Primary Schoolprimary
- Queensway Secondary Schoolsecondary
- Crescent Girls' Schoolsecondary
- Bukit Merah Secondary Schoolsecondary
- Anglo-Chinese Junior CollegeJC
Location
Margaret Drive, Singapore.
Comparables
Other launches in context.
Track record
GuocoLand Ltd, Hong Leong Holdings Ltd priors.
Risks & catalysts
What could move.
- ·Same-month D3 launch competition from Zyon Grand (706 units, basement MRT link, Kim Seng Road) and Promenade Peak residual inventory compresses absorption velocity for the Margaret Drive product
- ·Queenstown Redevelopment Area pipeline is concentrated, future GLS releases on adjacent parcels would add comparable supply within a 1km radius before Penrith TOP April 2029
- ·5-minute walk to Queenstown MRT depends on the connector route remaining operational through the construction window, the surrounding Dawson and Margaret Drive precinct is undergoing parallel HDB and private redevelopment
- ·Queenstown is Singapore's first satellite HDB town with a predominantly owner-occupier character and limited new private land release, structural supply scarcity supports the rental and resale thesis
- ·Queenstown MRT (EW19) gives 3-stop access to Outram Park interchange and onward to the NEL and TEL, supporting the rental thesis for CBD and Marina Bay finance and professional tenants
- ·GuocoLand and Hong Leong Holdings consortium track record at Midtown Modern, Midtown Bay and Lentor Mansion underwrites primary-market execution confidence at this price band
FAQ
What buyers ask.
Q01Is Penrith still available from the developer?
Yes, status is available at backfill (May 2026). Penrith launched 18 October 2025 after a 3 to 14 October VVIP preview window, with units offered from $1.495M for a 1-Bedroom + Study and developer-direct primary-market sales continuing through the appointed marketing agent. Buyers should request the live availability chart, since remaining stack composition and unit type mix shift as the launch matures.
Q02Why is Penrith described as Queenstown's first new private launch in seven years?
Queenstown is Singapore's first satellite HDB town and has historically been a public-housing-led estate with a predominantly owner-occupier character. New private land release within Queenstown's immediate catchment is rare; Penrith's Margaret Drive GLS site sits within the Queenstown Redevelopment Area, a URA masterplan zone earmarked for private residential intensification alongside existing HDB stock. The structural scarcity of private launches at this address is part of the buy thesis.
Q03How does Penrith compare to Zyon Grand in the same D3 launch month?
Both launched in October 2025 in District 3 RCR. Zyon Grand sits at 3-5 Kim Seng Road with a direct basement link to Havelock MRT (TE16, Thomson-East Coast Line) by CDL and Mitsui Fudosan, 706 units across two 62-storey towers, with an opening-weekend average of $3,050 psf. Penrith sits at 70 Margaret Drive with a 5-minute walk to Queenstown MRT (EW19, East-West Line) by GuocoLand, Hong Leong Holdings and Hong Realty, 462 units across two 40-storey towers, with a launch band of $2,437 to $2,900 psf. Penrith trades the basement-direct MRT premium and the TEL Orchard catchment for a lower entry quantum and a Queenstown mature-estate address.
Q04What is the unit mix and where does pricing start?
462 units across 4 type families. 1-Bedroom + Study at 527 to 635 sqft from $1.495M, 2-Bedroom at 700 to 818 sqft from $1.800M, 3-Bedroom at 980 to 1,163 sqft from $2.400M, and 4-Bedroom at 1,302 to 1,463 sqft up to $3.078M. Launch PSF $2,437 to $2,900 across the 8 published floor-plan variants (Type 2A, Type 2B, Type 3A, Type 3B, Type 3C, Type 3D, Type 4A, Type 4B), with a 1-Bedroom + Study variant in the unit mix not separately surfaced as a public floor-plan asset.
Q05Who is the developer consortium behind Penrith?
Penrith is developed by Intrepid Investments Pte Ltd (the GuocoLand vehicle), Hong Leong Holdings Limited and Hong Realty (Private) Limited. The same GuocoLand, Hong Leong Holdings and Hong Realty JV is behind Midtown Modern (2021) and Midtown Bay (2019) in the Bugis-Beach Road corridor, and Lentor Mansion (2024, GuocoLand and Hong Leong Holdings) anchors the GuocoLand Lentor masterplan. The consortium is one of the more active land-banking groups in the Singapore GLS market.
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