The newly launched Penrith condominium project in Margaret Drive has achieved remarkable sales success, with 447 out of 462 units sold over the weekend. This represents a 97% take-up rate, according to Kelvin Fong, CEO of PropNex. The project, located in the Rest of Central Region, follows the successful launch of Skye at Holland and is the fifth new project this year to exceed a 90% sales rate during its launch.
The larger units at Penrith have been particularly popular, indicating strong demand from families and owner-occupiers. The absence of one-bedroom units further underscores its family-focused design. Most buyers are Singaporeans, reflecting robust local demand in the primary market.
Penrith’s appeal is bolstered by its proximity to Queenstown MRT station, several schools, and a variety of retail and dining options, including the Margaret Drive Hawker Centre and IKEA Alexandra. The project’s location in Queenstown, which has not seen new condo launches since 2018, has likely contributed to the pent-up demand.
Competitive pricing and the recent easing of interest rates, with the 3-month compounded SORA at 1.4% as of 17 October, have made the project more affordable. Additionally, a rally in the stock market and positive economic growth in Singapore may have increased buyer confidence.
Looking ahead, upcoming projects like Zyon Grand and The Sen are expected to maintain interest in the Rest of Central Region, appealing to HDB upgraders and those seeking a balance of accessibility, location, and value.
