Penrith is one of those rare new launches where the fundamentals stack up on almost every dimension: a mature, beloved district with genuine lifestyle cachet, a sheltered walk to an MRT interchange, a credible developer consortium with a proven track record in Singapore, and a long-range urban transformation catalyst that could revalue the entire neighbourhood within a decade. Launched in October 2025 on the former Margaret Drive Government Land Sale site in District 3, the 462-unit, twin-40-storey development by GuocoLand, Hong Leong Holdings, and Hong Realty sold 97% of its units on opening weekend at an average of S$2,800 per square foot — a figure that speaks to the conviction buyers placed in the project’s location and story. For prospective buyers who missed the initial launch window, the remaining units and the active resale pipeline make Penrith worth examining in depth. This editorial synthesises publicly available URA transaction data, the Greater Southern Waterfront masterplan documents, and on-the-ground neighbourhood context to give you an honest, data-grounded view of what Penrith offers — and where the risks lie.
Snapshot as of 2026-05 — figures above reflect publicly available URA/HDB data at the time of this editorial review (as of 2026-05).
Margaret Drive sits at a quiet intersection of Queenstown’s residential fabric, sandwiched between the heritage-rich Tiong Bahru estate to the north-east and the leafy Alexandra Road corridor to the south-west. It is the first private residential launch in the Queenstown planning area since 2018, a seven-year supply drought that partly explains the frenzied opening-weekend absorption. The site was acquired through a Government Land Sale tender in August 2024 at S$497 million (approximately S$1,154 psf per plot ratio), underlining the developer consortium’s confidence in long-term capital appreciation. Two 40-storey towers rise on a 102,497 sq ft plot, with unit types spanning 2-bedroom to 4-bedroom configurations to capture both investor and owner-occupier demand.
The location sits squarely within the Greater Southern Waterfront (GSW) catchment area. The URA’s GSW masterplan envisions transforming a 2,000-hectare coastal strip — stretching from Pasir Panjang through Keppel Harbour to Marina East — into a new waterfront city district comparable in scale to Marina Bay. The flagship phase centres on the 48-hectare former Keppel Club site, where roughly 9,000 homes (6,000 public, 3,000 private) are being planned, with the first Build-To-Order project expected in late 2025. Penrith sits approximately 1.5 km from this transformation zone, close enough to absorb spillover demand and amenity uplift as the precinct matures through the 2030s, yet insulated from the construction disruption typical of ground-zero redevelopment sites.
Connectivity is a genuine strength. Queenstown MRT station on the East-West Line is a sheltered, covered-walkway stroll from the development’s side gate, putting the CBD (Raffles Place, 5 stops), Orchard Road (3 stops), and Changi Airport (direct, no transfer) within easy reach. The Ayer Rajah Expressway (AYE) on-ramp at Alexandra Road provides fast access to Jurong, the one-north tech cluster, and the Southern Expressway network. Families benefit from proximity to Alexandra Primary School, Queenstown Primary, and Crescent Girls’ School, while the National University Hospital and Singapore General Hospital are both within a 10-minute drive. Use our price heatmap to visualise how D3 psf values compare to surrounding districts.
We track 451 sales and 0 rental transaction records for this property. Explore live charts, price trends, rental yields, and investment analytics on the PENRITH dashboard.
- Average sale price: $2,501,523 across 451 transactions
- District 3 PSF ranking: Premium tier (top 12%)
- 99 yrs lease commencing from 2024 · RCR · D3 · 462 units
About PENRITH
PENRITH is a 99 yrs lease commencing from 2024 condominium, located at MARGARET DRIVE in District 3 (Tiong Bahru, Queenstown) (Rest of Central Region), developed by Margaret Rise Development Pte Ltd, comprising 462 residential units, completed in 2025.
With approximately 97 years remaining on its 99-year lease, the property qualifies for full bank financing and CPF usage.
Unit Mix Distribution
Transaction data breakdown by bedroom type at PENRITH:
| Type | Sales | Avg PSF | Avg Price |
|---|---|---|---|
| 1 BR | 143 | $2,754 psf | $1,787,007 |
| 2 BR | 156 | $2,782 psf | $2,336,372 |
| 3 BR | 152 | $2,849 psf | $3,343,230 |
Sales Market Overview
PENRITH has recorded 451 sale transactions with an average transaction price of $2,501,523, ranging from $1,440,000 to $3,935,000.
| Year | Sales | Avg PSF | Avg Price | YoY |
|---|---|---|---|---|
| 2025 | 448 | $2,794 psf | $2,496,844 | — |
| 2026 | 3 | $3,005 psf | $3,200,333 | ↑ 7.5% |
PENRITH ranks in the top 12% of condos in District 3 by average PSF.
