Penrose sold over 60% of its units over virtual launch weekend

The District 14 project saw 341 of its 566 units sold during its virtual launch weekend. Photo: Hong Leong Group/CDL.

Penrose, a joint residential development project of Hong Leong Holdings Limited and City Developments Limited, sold 60.3% or 341 of its 566 units during its virtual launch weekend as at 5pm on Sunday (27 September), making it the most successful and best-selling property launch in 2020. 

Singaporeans accounted for nearly 85% of buyers, while the remaining 15% were foreigners and Singapore permanent residents. HDB upgraders across areas islandwide also showed keen interest in the project.

In a release, Hong Leong revealed that take-up was good across all unit types.

Homebuyers snagged units at prices starting from $788,000 for a one-bedroom unit, $943,000 for a two-bedder, $1.33 million for a three-bedder, and $2.11 million for a four-bedroom apartment.

Unit sizes range from 474 sq ft for a one-bedder to 1,389 sq ft for a four-bedder.

In line with safe measurement rules, the balloting and booking of units process were conducted on Zoom, with the virtual balloting starting a day earlier on Friday (25 September) between the developer and its appointed property agencies ERA Realty, PropNex Realty, Huttons Asia, and Edmund Tie.

The recorded balloting system was conducted to determine the queue sequence of buyers for booking day. Buyers were called by their agents based on their balloted sequence, with the booking of units commencing on Saturday (26 September) via Zoom.

Betsy Chng, Head of Sales and Marketing at Hong Leong Holdings, noted that timing and sensitive pricing are the main factors driving the good response for the project.

“Given the current climate, it is crucial to identity 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.

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Located at Sims Drive in District 14, Penrose is near the Kallang-Paya Lebar Expressway and Pan Island Expressway. It is also a short walk to Aljunied MRT Station and bus services, while the Orchard Road and Central Business District is around 15 minutes’ drive away.

The 99-year leasehold project is designed by award-winning architecture firm P&T Group. It comprises five 18-storey towers, featuring one- to four-bedroom apartments.

Penrose is expected to secure Temporary Occupation Permit by July 2024.

Viewings for the units will continue to be conducted by appointment only, in line with precautionary measures. To book for an appointment, contact the sales hotline at (65) 9643 9911 or visit the official site

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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg

This post was originally posted on Property Guru Property Market News Section