Hong Leong’s Penrose project about 60% sold

Updated from : The Business Times, 28 Sep 2020

HONG Leong Holdings sold 341 units of its 566-unit Penrose condominium over the weekend as at 5pm on Sunday.

Nearly 85 per cent of buyers were Singaporeans and the rest were Singapore permanent residents and foreigners. Keen interest was also seen from HDB upgraders across areas islandwide, said Hong Leong in a media statement on Sunday.

The staggering sales numbers were the result of timing and sensitive pricing, said Betsy Chng, head of sales and marketing at Hong Leong.

“Given the current climate, it is crucial to identify the right timing and price our projects thoughtfully according to market sentiments and each project’s value that includes location, design, and quality interiors,” she said.

Penrose, which is located at Sims Drive in District 14, is a 99-year leasehold condominium jointly developed by Hong Leong and City Developments Limited. The development comprises five 18-storey towers.

Sizes start from 474 square feet (sq ft) for one-bedroom units, 646 sq ft for two-bedroom units, 936 sq ft for three-bedroom units, and 1,389 sq ft for four-bedroom units.

Prices start from S$788,000 for a one-bedder, S$943,000 for a two-bedder, S$1.33 million for a three-bedder, and S$2.11 million for a four-bedder. In terms of per square foot (psf), the average selling price ranges between S$1,500 psf and S$1,700 psf.

The group said that the take-up was good across all unit types. The balloting process took place virtually on Friday between the developer and its appointed property agencies to determine the queue sequence of buyers for booking day.

Buyers were then called by their agents according to their balloted sequence, and the booking of units commenced on Saturday via Zoom.

Other projects being marketed in district 14 is the 99-year leasehold, 265-unit The Antares at Mattar Road and freehold development Tedge at Changi Road.

The Antares transacted between S$1,550 psf and S$1,882 psf from January to September while Tedge transacted between S$1,508 and S$1,742 across units sold from March to August.

Meanwhile, 99-year leasehold 1,024-unit Sims Urban Oasis was transacting between S$1,400 psf and S$1,654 psf for units sold this year.