Compared to the RCR average of $2,047 psf, PENRITH trades 36.6% above the segment benchmark.
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Competing Condos in District 3
Side-by-side comparison against the most actively traded condos in District 3 (Tiong Bahru, Queenstown):
| Condo | Tenure | Units | Avg PSF | Sales |
|---|---|---|---|---|
| ZYON GRAND | 99 yrs lease commencing from 2024 | 1079 | $3,052 psf | 628 |
| AVENUE SOUTH RESIDENCE | 99 yrs lease commencing from 2018 | 1074 | $2,261 psf | 578 |
| STIRLING RESIDENCES | 99 yrs lease commencing from 2017 | 1259 | $2,275 psf | 458 |
| ONE PEARL BANK | 99 yrs lease commencing from 2019 | 774 | $2,569 psf | 428 |
| PROMENADE PEAK | 99 yrs lease commencing from 2024 | 596 | $2,981 psf | 421 |
Location Map
Map shows PENRITH (centre marker) with nearby MRT stations and schools. Drag to pan, scroll to zoom.
- PENRITH
- Queenstown MRT
- Redhill MRT
- Commonwealth MRT
- Tanglin Trust School
- Crescent Girls'
- CHIJ (Kellock)
Nearby MRT Stations
PENRITH is 360m from Queenstown MRT (East-West Line), with 3 stations within 1.5 km.
| Station | Code | Line | Distance |
|---|---|---|---|
| Queenstown | EW19 | East-West Line | 360m |
| Redhill | EW18 | East-West Line | 1.2 km |
| Commonwealth | EW20 | East-West Line | 1.4 km |
Nearby Schools
There are 15 schools within 2 km of PENRITH, including 2 within the 1 km priority zone.
| School | Type | Distance |
|---|---|---|
| Tanglin Trust School | International | 770m |
| Crescent Girls' School | Secondary | 810m |
| CHIJ (Kellock) | Primary | 1.0 km |
| Queenstown Primary School | Primary | 1.1 km |
| Alexandra Primary School | Primary | 1.1 km |
| Queensway Secondary School | Secondary | 1.1 km |
| Global Indian International School (GIIS Queenstown) | International | 1.1 km |
| River Valley Primary School | Primary | 1.2 km |
| Swiss School Singapore | International | 1.2 km |
| River Valley High School | Secondary | 1.4 km |
| River Valley High School (JC) | Jc | 1.4 km |
| Commonwealth Secondary School | Secondary | 1.4 km |
1. Queenstown EWL connectivity with sheltered last-mile. A covered walkway from Penrith’s side gate to Queenstown MRT eliminates the rain-soaked sprint that afflicts many “near-MRT” projects. On the East-West Line, residents enjoy direct, no-transfer access to both the CBD and Changi Airport — a powerful dual draw for working professionals and frequent travellers alike. District 3’s MRT accessibility premium has historically supported resale values above comparable non-MRT-adjacent developments in the RCR band.
2. Greater Southern Waterfront — a decade-long appreciation catalyst. The GSW is arguably Singapore’s most consequential urban transformation since Marina Bay, and Penrith occupies a sweet spot: close enough to benefit as new parks, promenades, F&B precincts, and offices materialise along the southern coast, but not so proximate that construction noise and dust will be a daily irritant. The Keppel Club redevelopment alone will deliver thousands of new residents and amenities within the D3–D4 nexus by the early 2030s, driving organic demand for well-located resale and rental stock.
3. Tiong Bahru lifestyle premium. Tiong Bahru is Singapore’s most beloved pre-war estate — a UNESCO-recognised Art Deco neighbourhood that has evolved into a curated cluster of independent cafes, specialty bookshops, farmer’s market stalls, and heritage architecture. Penrith residents inherit this lifestyle at walking distance: Tiong Bahru Market (one of Singapore’s iconic hawker centres), Tiong Bahru Bakery, Nylon Coffee Roasters, and the leafy Tiong Bahru Park are all within 1.5 km. This lifestyle moat is difficult to replicate in newer precincts and commands a persistent rental premium from expatriates and young professionals.
