Penrose by Hong Leong Sells 60% At Launch
Hong Leong Holdings achieved remarkably good sales at its Penrose condominium launch over the weekend. It managed to move 341 units out of the total 566 units in the project.
The developer highlighted in its media statement on Sunday that the bulk or 85% of the buyers were Singaporeans, with the rest being foreigners and permanent residents. A fairly large proportion were HDB upgraders, from across the island.
According to the head of sales and marketing at Hong Leong, Ms Betsy Chng, the remarkable sales figures for Penrose were the result of sensitive pricing and good timing.
She said: ”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.”
Penrose is a 99 year leasehold condominium located at Sims Drive in District 14, within 6 minutes walk from Aljunied station on the East-West MRT line. It comprises five 18-storey blocks, and is jointly developed by Hong Leong with its sister company City Developments Limited.
Sizes and unit types at the Penrose condo are pretty standard. One bedders start from 474 sq ft (square feet), two-bedders from 646 sq ft, three bedders from 936 sq ft, and four bedroom units from 1,389 sq ft.
Prices are competitive, ranging from around SGD$1,500 PSF to $1,700 PSF, which is slightly lower than those at Parc Esta. In absolute terms, they start at SGD$788,000 upwards for a one bedroom unit, SGD$943,000 for a two bedroom, SGD$1.33 million for a three bedroom, and SGD$2.11 million for a four bedroom unit.
The balloting process to determine the queue sequence for buyers to book their units last Saturday was held virtually the day before on Friday, by the developer jointly with its appointed agencies.
Buyers were then notified by their agents of their balloted time slot. Actual booking, ie. sales of units commenced on Saturday via Zoom to the developer.
Hong Leong said the take-up was fairly well distributed across all the unit types. However the one and two bedroom units, with the exception of those with a study, sold out by mid-afternoon on Saturday, leaving many buyers looking for the smaller more affordable units disappointed.
Other projects being marketed in the vicinity include the freehold Tedge development at Changi Road, and the 99 year leasehold Antares 265-unit condo at Mattar Road.
Tedge was priced at between SGD$1,508 to SGD$1,742 PSF for units between March and August this year. While the Antares was transacting at SGD$1,550 to SGD$1,882 PSF for units sold between January and September, slightly higher than for Penrose.
Whereas over at the 99 year leasehold 1,024 unit Sims Urban Oasis next door to Penrose, resale units sold this year were changing hands in the region of $1,400 to $1,654 PSF.
Results of the Penrose condo launch were reported in the news media.
Source: The Business Times. 28 September 2020
