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The 566-unit Penrose sold over 60% during its launch weekend in September, making it one of Singapore’s best-selling property launches in 2020.

Hong Leong
Group
Sold 1,435
Residential
Homes In 2020

In comparison to 1,575 units in 2019 and 1,113 units in 2018

Hong Leong Group has sold 1,435 residential units with a total sales value of S$2.18 billion in 2020, amid clear indications of pent-up demand and buyer confidence returning after earlier COVID-19 uncertainty, especially since the Circuit Breaker was lifted six months ago.

The Group’s property-related companies include its flagship, SGX-listed City Developments Limited (CDL), Hong Leong Holdings Limited (HLHL), Hong Realty (Private) Limited and TID Pte. Ltd. (TID).


The elegant arrival lobby at Penrose welcomes visitors to the 566-unit condominium located at Sims Drive, perfect for metropolitan living just outside the city.

The Avenir is a 376-unit ultra-luxe condominium in the prime River Valley area which was launched in January 2020. The rare freehold District 9 project offers residents all the trappings of luxury, including a concierge team that can assist with matters such as transportation arrangements, laundry and housekeeping.

The Group launched two residential projects in 2020. The 566-unit Penrose, a joint venture (JV) between HLHL and CDL, is located along Sims Drive near Aljunied MRT Station, launched in September. Luxury condominium The Avenir, which as 376 units and is located in River Valley, is a JV between HLHL, GuocoLand Limited and Hong Realty. The project launched in January.

Almost 75% of the Group’s sales took place after July 2020, amid improved buyer confidence. As at 31 December, sales at Penrose reached 414 units with total sales value of S$531.75 million. Penrose is the most successful and best-selling property launch for Q3 2020 in Singapore.


Piermont Grand Executive Condominium (EC) at Punggol was one of the best-selling property launches of last year. The 820-unit project was the first EC launch in 2019, and offers a range of unit types from three- to five-bedroom premium, and a waterfront view of My Waterway@Punggol.

The 592-unit Amber Park was launched in May last year. Strategically located in the Amber Park enclave within the East Coast area, the luxury freehold development has unit types from one-bedroom plus study to five-bedroom premium apartments, and a distinctive rooftop recreational deck for residents with a first-of-its-kind 600-metre sky jogging track.

Sales of the Group’s residential homes this year were largely mass market projects such as Penrose, Piermont Grand, The Tapestry and Whistler Grand. Steady uptake of luxury projects such as Amber Park, Boulevard 88, The Avenir and South Beach Residences was also noted.

The Group’s total sales for 2020 of 1,435 units valued at S$2.18 billion compare with the 1,113 units valued at S2.2 billion recorded in 2018, and 1,575 units valued at S$3.3 billion recorded in 2019.

The decline in 2020 should be viewed against the backdrop of existing property cooling measures, COVID-19-related uncertainty, and restrictions during the Circuit Breaker, which led to closure of show flats between 7 April and 19 June.


Located at the popular residential enclave of Hillview Rise, the 564-unit Midwood was launched in October 2019 to a good take-up of nearly 50% of units released. The development sits between two nature parks and reserves, and features facilities such as a childcare centre and a 50-metre rooftop infinity pool that overlooks the surrounding lush greenery.

With The Jovell, Singaporeans can own the equivalent of a “beach-like” getaway at Flora Drive in Loyang. The 428-unit project is inspired by the Jovellana flower and embraces nature in its design, with a key feature being a 200 metre-long waterscape that meanders through the development in a continuous flow with water activities including sun decks, wet decks and wet reflexology.

During this period, all viewings were conducted virtually, which slowed take-up rates. However, the Group noted a 30% increase in online viewings across properties such as CDL’s Boulevard 88, South Beach Residences and The Tapestry, as well as HLHL projects The Avenir, The Jovell and Midwood.

A Hong Leong Group spokesperson said, “Sales activity increased significantly across the board after the Circuit Breaker was lifted. Several buyers bought units after viewing our virtual show flats and e-collaterals with various technologies such as Virtual 3D Walkthrough. But we have also observed that buyers still prefer to visit physical show flats before finalising a purchase.”

New digital initiatives such as the virtual handover of units are also being piloted at Forest Woods to ensure the safety of home buyers and staff. These measures have seen an encouraging take-up rate, with around 20% of buyers choosing to hand over virtually.


Whistler Grand is located in West Coast, with excellent connectivity to the Jurong Lake District. The project has 716 units across two 36-storey towers that offer a panoramic view of the city, Pandan Reservoir and Bukit Timah Nature Reserve, and has over 60 recreational facilities across six clubs for residents. Whistler Grand was launched in November 2018.

The Tapestry was launched in March 2018 and saw over 70% of the units released sold during its launch weekend. The 861-unit property is located in Tampines and is close to major transportation nodes and schools, offices and other amenities. It also has more than 50 facilities for residences, including a hydrotherapy pool and childcare centre.

With the easing of restrictions, more units of larger condominiums have been sold. Notable sales since Q3 2020 included 5-bedroom units at Whistler Grand, The Tapestry and Piermont Grand, as well as luxury units. Take-up rates for smaller units also saw a slight increase.

The spokesperson said, “Supply of apartments for the next two years has been moderated, which points to demand remaining resilient. In a low-interest rate environment competitively priced projects will see a healthy take-up rate. As developers’ stock is decreasing, local builders can be expected to look into replenishing their inventory.”

“With more people working from home, sustainable design concepts that are innovative and flexible will likely gain traction as the local economy recovers further next year, buoyed by the availability of vaccines.”

The Group is geared to launch several new projects in 2021, starting with TID’s One-North Eden and CDL’s Irwell Hill Residences in 1H 2021.

TID, a JV between Hong Leong Group and Japanese developer Mitsui Fudosan, submitted the winning bid of S$155.7 million or S$1,001 per square foot (psf) for the 62,201-square foot site on which One-North Eden will be built. Located in District 5, One-North Eden is a mixed-use boutique residential property with 165 units and commercial spaces on the first floor. The project is within walking distance to Buona Vista MRT Station and one-north MRT Station.

CDL's lrwell Hill Residences is located in District 9 along lrwell Bank Road, near Great World City. CDL had secured the winning bid of S$583.9 million or S$1,515.10 psf per plot ratio for the 137,632-square foot site. The project will have an estimated 540 units and just minutes’ walk to the upcoming Great World City MRT Station.

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