||Hong Leong Holdings' Intrepid Investments and City Developments Ltd
||D14 - Geylang, Eunos
||Rest of Central Region
||99 Years Leasehold
||174,648 sq ft / 16,225 sq m
|Land Bid Price
||$732 psf per plot ratio
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Land Bid Price
The site at Sims Drive was launched for tender on 30 November 2018.
The tenders for these sites closed on 28 March 2019.
Urban Redevelopment Authority (URA) awarded the tenders for the site at Sims Drive to Intrepid Investments Pte. Ltd. & CDL Constellation Pte. Ltd.
The highest bid of $383.5 million ($732 psf per plot ratio) came from a 60:40 joint venture between Hong Leong Holdings’ Intrepid Investments and City Developments Ltd, both members of Hong Leong Group Singapore.
The top bid is the lowest for a private residential land site on a psf ppr price basis since the Chong Kuo Road site near Mandai was sold for $681 psf ppr in Feb 2018.
There were five bids for the site at Sims Drive.
Estimated Breakeven Price
According to Edgeprop, the estimated breakeven price of Penrose is $1264 psf.
Penrose Condo is developed by Hong Leong Holdings’ Intrepid Investments and City Developments Ltd, both members of Hong Leong Group Singapore.
Hong Leong Group has more than 50 years of history. It has developed close to 100 residential properties and manages about 10 commercial projects.
Some of their notable completed projects are:
- ST. REGIS RESIDENCES
- COCO PALMS
- SOUTH BEACH RESIDENCES
- ONE SHENTON
- THE RESIDENCES AT W SINGAPORE SENTOSA COVE
CDL is also ranked 1st on the top 10 developers list by BCA (Building and Construction Authority), taking into consideration their average CONQUAS scores and QM subscription in the last six years.
Location & Amenities
Schools within 1km
- CANOSSA CATHOLIC PRIMARY SCHOOL
- GEYLANG METHODIST PRIMARY SCHOOL
Schools within 1-2km
- BENDEMEER PRIMARY SCHOOL
- CEDAR PRIMARY SCHOOL
- KONG HWA SCHOOL
- PU TI CHILD CARE CENTRE
- BETHEL CHILD DEVELOPMENT CENTRE
- MORAL CHILD DEVELOPMENT CENTRE (MACPHERSON)
- PCF Macpherson Blk 108-107
- Geylang Chinese Methodist Kindergarten
- Raffles Montessori Kindergarten (Aljunied)
- Paya Lebar Square
- PLQ Mall
- SingPost Centre
- Kallang Wave Mall
- Leisure Park Kallang
- Sims Vista Market & Food Centre
- Geylang Serai Market and Food Centre
According to Google Map, it takes about 6 minutes to walk from Penrose Condo to Aljunied MRT via Aljunied Road.
Aljunied MRT is just 450m away which makes it very convenient for residents or tenants who do not drive.
Aljunied MRT is just one stop away from Paya Lebar interchange station where you can connect to the Circle Line.
3 stops down towards the city direction, you can connect to the Downtown Line at Bugis interchange station.
City Hall interchange station is 4 stops away and you can connect to the North-South Line.
It does not take more than 4 stops from Aljunied MRT to connect to 3 of the major MRT operating lines.
For those who drive, Pan Island Expressway (PIE) is running just behind Penrose Condo.
You will have convenient access and links to other major expressways such as the Kallang-Paya Lebar Expressway (KPE) and the East Coast Parkway (ECP).
This makes it easy to reach areas such as Marina Bay, the Central Business District and Changi Airport.
Comparative Market Analysis
Let’s compare Penrose to it’s closest neighbour Sims Urban Oasis which TOP in 2017.
Penrose has half the number of units compared to Sims Urban Oasis total of 1024 units.
Till date, there have been 26 profitable resale transactions and 0 unprofitable resale transaction.
The indicative rental yield of Sims Urban Oasis is 3.1% which is very decent.
The average transacted price of Sims Urban Oasis is $1,596 psf.
The breakeven cost price of Penrose for the developer is $1,264 psf.
If we factor in a 25% profit margin for the developer, which is considered high for a new launch project in this uncertain economic period, the average price would be $1,580 psf.
Hence, if Penrose launches at a selling price of below $1,580 psf, it would mean that you are buying a new launch project at a resale price.
We foresee that Penrose Condo will be attractive to HDB upgraders and young families due to the following reasons:
- Location in the city fringe
- Proximity to the Aljunied MRT station
- Connectivity via nearby MRT interchanges
- Accessibility via PIE
- Surrounding popular schools
- New launch at resale price? (Subject to launch price)
Penrose Condo is subjected to a larger minimum average unit size of 85 sq m which will attract HDB upgraders who do not want to compromise on living space.
There is nothing much to dislike about Penrose Condo project.
One possible reason could be that some buyers might be turnoff by its proximity to the PIE especially the stack that is directly facing it.
Readmore: Primary 1 Registration: Schools Within 1km of New Launch Condos