Hong Leong Holdings Limited (HLHL) sold 341 units (60.3%) of the 566-unit Penrose condominium during its virtual launch weekend, which took place on 26 and 27 September. This impressive performance makes Penrose the most successful and best-selling property launch for the year.

Penrose is now nearly 70% (394 units) sold as at 9 October 2020.

In line with safe management measures, HLHL used the virtual platform Zoom for its balloting process and booking of units.

Virtual balloting began a day earlier on Friday, 25 September, between the developer and its appointed property agencies PropNex Realty, ERA Realty, Huttons Asia and Edmund Tie. The recorded balloting system was held to determine the queue sequence of buyers for booking day. Buyers were then called by their agents according o their balloted sequence, and the booking of units commenced on 26 September via Zoom.

Brisk sales was recorded when homebuyers quickly snagged units at prices starting from S$788,000 for a one-bedder, S$943,000 for a two-bedder, S$1.33 million for a three-bedder, and S$2.11 million for a four-bedder. Take-up was good across all unit types.

Apartment sizes range from 474 square feet (sq ft) for a one-bedder to 1,389 sq ft for a four-bedder.

Nearly 85% of buyers were Singaporeans and the rest were Singapore permanent residents and foreigners. Keen interest was also seen from HDB upgraders across areas island wide.

“Penrose has been generating high levels of interest since its preview two weeks ago. I believe timing and sensitive pricing are the main indicative factors driving the good response. Given the current climate, it is crucial to identity the right timing and price our projects thoughtfully according to market sentiments and each project’s value that includes location, design, and quality interiors. With our combined strengths and experience of over 100 years, we are well-attuned to market trends and able to sync our launches strategically across its different segments,” said HLHL Head of Sales and Marketing Ms Betsy Chng.

Penrose is jointly developed by two market leaders – HLHL, a pioneering private property developer, and SGX-listed property giant City Developments Limited (CDL). Both HLHL and CDL are members of Hong Leong Group Singapore.

Ms Chng also said that the project’s exceptional attributes including the well laid-out units, forest-inspired design, family-friendly amenities, and the site’s excellent connectivity contributed to the laid-back charm and ‘wow’ factor of the development.

“Located right at the city fringes, the site is surrounded by food and recreational havens in a residential neighbourhood that is safe and conveniently accessible. Considering the quality that buyers are investing in, Penrose is deemed by many as an attractive opportunity not to be missed. It is a strong indication of their confidence in our projects and optimism in the local property market. We are very pleased with the results,” added Ms Chng.

Situated at Sim Drive in District 14, Penrose is a short walk to Aljunied MRT Station and bus services, and near the Pan Island Expressway and Kallang-Paya Lebar Expressway. The Central Business District and Orchard Road are about15 minutes’ drive away.

Designed by award-winning and one of the world’s oldest architecture firms P&T Group, Penrose is expected to obtain temporary occupation permit by July 2024.