566 units
https://www.facebook.com/Penrose-at-...5853127672569/
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Land Cost
However, the five bids for the Sims Drive site came in as a surprise for Colliers International, given the site’s location in the city fringe and proximity to the Aljunied MRT station.
Song said, “We think a reason for the subdued bid prices could be the fact that the site is now subject to a larger minimum average unit size of 85 sqm. Developers may also be assuming some buffer for the five-year ABSD timeline, given its relatively larger plot size – 570 units can be built. We estimate the selling price could be $1,400 psf, even factoring in the potentially larger units.”
“It is clear from the results of recent Government Land Sales (GLS) tenders that the days of overly exuberant land bids are behind us,” the executive commented.
“The relatively conservative bids for the two sites - particularly for Sims Drive which fell short of our expectation - reflect developers’ measured approach toward land banking following the imposition of fresh property cooling measures in July 2018 amidst new guidelines on minimum private residential unit size which took effect in October 2018.”
https://sbr.com.sg/residential-prope...92m-and-38353m
Location
Developer Hong Leong & CDL
Site Area: 174,648 sqft
Proposed Gross Plot Ratio: 3.0
Estimated Launch Date: May 2018
Tenure: 99 years leasehold
Expected TOP: 2025
Location
Penrose @ Sim Drive
The top bid, which has been made here was $732 per square feet of plot ratio.
Sims Urban Oasis @ Sim Drive
S$688psf paid for the adjacent site by Guocoland back in 2014
Located just next to the recently completed condominium project Sims Urban Oasis, a consortium involving City Developments and Hong Leong came in tops (out of five bidders) with a bid of S$383.5m, which is 12% higher than the 2nd highest bidder, Guocoland which returned to familiar grounds, after completing the adjacent site – Sims Urban Oasis. The bid by City Developments and Hong Leong implies a land price of S$731 psf, which is 6% higher than the S$688psf paid for the adjacent site by Guocoland back in 2014. A CDL-led consortium was 2nd highest bidder back then.
https://www.dbs.com.sg/sme/aics/temp...e_property.xml
I have created a video for my project review on Penrose Condo. (click here)
Well done. Any Guru can do better to share are most welcome.
Upcoming project launch along Sims Drive set in the second half of 2020
This is a large scale project with full condominium facilities located just beside Sims Urban Oasis. Joint development by Hong Leong's Subsidiary Intrepid Investments and City Development Limited. Bided land price is about $732 per square feet per plot ratio. Penrose condo is walking distance to Aljunied MRT and will be one of the most affordable city fringe condominium for sale in 2020.
Stay tuned for more picture perspectives and updates here --> Penrose Condo
Penrose condo is an exciting new launch along Sims Drive. More information can be found at https://www.the-penrose.com/
When is the Penrose officially launching?
Most like by mid-late September. Currently agents being briefed now, but not open to public yet.
If you are interested in my thoughts, check out my review of Penrose here > https://www.estatemagnates.com/post/review-penrose
I write plenty of real estate articles and new launch condo reviews on my website http://estatemagnates.com. Come and take a look!
Penrose condo early-bird prices start from S$788,000 at preview this weekend
Wed, Sep 09, 2020
Rachel Chia
Penrose condominium comprises five 18-storey towers housing 566 units.
PHOTO: HONG LEONG GROUP
https://www.businesstimes.com.sg/rea...w-this-weekend
A 99-YEAR leasehold condominium jointly developed by Hong Leong Holdings and City Developments Limited will begin previews by appointment from Sept 12, Hong Leong Group said in a statement on Wednesday.
Early-bird prices for Penrose condominium, which is located at Sims Drive in District 14, start from S$788,000 for units with one bedroom, S$943,000 for those with two bedrooms, S$1.33 million for three bedrooms and S$2.11 million for four bedrooms.
The development comprises five 18-storey towers housing 566 units. Sizes of one-bedroom units start from 474 square feet (sq ft), 646 sq ft for two-bedroom units, 936 sq ft for three-bedroom units, and 1,389 sq ft for four-bedroom units.
The temporary occupation permit is expected to be obtained in July 2024, Hong Leong Group said.
Facilities at Penrose condominium include a childcare centre, 50-metre swimming pool, wellness gardens, a rooftop sky garden with unblocked views, as well as a pavilion for social gatherings and a treehouse pavilion.
