Penrose
Penrose is a 566-unit development at Sims Drive in District 14 (Sims Drive/Aljunied/Geylang), launched in 2020 on a 99-year leasehold tenure dated from 2019 and completed in 2021 by a joint venture between City Developments Limited (CDL) and Hong Leong Holdings. Positioned in the Rest of Central Region (RCR) on a CBD-fringe site, Penrose sits within walking reach of Aljunied MRT (East-West Line) and Mountbatten MRT (Circle Line), with Kallang Wave Mall, the Singapore Sports Hub and the Old Airport Road Food Centre forming the immediate lifestyle anchors. Pricing here typically tracks RCR median PSF — readers can stress-test their entry budget against the MAS TDSR ceiling and prevailing rates using our Affordability Calculator before committing.
Snapshot as of 2026-05 — figures above reflect publicly available URA/HDB data at the time of this editorial review (as of 2026-05).
Penrose sits in RCR sub-zone Aljunied/Geylang, a CBD-fringe corridor where 99-year leasehold launches compete with redevelopment plots, conserved shophouses and the long-running gentrification arc of the Kallang River frontage. The site is roughly 400m to Aljunied MRT (East-West Line) and around 1.1km to Mountbatten MRT (Circle Line), giving dual-line redundancy that buyers in deeper OCR locations cannot replicate. Kallang Wave Mall, the Singapore Sports Hub and the National Stadium are a short drive or one MRT stop away, while the Old Airport Road Food Centre — one of Singapore’s most decorated hawker centres per URA Master Plan heritage tagging — remains a key F&B draw. With TOP in 2021, the development now has approximately 93 years of lease remaining, which sits at the premium end of the leasehold spectrum and clears the CPF 60-year remaining-lease threshold by a wide margin. Our price heatmap shows the Aljunied/Geylang belt has tracked the RCR median with periodic discounts during heavy launch cycles — a pattern worth modelling against current supply.
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
| 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 |
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.
| Bedrooms | Transactions | Avg PSF | Avg Price |
|---|---|---|---|
| 0 BR | 22 | $1,962 | $937,007 |
| 1 BR | 53 | $2,056 | $1,358,667 |
| 2 BR | 56 | $2,097 | $1,708,119 |
| 3 BR | 166 | $1,883 | $2,038,367 |
| 4 BR | 55 | $1,750 | $2,436,527 |
Pricing & Market Position
Based on 352 recorded transactions, sale prices range from $888,000 to $3,180,000, averaging $1,876,864 (~$2,137 psf).
Rents range from $3,100 to $8,550 per month across 158 rental transactions. Current rental yield sits at approximately 3.2%.
Price Appreciation
From 2021 to 2026, the average PSF has appreciated by 28.8% (from $1,672 to $2,154 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.
| Development | Tenure | TOP | Units | ~Avg PSF |
|---|---|---|---|---|
| PENROSE | 99 yrs lease commencing from 2019 | 2021 | 566 | $2,137 |
| PARC ESTA | 99 yrs lease commencing from 2018 | 2021 | 1,399 | $2,184 |
| SIMS URBAN OASIS | 99 yrs lease commencing from 2014 | 2020 | 1,024 | $1,762 |
| EUHABITAT | 99 yrs lease commencing from 2010 | 2016 | 697 | $1,326 |
| THE ANTARES | 99 yrs lease commencing from 2018 | 2021 | 265 | $1,833 |
| URBAN TREASURES | Freehold | 2021 | 237 | $1,998 |
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.
| Year | Lease remaining | Implication |
|---|---|---|
| 2026 (now) | ~92 years | Full bank financing available |
| 2049 | ~69 years | CPF usage still unrestricted for most buyers |
| 2058 | ~59 years | Approaching 60-year threshold — CPF limits begin for some |
| 2078 | ~39 years | Significant financing restrictions for next buyer |
| 2118 | Expiry | Lease reverts to state |
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
- Dual-MRT access on two lines. Walking-distance to Aljunied MRT (East-West Line) plus a manageable walk or short feeder ride to Mountbatten MRT (Circle Line) delivers genuine network redundancy — a connectivity profile that justifies an RCR premium versus single-line OCR alternatives.
