Penrose is a 99-year leasehold condominium on Sims Drive in District 14, jointly developed by City Developments Limited (CDL) and Hong Leong Holdings — two of Singapore's most credentialled property groups. Comprising 566 units across five 18-storey towers on a generous 174,648 sq ft site, Penrose obtained its Temporary Occupation Permit in 2021 and has since matured into one of the most strategically positioned mid-market offerings in the city fringe. Launched in September 2020 at an average entry price of approximately S$1,580 psf, the project moved briskly — becoming one of the best-selling new launches of that year — and resale transactions recorded between 2024 and May 2025 have confirmed PSF values ranging from S$1,863 to S$2,337, demonstrating sustained demand in a competitive sub-market. Located within a short walk of Aljunied MRT on the East–West Line, and sandwiched between the Paya Lebar regional commercial hub to the north-east and the emerging Geylang creative corridor to the south, Penrose sits at a crossroads of infrastructure, commerce, and a once-in-a-generation urban transformation that few District 14 projects have enjoyed in equal measure. The coming relocation of Paya Lebar Air Base — freeing more than 800 hectares of land from around 2030 — represents a structural long-term demand catalyst that places Penrose in an unusually compelling long-term investment narrative for a mid-tier leasehold condominium. For buyers seeking a balance of liveability, connectivity, and future capital uplift at a price point meaningfully below the Core Central Region, Penrose merits serious analysis.
Snapshot as of 2026-05 — figures above reflect publicly available URA/HDB data at the time of this editorial review (as of 2026-05).
District 14 — covering Geylang, Eunos, Kembangan, and Paya Lebar — has undergone a steady institutional re-rating over the past decade. The opening of Paya Lebar Quarter (PLQ), a S$3.2 billion mixed-use development anchored by Grade-A offices, a retail mall, and Park Place Residences, signalled that the precinct had crossed a threshold from a historically overlooked fringe address to a legitimate urban sub-centre. URA has designated Paya Lebar Central as one of Singapore's key regional commercial nodes, with approximately 500,000 sq m of commercial floor space planned within a ten-minute drive of the Central Business District. For Penrose residents, the practical benefit is immediate: employment density at Paya Lebar is rising, reducing commute dependencies on the CBD and supporting local retail and food-and-beverage ecosystems that make day-to-day living markedly more convenient than a decade ago.
The more transformative story, however, lies approximately two kilometres to the north-east. The Paya Lebar Air Base (PLAB) redevelopment, confirmed by the Ministry of Defence and enshrined in URA's Master Plan, will see more than 800 hectares — an area described as larger than Bishan or Ang Mo Kio, equivalent to five Toa Payoh towns — progressively transformed into a new town capable of accommodating up to 150,000 homes, alongside commercial, industrial, and community uses. Relocation of PLAB operations to Changi and Tengah air bases is scheduled to begin around 2030, with the masterplan envisioning self-sustaining, community-centric neighbourhoods anchored by adaptive reuse of heritage airport structures and a central linear park built along a repurposed runway. The URA Draft Master Plan explicitly frames the Defu sub-precinct — the first area to be redeveloped — as a "10-minute neighbourhood" stitched to surrounding communities via green and blue transport networks. Penrose's position as an established, transit-accessible residential address on the near fringe of this future town makes it a direct beneficiary of the enormous planning investment that will unfold over the next two to three decades. Property analysts tracking the Paya Lebar–Eunos corridor have consistently cited annual appreciation of 4% to 6% driven by the commercial hub transformation; the air base redevlopment represents a second, higher-magnitude wave of the same structural upgrade. Buyers purchasing Penrose today are in effect buying a leasehold address that will find itself abutting a brand-new urban precinct of national significance, rather than a legacy industrial zone.
We track 352 sales and 158 rental transaction records for this property. Explore live charts, price trends, rental yields, and investment analytics on the PENROSE dashboard.
