The 99-year leasehold development, located at Sims Drive in District 14, comprises five 18-storey towers housing 566 units. PHOTO: HONG LEONG GROUP
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.
This is Hong Leong Group's first project to be launched this year.
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.
In terms of per square foot (psf), one-bedroom units start from S$1,662 psf, two bedroom units from S$1,460 psf, three-bedders from S$1,421 psf and four bedroom units from S$1,519 psf.
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 about 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.
ERA Realty's head of research and consultancy Nicholas Mak pointed out that there are no new, major launches in the same vicinity as Penrose for sale. ERA is one of the marketing agents for the project.
Other projects being marketed in district 14 is the 99-year leasehold, 265-unit The Antares at Mattar Road and freehold development Tedge at Changi Road.
The average price for transactions over June-August for The Antares was S$1,769 psf, while Tedge sold eight of its 42 units at an average price of S$1,603 psf, Mr Mak noted.
Another recent freehold launch in district 14 is the 50-unit development NoMa along Guillemard Road, which was launched late August. Under the early bird promotion, the one-bedroom units, which range in size from 388-463 sq ft, were understood to have started from S$600,000, while the two-bedroom units, which are sized from 603-850 sq ft, started from S$900,000. The four-bedroom units (1,163 sq ft- 1,335 sq ft) were priced under S$2 million.