The Penrose Review

New private home sales has been increasing since the COVID-19 lock down began. From Apr 7 to June 1, there were 967 transactions and in June, there was a huge rebound to 998 new home sales.

There are many new launches in CCR, RCR and OCR. Today’s review is on a new RCR condo named Penrose.

Penrose is a new condominium development that is located along Sims Drive/Aljunied in District 14.

It is a joint venture between Hong Leong Holdings Limited (HLHL) and City Developments Ltd (CDL). They won the top bid of $383.5 million for this 174,646 square feet of land, it works out to $732 ppr.

This project will have 566 residential units, spread over 5 blocks of 17 or 18 storey high.

Expected vacant possession or TOP period is around 2025.

Developer’s Profile

Both the developers, Hong Leong Holdings Limited and City Developments Ltd have over half a century of experience in the real estate industry and an impressive portfolio, making them one of the biggest providers in the market.

Combined, the Hong Leong Group holds the largest non-government residential land bank, and is also ranked as one of the largest residential developers and biggest commercial landlords in Singapore’s core Central Business District.

Both these real estate developments are established and well known household brands. Both of them, in their own rights, are rank amongst the top real estate companies in Singapore. Each of them has an established track record with reputation for its quality in various segments ranging from the mass market to the upscale developments.

Reasons for considering Penrose

The Aljunied MRT station (EW Green Line) is a short walk away, about 5 minutes walk. Good connectivity by driving , easy access to PIE and KPE.

Penrose is relatively close to town, with CBD and Paya Lebar Regional Centre, the upcoming business hub.

There are plenty of large bustling entertainment areas nearby Eg. Paya Lebar PLQ, Paya Lebar Square, Orchard Road and City Hall, and Bugis).

Penrose has a large site area of 174,600 sq ft, in city fringe.

Penrose is probably one of the most attractively priced new launch.

Close to many good primary and secondary schools, ideal for home living.

Developed by 2 of the most prestigious developers CDL and Hong Leong


Penrose is located next to Sims Urban Oasis, a 1024 units residential project which was completed in 2017. Other developments that are within Penrose Condo’s vicinity include TRE Residences, Central Grove, Simsville, Park Place Residences, Katong Regency, Sims Green, The Alcove, Rezi 35 and Sixteen 35 Residences.

Penrose is located at the city fringe, and it is very close to the Central Business District and Paya Lebar Regional Centre.

According to the URA Masterplan, the Paya Lebar Regional Centre is being developed into one of Singapore’s business, tourism and industrial hubs.

Residents in Penrose will be spoilt with choice retail, food and entertainment options. Also, we are very close to Geylang Serai Market where lots of Muslim food and items are available.

Penrose is located just 400 m away from the Aljunied MRT station (EWL), and it takes 5 minutes to walk there.

You can change to Circle Line at Paya Lebar interchange, which is just one stop away.

Or you can use Downtown Line which is 3 stops away at Bugis Station (EW12/DT14).

Otherwise, residents can opt to use the bus service to reach their destination. There is a bus-stop outside the condominium, buses available are 64, 125, 134, 137. If you were to walk to Aljunied Road, there are more buses 40, 62, 63, 64, 100, 125, 155, 158 that allows residents to go to Orchard or CBD.

For drivers, you only need 5 minutes to reach PIE or KPE, and you can proceed to CBD or Orchard area.

So for those going to work in CBD Marina Bay/Suntec area or Paya Lebar, or Kallang Basin area, it is well connected.


For Primary schools, you can choose Geylang Methodist School, Canossa Convent Primary or MacPherson Primary which is 1 km away.

For Secondary schools, there are Geylang Methodist Secondary, Cedar Girls Secondary, Broadrick Secondary and Dunman High school, all within minutes drive from Penrose.

There are 3 international schools in the vicinity, they are James Cook University, Nexus International School and the Winstedt School

Nearby Amenities

All residents can enjoy the benefits of both wet market and supermarket.

There is a wet market at Sims Place just opposite the condo.

Both Fairprice and Sheng Siong are located at Aljunied Ave 2.

Food options are plentiful, with a SP53 Food Centre at Sims Place as well as the Market & Food Centre, all within 3 minutes walk. Also nearby are the full stretch of Geylang eateries all within a short 5 mins drive away.

Penrose is also surrounded by many shopping malls, from big to small malls eg. Paya Lebar Square, SingPost Centre, Paya Lebar Quarter, Kinex Mall, City Plazas.

Penrose is also a short distance to Geylang East Neighbourhood Centre which hosts many amenities including Sheng Siong and Fairprice supermarkets

Since Penrose is situated near to Geylang Serai, one of Singapore’s oldest Malay settlements that is rich in cultural heritage, it provided residents with the opportunity to sample lots of Muslim food and get many other clothes and bags items.

For sports enthusiast, Penrose is close to the Kallang River. Along the river between Kallang and Geylang lies the new Kampong Bugis, Kallang Distripark, Old Kallang Airport and the Kallang Alive (Sports Hub area). These are the areas that URA had planned for a major facelift to inject new leisure spaces.


