Fenglong Holdings' new private residential project in Queen's Town Penrith starts at a price of 2,437 yuan per square meter | Lianhe Zaobao

Hong Leong Holdings, Hong Realty, and GuocoLand Limited have teamed up to launch a new private residential project, Penrith, in Queenstown, with prices starting from SGD 2,437 per square foot. This 99-year leasehold project is located on Margaret Drive and comprises 462 units, covering approximately 100,249.7 square feet, consisting of two 40-story residential towers. The project is less than a kilometer from Queenstown MRT station and is also close to Orchard Road, Queenstown Primary School, Anchorpoint Shopping Centre, and Kent Ridge Park. This is the first new private residential project in Queenstown since 2018, which opened for public preview on Friday (October 3) and will start sales on October 18. In terms of pricing, the two types of two-bedroom units are priced from SGD 1.49 million and SGD 1.66 million, equivalent to starting prices of SGD 2,437 and SGD 2,455 per square foot; three-bedroom and four-bedroom units are priced from SGD 1.97 million and SGD 3.07 million, with starting prices of SGD 2,511 and SGD 2,623 per square foot, respectively. Low Mortgage Rates May Boost Market Demand Zhuang Peishi, Marketing and Sales Director of Hong Leong Holdings, stated during the media preview for Penrith on Wednesday (October 1) that the new project is suitable for young couples seeking practical living spaces and can also meet the needs of larger families. Further Reading Recent Sales Activities of Private Residential Projects Active, Three Projects Preview This Week Canberra's New Private Residential Project Opens for Preview This Weekend, Four-Bedroom Units Starting at SGD 1,880 per Square Foot She also expects that due to its advantageous geographical location and the scarcity of new projects, Penrith should attract the interest of local homebuyers. She added that this project can also attract local or overseas investors. The Penrith site was won by Far East Consortium in August last year, with land prices equivalent to HKD 1,154 per square foot of gross floor area. At that time, the bidding activity was relatively lukewarm, with only two parties competing. Multiple analysts also estimate that the average selling price per square foot for this project will range between HKD 2,500 and HKD 2,600. When discussing the impact of the global economic slowdown on the demand or sales of new projects, Zhuang Beishi responded that Far East Consortium remains optimistic, as the property market still benefits from lower mortgage rates. "The recent surge in home purchases also shows that the adjustment of seller stamp duty has not diminished the interest of local homebuyers." Regarding the impact of fluctuations in building material prices on project profitability and margins, Zhuang Beishi said, "Through careful planning, we are confident in addressing various challenges without compromising the project's attractiveness and market positioning."