4. Developer pedigree — GuocoLand and Hong Leong consortium. GuocoLand’s Singapore portfolio includes landmark projects such as Guoco Tower (the tallest building in Singapore), Martin Modern, and Midtown Modern. Hong Leong Holdings and Hong Realty are among Singapore’s longest-established property families, with decades of on-time delivery and quality finishing. The consortium’s combined balance sheet means construction financing risk is negligible, and their track record of finishing above-standard common areas and landscaping supports long-term asset quality. Refer to our District 3 analytics page for historical transactional context.
5. Supply scarcity in Queenstown. No new private launch existed in Queenstown between 2018 and Penrith’s 2025 debut. This seven-year supply gap means the existing resale pool of older 99-year leasehold projects is ageing, and Penrith enters as one of the freshest leasehold options in the area. New leasehold buyers typically price in a 5–10-year depreciation buffer only after the project hits approximately 25 years old, giving Penrith buyers a long runway of stable capital values before lease decay becomes a pricing headwind.
6. Competitive RCR pricing at launch. The average launch PSF of approximately S$2,800 was broadly in line with comparable RCR new launches in 2025, reflecting a fair-value entry point relative to the GSW optionality embedded in the address. Our ROI calculator can help model holding-period returns under various capital appreciation scenarios.
1. 99-year leasehold and long TOP horizon. Penrith carries a 99-year leasehold tenure commencing 2024, with a targeted completion of April 2029. Buyers purchasing today for investment purposes face a 3–4-year capital lock-up with no rental income until TOP, and the standard 99-year lease-decay curve will gradually erode resale premium after the 25–30 year mark. Buyers with a sub-10-year investment horizon should model exit psf conservatively. Use the stamp duty calculator to factor in ABSD costs when modelling total acquisition outlay.
2. Greater Southern Waterfront timeline uncertainty. While the GSW is a real and funded government initiative, the full build-out runs to approximately 2040. Short-term buyers may not live to see the most transformative phases materialise, and planning timelines in Singapore, while generally well-executed, can shift by several years. The catalyst is real but long-dated.
3. High price quantum for 2-bedroom units. At S$1.495 million entry-level pricing for a 2-bedroom unit, Penrith demands meaningful capital commitment. Higher interest rates (should they persist into the late 2020s) raise debt-service costs for leveraged buyers. Run the numbers with our mortgage calculator before committing. Rental yield compression is also a risk if the large 2025–2026 RCR pipeline creates near-term rental oversupply.
4. Construction-phase disruption and defect risk. As a twin-tower project still under construction until 2029, buyers assume standard construction risk — cost overruns, contractor changes, and the potential for defect snagging common to large-scale projects. GuocoLand and Hong Leong’s track record mitigates but does not eliminate this risk.
5. Competing launches in the D3–D5 corridor. The broader RCR is an active GLS corridor. Future tenders in the Alexandra, Queenstown, and Buona Vista planning areas could introduce competing supply, moderating rental and resale price growth. Buyers should monitor upcoming GLS Reserve List releases.
[
{
"persona": "Young professional couple, first home, dual income",
"fit_color": "green",
"reason": "Sheltered walk to Queenstown EWL, vibrant Tiong Bahru F&B scene, 2-bedroom entry price feasible on dual TDSR, GSW appreciation catalyst over 5-10 year holding horizon."
},
{
"persona": "Expat tenant (rental seeker)",
"fit_color": "green",
"reason": "Tiong Bahru lifestyle and direct EWL to CBD command above-average expatriate rental demand; proximity to international schools via Circle Line at Farrer Road adds to tenant appeal."
},
{
"persona": "HDB upgrader, own-use family",
"fit_color": "green",
"reason": "First private launch in Queenstown in 7 years fills a supply gap; 3-bedroom layouts suit a growing family, and established schools (Alexandra Primary, Queenstown Primary, Crescent Girls) are close by."
},
{
"persona": "Pure yield investor, short hold (under 5 years)",
"fit_color": "amber",
"reason": "Long pre-TOP wait (2029), no rental income until completion, ABSD costs bite on investment purchases, and near-term RCR supply pipeline may cap early rental yields. Better suited to patient capital."
},
{
"persona": "Silver stayer or downsizer",
"fit_color": "amber",
"reason": "District 3 lifestyle and healthcare access (SGH, NUH nearby) are strong draws, but high-rise living in a 40-storey tower and a 2029 TOP date may not suit buyers needing immediate occupation."
},
{
"persona": "Speculative flipper targeting sub-sale",
"fit_color": "red",
"reason": "97% launch absorption leaves minimal sub-sale arbitrage; stamp duty holding costs over a 3-4 year construction period compress margins, and a strong initial PSF leaves limited upside on a short flip horizon."