- Average sale price: $1,876,864 across 352 transactions
- Estimated gross rental yield: 3.2%
- District 14 PSF ranking: Premium tier (top 5%)
- 99 yrs lease commencing from 2019 · RCR · D14 · 566 units
About PENROSE
PENROSE is a 99 yrs lease commencing from 2019 condominium, located at SIMS DRIVE in District 14 (Geylang, Eunos) (Rest of Central Region), comprising 566 residential units, completed in 2021.
With approximately 92 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 PENROSE:
| Type | Sales | Avg PSF | Avg Price |
|---|---|---|---|
| Studio | 22 | $1,962 psf | $937,007 |
| 1 BR | 53 | $2,056 psf | $1,358,667 |
| 2 BR | 56 | $2,097 psf | $1,708,119 |
| 3 BR | 166 | $1,883 psf | $2,038,367 |
| 4 BR | 55 | $1,750 psf | $2,436,527 |
Sales Market Overview
PENROSE has recorded 352 sale transactions with an average transaction price of $1,876,864, ranging from $888,000 to $3,180,000.
| Year | Sales | Avg PSF | Avg Price | YoY |
|---|---|---|---|---|
| 2021 | 97 | $1,672 psf | $1,951,794 | — |
| 2022 | 39 | $1,699 psf | $2,207,974 | ↑ 1.6% |
| 2023 | 12 | $1,914 psf | $1,596,583 | ↑ 12.7% |
| 2024 | 102 | $2,052 psf | $1,673,607 | ↑ 7.2% |
| 2025 | 95 | $2,134 psf | $1,909,214 | ↑ 4.0% |
| 2026 | 7 | $2,154 psf | $1,996,968 | ↑ 0.9% |
PENROSE ranks in the top 5% of condos in District 14 by average PSF.
Compared to the RCR average of $2,047 psf, PENROSE trades 5.8% below the segment benchmark.
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Rental Market Overview
PENROSE has recorded 158 rental transactions with monthly rents averaging $5,011/mo.
| Type | Leases | Avg Rent | Min | Max |
|---|---|---|---|---|
| Studio | 15 | $5,390/mo | $3,200/mo | $7,500/mo |
| 1 BR | 30 | $3,324/mo | $3,100/mo | $3,700/mo |
| 2 BR | 42 | $4,165/mo | $3,550/mo | $5,100/mo |
| 3 BR | 62 | $5,931/mo | $5,000/mo | $7,300/mo |
| 4 BR | 9 | $7,606/mo | $7,000/mo | $8,550/mo |
| Year | Leases | Avg Rent |
|---|---|---|
| 2025 | 147 | $5,053/mo |
| 2026 | 11 | $4,450/mo |
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Investment Analysis
Based on average rents and sale prices, PENROSE delivers an estimated gross rental yield of 3.2%. This is above the Singapore-wide benchmark of approximately 3%.
Competing Condos in District 14
Side-by-side comparison against the most actively traded condos in District 14 (Geylang, Eunos):
| Condo | Tenure | Units | Avg PSF | Sales |
|---|---|---|---|---|
| PARC ESTA | 99 yrs lease commencing from 2018 | 1399 | $2,184 psf | 477 |
| SIMS URBAN OASIS | 99 yrs lease commencing from 2014 | 1024 | $1,762 psf | 365 |
| EUHABITAT | 99 yrs lease commencing from 2010 | 697 | $1,326 psf | 233 |
| THE ANTARES | 99 yrs lease commencing from 2018 | 265 | $1,833 psf | 227 |
| URBAN TREASURES | Freehold | 237 | $1,998 psf | 185 |
Location Map
Map shows PENROSE (centre marker) with nearby MRT stations and schools. Drag to pan, scroll to zoom.