- Premium 99-year lease. At approximately 93 years remaining, Penrose is well above the depreciation kink on Bala’s Curve and offers a long runway before lease-decay arithmetic begins to bite. Buyers can model holding economics via our Lease Decay Calculator.
- CDL + Hong Leong Holdings pedigree. The joint venture pairs two of Singapore’s most established developers, which tends to translate into smoother handover, predictable defect management and stronger resale brand equity.
- CBD-fringe geography. The Sims Drive corridor is a 10-15 minute commute to Raffles Place and Marina Bay, making Penrose viable for finance, tech and professional services tenants who prioritise short commutes over OCR space.
- Sports Hub and Kallang lifestyle catchment. The Singapore Sports Hub, Kallang Wave Mall and the upcoming Kallang masterplan rejuvenation form a lifestyle anchor cluster that few RCR sites can match. Investors can pressure-test rental impact via our ROI Calculator.
- Old Airport Road F&B draw. The hawker centre is a structural amenity for tenants and owner-occupiers alike — the kind of soft factor that supports lease renewals and reduces tenant churn over multi-year horizons.
- 566-unit absorption profile. While not a mega-project, 566 units still means meaningful internal resale competition once the early-resale cycle begins. Buyers should benchmark stacks against smaller RCR alternatives via our Compare tool before assuming scarcity-driven premiums.
- Sims/Aljunied supply pipeline. The Sims Drive and Aljunied corridor has hosted several recent and upcoming launches per URA pipeline data, and additional new supply at higher absolute PSF can cap medium-term resale upside even when underlying demand is healthy.
- RCR pricing sensitivity. RCR PSF is materially above OCR comparables, which compresses gross yield and amplifies the impact of any cooling-measure tightening. Stress-test entry pricing against rate shocks using our TDSR Calculator and Refinancing Calculator per current MAS rate guidance.
- Cluster competition from siblings. Sims Urban Oasis (the CDL/Hong Leong sibling immediately adjacent), Parc Esta and Tre Residences create a dense supply of comparable RCR product within a 1km radius — useful for price discovery but a headwind for stack-level scarcity stories.
- Geylang adjacency perception. Despite the Sims Drive frontage and Sports Hub catchment, some buyers apply a residual perception discount for proximity to the Geylang red-light belt. The actual transaction data does not always reflect this perception, but it can affect resale negotiation dynamics.
- ABSD and cooling-measure sensitivity. RCR pricing means second-property buyers face larger absolute ABSD bills — model the impact via our ABSD Calculator and pressure-test decoupling scenarios via the Decoupling Calculator.
Penrose suits dual-income professional couples and owner-occupier families who prioritise short CBD commutes, dual-MRT redundancy and a premium lease over OCR space. Upgraders coming from HDB resale flats in Aljunied, Geylang and Kallang/Whampoa will find the price step meaningful — model the gap with our Mortgage Calculator and Stamp Duty Calculator before committing. Yield-focused investors should weigh the RCR pricing against tenant demand from Sports Hub events, CBD professionals and expatriate families drawn to the Kallang lifestyle; run the rental math via our Cash Flow Calculator. First-timers should compare against staying in the HDB market using our HDB Grant Calculator, while decoupling couples can stress-test ABSD impact via our Decoupling Calculator. Buyers planning a 5-10 year horizon should benefit from the premium-lease runway and the Kallang masterplan tailwind; sub-5-year flippers face tighter math given the cooling-measure landscape and pipeline supply.
Penrose is a credible RCR CBD-fringe play: dual-MRT access, a premium 99-year lease, CDL + Hong Leong Holdings pedigree and a maturing Kallang lifestyle catchment. The trade-offs are 566-unit internal supply, an active Sims/Aljunied launch pipeline and RCR-level PSF that compresses headline yields. For owner-occupier dual-income households with a 5-10 year horizon, the connectivity and lease quality justify the RCR premium. For yield-led investors, the math is tighter — benchmark stacks against Sims Urban Oasis, Parc Esta and Tre Residences via the Compare tool, model total carry via our Total Cost Calculator, and pressure-test entry pricing against the wider District 14 distribution before committing.