}
]
Penrith earns a Buy with Conviction rating for owner-occupiers and long-hold investors willing to wait through the 2029 TOP. The confluence of a bona fide MRT-sheltered-walkway advantage, a seven-year supply drought in Queenstown, the Tiong Bahru lifestyle moat, and a government-backed 2,000-hectare urban transformation zone within 2 km creates a rare alignment of near-term liveability and long-term appreciation potential. GuocoLand and Hong Leong’s consortium pedigree further de-risks the construction phase. The 97% launch absorption at S$2,800 psf signals that the market has already recognised this value — latecomers to the resale market should compare carefully against the comparison tool and factor in the remaining lease-decay-free window. For pure yield-seekers with a short horizon or buyers constrained by ABSD on second properties, more liquid alternatives exist in the RCR. Everyone else: Penrith is a generational District 3 address that deserves a place on the shortlist.
FAQ
What is the average price for PENRITH?
What is the rental yield for PENRITH?
Is PENRITH freehold or leasehold?
Where exactly is Penrith located and which MRT station is nearest?
Penrith sits at Margaret Drive in the Queenstown planning area, District 3 (Bukit Merah / Tiong Bahru). The nearest MRT station is Queenstown on the East-West Line (EWL), accessible via a covered, sheltered walkway from the development’s side gate — a genuine all-weather advantage. Queenstown station puts Raffles Place (CBD) five stops away and Changi Airport reachable with a single EWL ride.
Who are the developers of Penrith and what is their track record?
Penrith is a joint development by GuocoLand (Singapore), Hong Leong Holdings, and Hong Realty (Private) Limited — operating through the Margaret Rise Development entity. GuocoLand’s Singapore portfolio includes Guoco Tower (tallest building in Singapore), Martin Modern, and Midtown Modern. Hong Leong Holdings is one of Singapore’s longest-established developers with a multi-decade record of quality residential delivery. The consortium’s combined track record and financial depth provide strong assurance on construction quality and on-time completion.
What is the Greater Southern Waterfront and how does it affect Penrith’s value?
The Greater Southern Waterfront (GSW) is the Singapore government’s plan to transform a 2,000-hectare coastal zone — from Pasir Panjang through Keppel Harbour to Marina East — into a new waterfront city district. The flagship phase involves the 48-hectare former Keppel Club site (approximately 9,000 homes plus commercial uses), with the first BTO public housing project expected in late 2025. Penrith sits approximately 1.5 km from the Keppel zone, positioned to benefit from amenity uplift, new parks and promenades, and increased residential demand as the precinct fills in through the 2030s. The full GSW build-out is targeted at approximately 2040, making this a long-dated but government-backed catalyst.
How does Penrith compare to other recent RCR launches?
Penrith’s approximately S$2,800 psf average launch price positions it competitively within the RCR new launch band for 2025, where comparable projects in the D3–D5 corridor were transacting in the S$2,600–S$3,200 psf range depending on specific location and unit mix. Penrith’s key differentiators are the genuine sheltered-walkway MRT connection, the seven-year Queenstown supply drought, and the GSW proximity premium — factors that larger-site, less-connected RCR peers cannot replicate. Use the property comparison tool to run a side-by-side analysis with specific alternatives.
What lifestyle amenities are within walking distance of Penrith?
Penrith residents enjoy direct access to two of Singapore’s most celebrated neighbourhood clusters. Tiong Bahru (<1.5 km) offers the iconic Tiong Bahru Market and Food Centre, Tiong Bahru Bakery, Nylon Coffee Roasters, Books Actually, and a canopy of pre-war shophouses ideal for weekend strolling. Queenstown and Redhill (<1 km) provide daily-use amenities: NTUC FairPrice, Queenstown Sports and Recreation Centre, Alexandra Retail Centre, and a dense cluster of HDB-precinct hawker stalls. For healthcare, Alexandra Hospital and Singapore General Hospital are both within a 10-minute drive, and the National University Hospital is accessible via MRT.
Methodology & Sources
This analysis covers All available years and refreshes as new data becomes available.
Transaction data sourced from URA REALIS.
- Sales data: 451 transactions analysed
- Gross yield = (avg monthly rent × 12) / avg sale price
Median values used to minimise outlier impact. PSF = price per square foot.
View Live Data for PENRITH
Access the full interactive dashboard with real-time sales trends, rental yields, and investment calculators.