Queenstown’s First New Launch In 7 Years Comes With Full Facilities — Even With Just 462 Units

It’s rare for a neighbourhood as popular as Queenstown to go without a new condo launch for long. Yet since 2018, there hasn’t been a major condo release here. It’s a surprising gap, given that Queenstown ranks among the top four districts for million-dollar HDB transactions, alongside Bukit Merah, Kallang/Whampoa, and Toa Payoh.

Property demand here is undeniable. In 2024, Margaret Drive (the site of Penrith, an upcoming major new condo) made headlines when a 5-room flat at SkyOasis @ Dawson sold for $1.73 million. With so few new launches in recent years, buyers moving up from HDB flats have had limited options to consider in Queenstown.

Margaret Drive itself is widely regarded as one of the most desirable pockets of Queenstown. Sitting on the fringe of Tanglin, it’s just four minutes from Queenstown MRT, beside Queenstown Primary School, and within walking distance of food and retail options like Margaret Drive Hawker Centre, IKEA Alexandra, Anchorpoint, and Alexandra Central.

Buyers here enjoy the best of both worlds: a younger enclave with newer amenities, within a well-established, amenity-rich estate with a strong transaction history. So there’s little question that people want to live here, but whether Penrith finds eager buyers will ultimately depend on how it’s priced. Let’s take a look at what we know about this project so far.

Penrith Condo

Penrith, comprising 462 units across 102,498 sq ft of land, is developed by Hong Leong Holdings and is expected to TOP in 2029.

Hong Leong Holdings is a well-known developer of residential and mixed-use properties in Singapore. Their recent condo launches include Springleaf Residence (2025), Lentor Central Residences (2025), and Penrose (2020).

Penrith unit mix and configurations

Penrith’s unit mix starts at 2-bedroom units and tops out at 4-bedroom layouts, signalling a focus on families, HDB upgraders, and long-term owner-occupiers who value liveable space. There is a noticeable lack of 1-bedders here, although this shouldn’t be too surprising given the softening demand for such unit types. 

Additionally, agents on the ground have observed that demand for two-bedroom units across the board has been increasing. Beyond the usual profile of couples and small families, more singles are opting for them as well, often using the second bedroom as a study, hobby space, or guest room.

For buyers keen on smaller units, neighbouring developments such as Stirling Residences, Commonwealth Towers, Queens Peak, and Margaret Ville all offer 1-bedroom units.

Penrith location

Penrith is located on Margaret Drive, one of the more sought-after residential areas in Singapore.

The broader Queenstown is also one of the top neighbourhoods for recording million-dollar HDB flats. Such neighbourhoods share traits of being older, centrally located, coming with a history of high transaction volumes, and enjoying convenient access to lifestyle amenities and public transport. Queenstown, in particular, is well-known for its host of dining and lifestyle options, including Dawson Place, Margaret Drive Hawker Centre, IKEA Alexandra, Queensway Shopping Centre, Anchorpoint, Alexandra Central, and Mei Ling Market.

Penrith is also a four-minute walk from Queenstown MRT and has easy access to the AYE and CTE. This means being two stops away from Buona Vista MRT and three stops from Outram Park MRT, giving residents quick access to the CCL, NEL, and TEL.

Orchard Road and the CBD are about a 10 to 15-minute drive away, making the area convenient for both work and leisure.

For families with young kids, Penrith is right in front of Queenstown Primary School. Reputable pre-schools PCF Sparkletots, E-Bridge, and My First Skool are also short drives away. The project itself also features facilities that support family living, most notably the early childhood development centre.

On the other side, the condo is right next to Alexandra Canal Linear Park, along the PCN, which leads to River Valley, Robertson Quay, and Clarke Quay, all the way to Marina Bay Sands. Proximity to this amenity makes regular exercise amid nature highly accessible and directly connects residents to trendy nightlife and social establishments.

Penrith site layout

Penrith features two 40-storey residential towers on either end of an elongated 102,498 sq ft of land. One residential tower is along Margaret Drive, the other is along Alexandra Canal Linear Park. The main entrance for cars and pedestrians is located along Margaret Drive. The grand entrance of the condo is a short drive along the estate’s perimeter, near the clubhouse, which features function rooms, a gym, and other gathering spaces. In fact, almost three sides of the estate feature roads – for cars to get from the main entrance to the grand arrival, and for young parents to drop off and pick up their kids from the on-property early childhood development centre.

Yes: in line with the project’s more family-oriented unit sizes, Penrith also features facilities to support young family living, most notably the early childhood development centre. The centre is located between the residential blocks, beside the 50m lap pool. Complementary features like the kids’ playground and a drop-off point are within proximity, encouraging holistic learning among preschoolers and providing convenience for parents driving to and from the car park.

Besides the 50m lap pool, in between the two residential towers are also a host of lawns and green spaces for R&R and social gatherings. 

At the other end of the estate, on the other side of the second residential block, a side gate provides residents with direct access to Queenstown Primary School. This area also features a kids’ pool, a full-sized tennis court, and spacious walkways.

Given the project’s unit count, the range of facilities is notable. Tennis courts, for instance, are no longer a standard inclusion in smaller new launches due to land costs and the need for optimisation. Skye At Holland, a 666-unit project launching around the same time on a 133,343 sq. ft. site, does not feature one.

Parking is another practical consideration. Penrith provides 377 lots, including three accessible spaces, which works out to about an 80% lot-to-unit ratio. Since the development is located just minutes from Queenstown MRT, some buyers may see less of a need to own a car. Drivers will find direct links to the AYE and CTE, with travel times to the CBD, Orchard Road, and One-North typically under 20 minutes.

Penrith pricing analysis

At the time of writing, we’ve yet to receive confirmed indicative pricing on Penrith units. Nonetheless, we can look at how neighbouring projects have performed in the resale market. For reference, I’ve taken Stirling Residences, the last condo to launch in Queenstown, as well as Commonwealth Towers, Queens Peak, and Margaret Ville, which are closest in proximity to the Penrith site.

Penrith comes to market with strong fundamentals: it sits on Margaret Drive, just minutes from Queenstown MRT, is close to schools, and is close to retail and dining options. These are the kinds of attributes that tend to give a project enduring appeal, ensuring that interest doesn’t just spike at launch but sustains well into the years ahead.

Still, buyers should weigh one reality of the neighbourhood: Queenstown is one of Singapore’s oldest housing estates. Many flats and common areas reflect their age, and not all have been significantly upgraded. For some, this adds charm and a sense of history; for others, it raises questions about how the wider estate will hold up over the long term. Concerns about ageing surroundings and older amenities are valid, particularly for buyers planning to hold their unit for a long time.

Yet Queenstown is also among the clearest cases of urban renewal in progress. Tanglin Halt alone is set to add around 5,500 new homes, along with a new hawker centre, market, and improved connectivity to Commonwealth MRT and the Rail Corridor. Beyond that, URA has earmarked other residential plots, and HDB has steadily launched new BTO projects here since 2021. As these flats reach MOP, more HDB upgraders are likely to look for premium private homes nearby, creating a ready demand pool for projects like Penrith.

So while parts of Queenstown may continue to show their age, the overall trajectory is one of rejuvenation and rising appeal. Margaret Drive, in particular, is positioned at the heart of this change. That makes Penrith a timely arrival, but ultimately, its success will hinge on whether launch prices strike the right balance with what buyers are prepared to pay.