Penrose

Overview & Key Facts

Penrose is a 566-unit city-fringe condominium at 22 Sims Drive, jointly developed by two of Singapore’s most established names — City Developments Limited (CDL) and Hong Leong Holdings. Completed in 2021 across five 18-storey towers set within a lushly landscaped forest-themed estate, Penrose has quickly emerged as one of District 14’s most sought-after addresses, driven by a combination of sharp launch pricing, strong MRT connectivity, and the ongoing transformation of the Aljunied–Paya Lebar corridor.

The investment thesis has already been validated. Launched in 2020 at an average of $1,547 psf — well below the D14 median of $1,666 psf at the time — Penrose has since appreciated to a current average of $2,148 psf, delivering an average profit of approximately $340,000 per unit across its robust sub-sale transaction volume. Within the RCR segment, Penrose ranked as the top-performing development with 98 profitable transactions in a single year.

With 92 years remaining on its 99-year lease and the Paya Lebar Air Base relocation set to unlock 800 hectares of development land by 2030, Penrose is well positioned at the intersection of proven appreciation and forward-looking urban transformation. The question for new buyers is whether the current $2,148 psf entry point still leaves enough upside against newer RCR launches priced above $2,500 psf.

Location & Connectivity

Penrose sits on Sims Drive in the heart of District 14, straddling the boundary between Geylang’s colourful shophouse heritage and Aljunied’s increasingly gentrified residential fabric. Aljunied MRT (East-West Line) is just 470 m to the south — a comfortable six-minute walk — putting Paya Lebar interchange one stop away and Raffles Place within fifteen minutes. Mattar MRT on the Downtown Line is 890 m north, giving residents dual-line access without a transfer.

Daily amenities cluster conveniently. The Sims Vista HDB estate opposite provides a wet market, coffee shops, and the well-loved Blk 49 hawker centre. One MRT stop brings residents to Paya Lebar’s four-mall cluster — Paya Lebar Quarter, SingPost Centre, Kinex, and City Plaza — while Leisure Park Kallang and the Kallang sports precinct are a short drive south. For groceries, a Sheng Siong supermarket operates within walking distance.

For families, Canossa Catholic Primary is within the 1 km priority enrolment radius, and Geylang Methodist Primary sits at 1.03 km. The Geylang fringe location does carry the area’s reputation — some side streets retain an edgier character — but the Sims Drive address itself is quiet and residential, and the neighbourhood’s trajectory is firmly upward.

Schools & Education

Facilities

Penrose’s facilities punch above what you might expect for a 566-unit development. The 50 m lap pool is the headline act, flanked by a children’s aqua-play zone, a cascading spa pool, and a generous sun deck. The forest-themed landscaping extends into three distinct green pavilions, a wellness garden, and a sky marshland area designed to encourage biodiversity. Active residents have a tennis court, a well-equipped gymnasium, and a rooftop Sky Pavilion that offers city-skyline views and serves as a prime vantage point for National Day fireworks. A zipline within the kids’ adventure park adds a playful touch that families appreciate, and the Grand Clubhouse includes a function room and games room for social gatherings.

“For a mid-sized condo, the facilities are surprisingly complete. The 50-metre pool rarely feels crowded, and the sky garden on the rooftop is a hidden gem — we watched the NDP fireworks from there and it was spectacular. The only gripe is the adventure park can get noisy on weekends.”

— Owner-occupier, three-bedroom unit, since TOP

Unit Sizes & Layout

Penrose offers a well-distributed unit mix from one-bedroom (474–517 sq ft) through to four-bedroom layouts (1,389–1,399 sq ft), with the larger units earning particular praise for their functional, family-friendly configurations. CDL and Hong Leong’s track record shows in the details: efficient dumbbell layouts in the two- and three-bedders minimise wasted corridor space, and the four-bedroom units feature a proper dry-and-wet kitchen arrangement with a utility yard — increasingly rare in new launches. Ceiling heights are a standard 2.8 m, and all units come with engineered timber flooring in bedrooms and porcelain tiles in common areas.

Fittings include Bosch kitchen appliances, Hansgrohe bathroom fixtures, and a smart-home system pre-installed in every unit. Build quality from CDL/Hong Leong is generally well-regarded, with fewer defect complaints at TOP compared to some peers in the D14 segment. Higher-floor units on the southern stacks enjoy partial city and Kallang Basin views.

Pricing & Market Position

Across 359 recorded transactions (all-time), sale prices range from $888,000 to $3,180,000, averaging $1,876,535.