Penrose Unit Types and Sizes


Facilities of Penrose

Penrose has 50 communal facilities, catering to all levels of the residents, from kids to senior citizen. It is spread out across 1st storey and Roof of Multi storey carpark.

Facilities at 1st Storey

A clubhouse with multi-purpose rooms, library, game rooms, music rooms and multimedia rooms.

Penrose has specially designed a Kids Adventure Park, with playground, Aquaplay, and jumping waterjets to allow kids to have fun and move around.

There are 5 green lawns surrounding the 50m lap pool, this allows different activities around the pool, such as leisure courtyards for social gathering, terrace pavilion for those who like to blend in with the green.

Also, there is a cascading garden walk which allow residents to have evening walks after dinner.

There are also Gyms, Yoga decks, fitness lawn and tennis court for the fit and active.

One key important facility is the child care centre, this gives parents peace of mind as they can leave their kids within the condo child care centre when they go to work.

Facilities at Roof of MCSP

  • Lap pool
  • Pool lounge
  • Gourmet Pavilion with BBQ pits
  • Dining Pavilion with BBQ pits
  • Wine and chill pavilions
  • Sky Mash Area with Boardwalk, Bioswale, Equisetum ponds
  • Look Out point

Penrose Condo Price Comparison

Penrose Sims Drive land bid came in below market expectation, the top bid price of SGD383.5 million (SGD732 psf ppr) was in fact the lowest land bid price since Feb 2018.

The Break-even price is estimated at $1,300psf, and the launch price could potentially reach at $1,600-1,700psf.

In comparison with the current new launches in D14, the average price ranging from $1700-1900psf, so Penrose could be the most attractively priced new launch condo in the area. This expected launch price is also supported by its next door condo, Sims Urban Oasis, which last transacted between $1,500psf to $1,600psf in the resale market.

Buyers might prefer this mid-sized project (only 566 units) as large-sized 1000+ units projects might be too crowded or overwhelming.

Penrose’s advantage is its easy accessibility to MRT Station, it is away from the noise but yet closeby. This is favourable to tenants who prefer ease and connectivity.

With Penrose’s city fringe address, and its closeness to CBD, this project might seem to be undervalued as compared to other new launch projects that has similar convenience.

Currently this area is still under-develop, other than the next door Sims Urban Oasis, the vicinity still lack development. This means there is upside potential when redevelopments start taking place.

The winning tender price of $732 per square foot in March 2019 was a “bargain” for the developer, it is the lowest price for a city fringe project that is close to the MRT station in the last 2 years.

Even the closest new project, Parc Esta, the land parcel was bought at $910 psf in 2017. The average selling price was $1,7xx psf which is deemed as a reasonable pricing for a city fringe location.

Parc Esta was able to sell more than 1,000 units from its total 1,399 units in just 15 months from its preview in October 2018. The remaining 1Bed is now going for $1998psf, 2Bed for $1907psf, 3Bed for $1717psf, 4Bed for $1662psf.

For those who are looking for investment in this region and with much of the choice units at the Parc Esta sold, and next door Sims Urban Oasis fully sold, potential buyers will be anticipating for the launch of the Penrose condo, particularity when its developers are well known Hong Leong Holdings and City Developments Limited.

To see comparable potential gains and rental returns for Penrose, it is good to use Sims Urban Oasis as a yardstick.


Potential Upside for Penrose

Penrose is in the middle of 3 growth areas as shown in diagram. You can see that we are near to Future Bidadari , Paya Lebar Regional , and Kallang Riverside. Penrose will be able to ride on the waves with the development of these growth areas.

Since Penrose is so near to Kallang River, I like to emphasize on this point.

Potential growth of the area around Kallang River is highlighted in URA Masterplan for urban transformation of Kallang.

For Paya Lebar transformation, it started with the Paya Lebar Quarters along Sims Avenue/Geylang Rd. And there will be more development around this area starting with Paya Lebar Central and later Paya Lebar Airbase.

The future Bidadari Estate is positioned as A Community in a Garden, a tranquil urban oasis, with a 10 hectare Bidadari Park, the Alkaff Lake, and many amenities. It is design as a place where residents can rest, relax, and connect with family and friends, in a garden setting. It will be developed with new commercial facilities around Woodleigh MRT, and there will be a new Junior College also in this Marymount area.

Based on the masterplan 2019, it shows Penrose condo is located in an area with few condos, it is quite an under developed area, and there are many potential upside for new condos in this area which will push up the resale price of Penrose subsequently.

Site Plans and Floor Plans

At this moment, the developer has yet to get BCA approval for their site plans and floor plans. We are unable to comment on the choice units.

Based on this draft plan, it shows all the units are almost North-South facing, good foor wind direction and no afternoon sun into the units.

But this is still subject to BCA approval. Not the final plan.

Conclusion :

Penrose is a good buy because it is relatively attractive in pricing.

It is in District 14, which has high rental demand, and because it is a mid-size project you will not have high competition for tenants.

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