- PENROSE
- Aljunied MRT
- Mattar MRT
- Geylang Bahru MRT
- Kallang MRT
- MacPherson MRT
- Geylang Methodist School (Primary)
- Macpherson Primary School
- Geylang Methodist School (Secondary)
Nearby MRT Stations
PENROSE is 470m from Aljunied MRT (East-West Line), with 8 stations within 1.5 km.
| Station | Code | Line | Distance |
|---|---|---|---|
| Aljunied | EW9 | East-West Line | 470m |
| Mattar | DT25 | Downtown Line | 890m |
| Geylang Bahru | DT24 | Downtown Line | 990m |
| Kallang | EW10 | East-West Line | 1.3 km |
| MacPherson | CC10 | Circle Line | 1.4 km |
| MacPherson | DT26 | Downtown Line | 1.4 km |
| Paya Lebar | EW8 | East-West Line | 1.5 km |
| Paya Lebar | CC9 | Circle Line | 1.5 km |
Nearby Schools
There are 10 schools within 2 km of PENROSE.
| School | Type | Distance |
|---|---|---|
| Geylang Methodist School (Primary) | Primary | 1.0 km |
| Macpherson Primary School | Primary | 1.1 km |
| Geylang Methodist School (Secondary) | Secondary | 1.2 km |
| One World International School (Mountbatten) | International | 1.2 km |
| Kong Hwa School | Primary | 1.3 km |
| Paya Lebar Methodist Girls' School | Secondary | 1.5 km |
| Hong Wen School | Primary | 1.7 km |
| Bendemeer Secondary School | Secondary | 1.8 km |
| Bendemeer Primary School | Primary | 1.9 km |
| Red Swastika School | Primary | 1.9 km |
Tier-one developer joint venture. CDL and Hong Leong Holdings are among Singapore's longest-standing listed property groups, with CDL holding an investment-grade balance sheet and a decades-long track record of delivering quality finishes and reliable construction timelines. For buyers who regard developer pedigree as a proxy for build quality, resale marketability, and title security, the CDL-Hong Leong JV is as strong a credential as the mid-market segment offers. The land cost of S$383.5 million (S$732 psf per plot ratio) was competitively won from a five-bid tender, reflecting genuine market conviction about the site's long-term value.
Aljunied MRT walking connectivity. Penrose is within a comfortable ten-minute walk of Aljunied MRT on the East–West Line, connecting residents directly to Paya Lebar interchange (Circle and East–West Lines), Kallang, and City Hall. The East–West Line's broad network coverage — stretching from Pasir Ris in the east to Tuas in the west, with direct interchange access to the North–South and Circle Lines at City Hall and Dhoby Ghaut — means Penrose residents can reach virtually every major employment node in Singapore without a transfer at Aljunied itself. For renters, proximity to MRT is consistently the single most-cited requirement in tenant surveys, and Aljunied's connectivity profile supports Penrose's rental yield story. Use our mortgage calculator to estimate monthly financing costs at current resale PSF levels, or our ROI calculator to model gross yield against acquisition price.
Paya Lebar Air Base 800-hectare redevlopment catalyst. The strategic significance of this urban transformation cannot be overstated. When the 800-hectare PLAB site begins its transition from military airfield to new town from around 2030 onwards, the ripple effects on surrounding residential districts will likely mirror — and potentially exceed — the uplift observed around Marina Bay, one-north, and the Jurong Lake District in earlier planning cycles. Penrose is well-placed to benefit because it is already built, occupied, and close enough to the future precinct to capture demand from future PLAB town residents, employers, and institutions seeking established addresses on the periphery.
Competitive launch pricing and demonstrated resale gains. The September 2020 launch — at 1-bedroom entry from S$788,000 — positioned Penrose at a meaningful discount to comparable RCR new launches at the time. Resale data through May 2025 shows the highest transacted PSF reaching S$2,337 (a 980 sq ft unit), with average six-month PSF at approximately S$2,154. Buyers who entered at launch have seen capital appreciation in the 30–40% range over a five-year hold, a performance profile broadly in line with the stronger RCR cohort from the 2019–2021 launch cycle. Analysts note that on a percentage-gain basis, Penrose's results look conservative only when stacked against the exceptional outliers in that cycle; on an absolute profit basis, every resale transaction recorded to date has been a profitable exit.