The development is a 15-minute drive from the central business district and Orchard Road, and a six-minute walk to Aljunied MRT station. The neighbourhood is also linked to other parts of Singapore by the Pan Island Expressway and the Kallang-Paya Lebar Expressway.
Geylang Methodist School and Canossa Catholic Primary School are a five-minute and 15-minute walk away respectively.
Nearby hawker centres include Sims Vista Market & Food Centre, Haig Road Market & Cooked Food Centre and Old Airport Road Food Centre. There are cafes and restaurants in the neighbouring Katong and Joo Chiat districts, as well as shopping malls nearby, including Paya Lebar Quarter and Kallang Wave Mall.
Penrose condominium is also "well-positioned" to tap new growth areas, Hong Leong Group said. These include Kampong Bugis and the Kallang River precinct. The latter will see a rejuvenation of the waterfront with new walkways and cycling routes.
Hong Leong Holdings' head of sales and marketing Betsy Chng said the project is "well-priced and within the reach of most Singaporeans looking to invest or simply to buy a beautiful and functional home to stay".
The Penrose condominium sales gallery is located along Geylang Road, with vehicle access via Kallang Airport Drive.
Just saw the flyer in my mailbox yesterday.
Was wondering simi project.
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You don't Buy others will Buy.
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341 units sold.
https://www.businesstimes.com.sg/rea...er-the-weekend
60% of Hong Leong's Penrose condo sold over launch weekend
The units at Penrose condominium were sold at prices starting from $788,000 for a one-bedroom apartment.PHOTO: HONG LEONG GROUP
Published 36 min ago
Ann Williams
https://www.straitstimes.com/busines...launch-weekend
SINGAPORE - The Hong Leong group sold 60.3 per cent of its Penrose condominium over its launch weekend, with the reception among buyers in line with recent data showing bullish new home sales defying the ongoing coronavirus pandemic.
As at 5pm on Sunday (Sept 27), 341 units out of 566 in the 99-year leasehold development in Sims Drive had been taken up, said Hong Leong in a media release.
The units were sold at prices starting from $788,000 for a one-bedroom apartment, $943,000 for a two-bedder, $1.33 million for a three-bedder and $2.11 million for a four-bedder, said Hong Leong in a media release on Sunday.
The condo's apartments sizes range from 474 sq ft for a one-bedroom unit to 1,389 sq ft for a four-bedroom unit.
Take-up was good across all unit types, with the selling price working out to $1,500 to $1,700 per sq ft, said Hong Leong.
It added that nearly 85 per cent of the weekend's buyers were Singaporeans, with permanent residents and foreigners making up the rest. "Keen interest was also seen from HDB upgraders across areas islandwide," the company added.
Sales of new homes - mostly newly-launched condominiums - hit an 11-month high last month, defying the Hungry Ghost Month, and more importantly, the pandemic, the resultant recession and a surge in job losses.
Market observers have ascribed this to pent-up demand after Singapore's two-month circuit breaker upended sales and planned launches. But other reasons given for the surge in new home sales were more buyers parking their money in property, which they see as a safe-haven asset amid an uncertain economy and volatile markets, and record-low interest rates making it seem a "good time" to get a home loan.
Ms Betsy Chng, head of sales and marketing at Hong Leong Holdings, said "timing and sensitive pricing" were the main factors behind the good response to the Penrose's sales launch.
"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 added.
The project is jointly developed by Hong Leong Holdings and City Developments, another member of the group. The District 14 development, which comprises five 18-storey towers, is a short walk to Aljunied MRT station and near the Pan-Island Expressway and Kallang-Paya Lebar Expressway. The Central Business District and Orchard Road are about 15 minutes' drive away.
Property experts said new home sales may start to moderate in the coming months as pent-up demand from local buyers is absorbed into the market. But the gradual reopening of the economy and the setting up of fast lanes for essential travel could also result in more foreign demand for private homes here.
In line with Covid-19 preventive measures, balloting and booking of Penrose units were done virtually via Zoom. Online balloting began on Friday to determine the queue sequence of buyers for booking day, which started on Saturday.
i think they understate to the media. Kwek scared of more cooling measures. let's see how many units were really sold and at what average price when the caveats are out.
in fact, URA already give face and announced this "cooling measure" only today:
https://www.ura.gov.sg/Corporate/Gui...ulars/COH20-03