Over the last 12 months, transactions averaged $2,154 psf.

Rents range from $3,100 to $8,550 per month across 177 rental transactions. Current rental yield sits at approximately 3.0%.

Rental Yield by Bedroom Type

Blended yield hides the spread between unit sizes — smaller units at PENROSE typically rent harder per dollar of purchase price. The final column shows monthly rent per $100,000 invested, so unit sizes compare on equal capital:

Price Appreciation

From 2021 to 2026, the average PSF has appreciated by 30.7% (from $1,672 to $2,184 psf).

Neighbourhood Comparison

In the competitive D14 RCR landscape, Penrose ($2,148 psf) sits between the older, more affordable Sims Urban Oasis ($1,755 psf) and the slightly pricier Parc Esta ($2,177 psf). Sims Urban Oasis offers a lower entry quantum but was completed in 2017 and lacks Penrose’s modern smart-home features and rooftop sky garden. Parc Esta, another CDL project at Sims Avenue, trades at a small premium and is marginally closer to Paya Lebar MRT but has a denser 1,399-unit count that can strain facilities. The Antares ($1,833 psf) near Mattar MRT offers Downtown Line access in a boutique 265-unit format, appealing to buyers who prefer a smaller community.

For new-launch comparison, Urban Treasures ($1,996 psf) on Jalan Eunos is a compact 288-unit project that trades below Penrose but lacks the same MRT proximity and developer pedigree. Overall, Penrose’s combination of CDL/Hong Leong build quality, proven appreciation trajectory, and proximity to both Aljunied and Mattar MRTs makes it the benchmark mid-range choice in District 14.

Lease Decay Analysis

The 99-year lease runs from 2019, meaning approximately 7 years have already been consumed. Roughly 92 years remain — still comfortably within the range where most banks will offer full financing without restrictions.

For a buyer purchasing today with a 10-year horizon (exit around 2036), the lease situation is essentially a non-issue — you’d be selling a property with ~82 years remaining, which is still very bankable. The risk profile changes for longer holds.

ShiokNest Scores

Our proprietary scoring system evaluates PENROSE across multiple dimensions.

What Residents Say

“We moved in at TOP and the build quality genuinely impressed us — far fewer defects than friends reported at other new launches nearby. The layout of the 4-bedder is the best in the area for families: proper wet-and-dry kitchen, a utility yard, and none of those awkward corridor-wasting configurations. Walking to Aljunied MRT in six minutes makes the commute painless.”

— Owner-occupier, four-bedroom unit, since 2021

“As a tenant, I chose Penrose for the location. One stop to Paya Lebar for shopping, the hawker centre at Blk 49 across the road for cheap meals, and the Kallang sports hub nearby for weekend runs. The condo facilities are well maintained and the pool is excellent. Only complaint: the kids’ adventure park generates a lot of noise that carries to lower-floor units on weekends.”

— Tenant, two-bedroom unit, 1.5 years

“I’ll be honest — we were nervous about the Geylang fringe address at first. But Sims Drive itself is quiet and residential, the immediate surroundings are well-kept, and the gentrification in this corridor is real. Property values have already reflected that. The only thing missing is a decent supermarket within true walking distance; you’ll want to stock up at Paya Lebar Quarter.”

— Owner-occupier, three-bedroom unit, 2 years

Strengths & Weaknesses

Verdict

Penrose has delivered on its original promise: competitive pricing from a reputable developer, solid MRT access, and a location poised for long-term transformation. With an average profit of $340,000 per unit across its sub-sale activity, it ranks among the most consistently profitable RCR launches of the 2020 vintage. At a current average of $2,148 psf, it still undercuts newer RCR launches priced above $2,500 psf, though the discount margin has narrowed considerably from its launch-era advantage.

Against its immediate competitors, Penrose occupies a well-defined niche. It trades at a slight discount to Parc Esta ($2,177 psf) while offering comparable facilities and a marginally closer MRT walk. Sims Urban Oasis ($1,755 psf) is cheaper but older and lacks Penrose’s modern finishes and rooftop amenities. The Antares ($1,833 psf) near Mattar MRT offers Downtown Line access but is a smaller development with fewer facilities.

With 92 years of lease remaining and the Paya Lebar Air Base relocation on the horizon, Penrose’s long-term fundamentals remain compelling. Buyers entering now should expect more measured appreciation than early purchasers enjoyed, but the combination of a proven developer pedigree, strong rental demand (yield of 3.16%), and transformative infrastructure plans makes this one of District 14’s most dependable holdings.