Large site and comprehensive facilities. At 174,648 sq ft for 566 units, Penrose offers a site density that allows for a full range of condominium amenities — 50-metre lap pool, gymnasium, function rooms, tennis court — without the cramped feel of boutique infill sites. The five-tower layout creates natural communal spaces and cross-ventilation corridors that benefit from the site's orientation. The unit mix spans 1- to 4-bedroom configurations, making the project accessible to a broad spectrum of owner-occupiers and investors.
Leasehold tenure decay on a sub-optimal entry-price corridor. Penrose holds a 99-year lease from 2019, meaning buyers today are acquiring approximately 93 years of remaining tenure. While lease decay at this stage remains imperceptible to most buyers, those planning a 15–20 year hold should model the incremental impact of tenure shortening on eventual resale prices, particularly as Singapore's resale market has grown more sensitised to leasehold duration. Use our lease decay calculator to run the numbers for your specific purchase and exit horizon.
Geylang proximity and perception overhang. District 14's Geylang sub-area has historically carried a perception discount among certain buyer segments, particularly owner-occupier families and some foreign buyers. While the Sims Drive pocket where Penrose sits is removed from the more-discussed activity corridors and is zoned residential, the broader Geylang association can slow the short-listing process for conservative buyers. This perception discount appears to be eroding — transaction volumes and PSF progression in recent years suggest the market is re-rating the precinct — but prospective buyers should be aware that some tenant and resale pools may require more time to convert.
PLAB redevlopment timeline uncertainty. The single most important long-term catalyst for Penrose also carries the most significant timeline risk. The Ministry of Defence has confirmed relocation will begin "around 2030 or beyond" but has set no definitive completion date, making the redevlopment a 20–30 year story. Buyers seeking short-to-medium term capital gains driven by the air base catalyst may face a longer-than-expected wait. The uplift, when it materialises, is likely to be structurally durable; but the timing is government- and defence-operations-dependent, not market-driven.
RCR mid-market competition. The Rest of Central Region has seen a wave of new launches in the 2022–2025 period, several of which offer newer facilities, fresher lease tenures, and comparable MRT access at similar or marginally higher price points. As Penrose ages, its relative appeal to first-choice buyers — particularly from expatriate tenant pools — could face incremental pressure from newer projects, which may compress yield spreads. Buyers should stress-test rental assumptions using our cash flow calculator before locking in financing.
Total acquisition cost considerations. At current resale PSF levels of approximately S$2,100–S$2,300, buyers subject to Additional Buyer's Stamp Duty (ABSD) face material total-cost premiums. Use our stamp duty calculator and total cost calculator to model the full acquisition outlay, and our TDSR calculator to confirm debt-servicing headroom before submitting an offer.
[
{
"persona": "Long-horizon RCR investors targeting PLAB uplift",
"fit_color": "green",
"reason": "Penrose's proximity to the 800-hectare Paya Lebar Air Base future town makes it a structurally sound long-hold position for investors with a 15–25 year view. Resale gains have been solid across every transaction to date, and the CDL-Hong Leong brand supports persistent tenant and resale demand. Best suited to buyers who can hold through the PLAB transition timeline rather than needing a catalytic event within 5 years."
},
{
"persona": "Young professionals and dual-income couples seeking city-fringe liveability",
"fit_color": "green",
"reason": "Aljunied MRT walking access, mature amenities, competitive price-per-square-foot relative to nearer-CBD alternatives, and a growing Paya Lebar dining and retail ecosystem make Penrose a compelling owner-occupier choice for households that prize connectivity without the premium of Districts 9/10/11. The 2- and 3-bedroom units are particularly well-sized for this demographic."
},
{
"persona": "HDB upgraders from the east and city fringe",
"fit_color": "green",
"reason": "Penrose sits in a familiar cultural and geographic corridor for HDB upgraders from Bedok, Tampines, and Eunos. The project's pricing history — and current resale entry points relative to newer launches — offers a realistic upgrade pathway without the sticker shock of central or Orchard-adjacent projects. The <a href=\"/calculator/affordability\">affordability calculator</a> and <a href=\"/calculator/decoupling\">decoupling calculator</a> can help model whether an upgrade is financially viable under current TDSR rules."
},
{
"persona": "Buy-to-let investors targeting expat and young professional tenants",
"fit_color": "amber",
"reason": "Penrose's gross yield is supportable given its price point and MRT proximity, but buyers should note that Geylang's legacy perception can narrow the premium expat tenant pool. Best-fit tenants are young Singaporean professionals, regional expats in the tech and logistics sectors, and Paya Lebar Quarter office workers. Yield assumptions should be stress-tested for vacancy periods and compared against newer RCR projects using our <a href=\"/calculator/roi\">ROI calculator</a>."
},
{
"persona": "Short-term speculative flippers",
"fit_color": "red",
"reason": "The PLAB catalyst operates on a multi-decade planning horizon. Sellers with a sub-5-year exit window will need to rely on broader RCR price momentum rather than PLAB-specific uplift, and will face ABSD clawback and Seller's Stamp Duty if tenure has been short. The risk-reward profile for short-hold speculation is unfavourable relative to the structural story that makes Penrose compelling."
},
{
"persona": "Foreign buyers without Singapore residency",
"fit_color": "amber",
"reason": "Foreign buyers face a 60% ABSD rate on residential purchases in Singapore as of 2023, making the acquisition cost significantly higher. The long-term PLAB thesis may still support a positive net present value at very long hold periods, but the financing and ABSD burden materially compresses returns relative to Singapore Permanent Residents or Citizens. Use the <a href=\"/calculator/stamp-duty\">stamp duty calculator</a> to model the full ABSD impact before proceeding."
}
]
Penrose is a mature, well-built condominium that has delivered on its launch promise: solid developer pedigree, genuine MRT connectivity, a city-fringe address at a price point accessible to the mid-market, and a track record of profitable resale exits. Its investment case rests on two reinforcing foundations — the near-term Paya Lebar regional commercial centre, which continues to densify with Grade-A office and retail stock, and the longer-term Paya Lebar Air Base transformation, which will eventually absorb 800 hectares of prime eastern Singapore into a new town of national scale. Few leasehold RCR projects from the 2019–2021 launch wave carry a comparable structural catalyst sitting two kilometres from their doorstep.
The risks are real but well-defined. Lease decay is a mathematical certainty; the PLAB timeline is government-dependent and multi-decade; the Geylang perception discount, while eroding, has not fully disappeared. Buyers who understand these dynamics and are investing with a long horizon — or are purchasing for their own occupation with realistic exit expectations — will find Penrose a sound, competitively priced asset in a district with a fundamentally improving trajectory. Short-hold speculators and buyers seeking immediate catalysts should look elsewhere.
For detailed financial modelling, use our mortgage calculator, affordability calculator, total cost calculator, and ROI calculator before committing to an offer. For a district-level perspective, explore the District 14 analytics page for historical transaction volumes, PSF trends, and rental yield data. You may also wish to run a side-by-side comparison against other RCR projects before shortlisting.
FAQ
What is the average price for PENROSE?
What is the rental yield for PENROSE?
Is PENROSE freehold or leasehold?
What is the remaining lease on Penrose and how will it affect future resale?
Penrose holds a 99-year lease commencing 2019, leaving approximately 93 years of tenure as of 2026. At this stage of the lease cycle, CPF usage for purchase remains unrestricted and bank financing is unaffected. Lease decay begins to have a measurable impact on CPF usage and bank loan quantum typically below 60 years remaining, meaning buyers today have several decades before these constraints become materially relevant. However, buyers planning a 15–20 year hold should model the lease-decay impact on exit pricing using our lease decay calculator to ensure they are not inadvertently timing their exit into the zone where CPF and financing restrictions begin to bite.
How close is Penrose to the Paya Lebar Air Base redevelopment site?
Penrose on Sims Drive is approximately 1.5–2 kilometres from the southern boundary of the Paya Lebar Air Base site. The 800-hectare PLAB redevelopment — confirmed in URA's Master Plan — will be progressively developed into a new town from around 2030 onwards, with the Defu sub-precinct earmarked as the first phase. The proximity means Penrose residents will gain access to new community infrastructure, expanded green networks, and increased employment density as the redevlopment matures, without being located within the noise and construction zone of the site itself during transition. This "halo zone" positioning is historically favourable for residential values in Singapore's urban transformation precincts.
What have resale prices been like at Penrose since TOP?
Resale transactions at Penrose from 2024 through May 2025 have ranged from approximately S$1,863 psf to S$2,337 psf, with average six-month PSF around S$2,154. The highest recorded transaction was S$2,337 psf in May 2025 for a 980 sq ft unit. Buyers who purchased at launch (September 2020) at entry prices of approximately S$1,580 psf have seen capital appreciation in the 30–40% range across a five-year hold — consistent with stronger performers in the 2019–2021 RCR launch cohort. Every resale transaction recorded to date has been a profitable exit relative to launch pricing.
How does Penrose compare to other District 14 condominiums for owner-occupiers?
District 14 is one of Singapore's most textured residential districts, blending heritage shophouses, HDB estates, and private condominiums across a range of price points. For owner-occupiers, Penrose's key advantages over older D14 stock are its newer lease (2019 commencement), CDL-Hong Leong build quality, comprehensive facilities on a generous site, and its positioning closer to the Aljunied–Paya Lebar axis rather than deeper into Geylang. Compared to newer D14 launches post-2021, Penrose trades at a modest per-unit discount reflecting its age relative to off-plan projects — but it offers the significant advantage of being a known, completed, inspectable asset. Use the comparison tool and the District 14 analytics page to benchmark Penrose against specific alternatives.
What are the key risks specific to investing in Penrose in 2026?
The three most material risks for a 2026 Penrose buyer are: (1) PLAB timeline uncertainty — the air base relocation is confirmed but not time-bound, meaning the headline catalyst may not produce near-term PSF uplift; (2) leasehold tenure decay — while 93 years is comfortably in the safe zone today, buyers with long hold horizons should model the eventual CPF and financing constraints using our lease decay calculator; and (3) ABSD exposure — buyers subject to Additional Buyer's Stamp Duty face a materially higher total acquisition cost that compresses returns, particularly at current PSF levels. Use our stamp duty and total cost calculators to model your specific scenario before committing.
Is the Geylang proximity a concern for buyers or tenants at Penrose?
Penrose fronts Sims Drive, which is a mainstream residential street in the northern portion of the Geylang planning area — distinct from the more-discussed commercial and entertainment belt along Geylang Road itself. Most residents and property analysts draw a clear distinction between the Sims Drive–Aljunied corridor (generally regarded as a typical city-fringe residential area) and the Geylang Road commercial strip. In practice, Penrose's tenant pool — which skews toward young professionals and Paya Lebar Quarter office workers — does not significantly penalise the address. The perception discount appears to be eroding structurally as Paya Lebar's commercial upgrade continues and the PLAB redevlopment draws closer; however, some conservative buyer and tenant segments may still apply a marginal discount, which buyers should factor into their underwriting assumptions.
Methodology & Sources
This analysis covers All available years and refreshes as new data becomes available.
Transaction data sourced from URA REALIS.
- Sales data: 352 transactions analysed
- Rental data: 158 lease records 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 PENROSE
Access the full interactive dashboard with real-time sales trends, rental yields, and investment calculators.