Penrose is probably one of the most awaited new launches of 2020. This is a 99-year leasehold residential project. The prime location in District 14, thrusts this development into the limelight. Whether COVID-19 will affect the sales launch of this project is still yet to be known. Nevertheless, we share with you the first look at this project.
The developers of Penrose is no stranger to the Singapore property market. The actual joint developers behind Penrose are namely City Developments Limited and Hong Leong Holdings Ltd. They are renowned names in property development. Buyers can expect nothing less from their usual refined touches and attention to details. Hong Leong has been a household name in the luxury property development foray. They have developed over a hundred iconic residential projects like St. Regis Residences, Singapore, One Shenton, The Residences at W Singapore Sentosa Cove. You can expect nothing less than the best in what they will deliver.
Located at Sims Drive in District 14. Being part of the centre in Singapore, sitting on the city fringe, it is a unique location where you can get to the Central Business District (CBD) easily. Just a mere five MRT stops away from Raffles Place, whether is it you or your tenants are able to get to work easily. One MRT stop away will be Paya Lebar, interchange for the East-West MRT line and Circle line, whereby you will be able to travel to Harbourfront and Vivo City. Paya Lebar has already begun its transformation to be an integrated commercial centre. The Urban Redevelopment Authority (URA) has already announced more plans ahead to transform Paya Lebar into a commercial, retail, and residential hub, the largest and most ambitious project being vacating the current Paya Lebar Airbase. Geylang has undergone a number of changes as well. So far there have been small en blocs pocketed all over the area. The largest project that was most recently completed will be Sims Urban Oasis. URA has plans to redevelop a stretch of Geylang River to breathe in a new lease of life, creating more dining and recreational options. Naturally, this location attracts expatriates who want a good balance between distance to their office in CBD and having amenities, great and cheap food options during the weekends. You can find eateries and do grocery shopping late into the night with many of them operating 24-hours. Connected by Pan-Island Expressway and Kallang-Paya Lebar Expressway, for people who own a car, it will be a breeze getting around. A short five minutes walk is all it takes to get to Aljunied MRT station.
Editor’s take on Penrose
Geylang has long been associated with negative connotations. But that is the opinion of yesteryear. Gone are the days where Geylang is populated by vices and triads. Instead, it has inevitably become an integrated residential and commercial hub of sorts recently. As mentioned above, due to its unique location at the city fringe, sitting in between two commercial hubs (CBD and Paya Lebar), it has turned into a place for living for many expatriates. Dotted by multiple eateries that operate round the clock, you would not need to worry about empty spaces during the weekends. Looking at the unit mix of Penrose, it is obvious that the developer has cleverly positioned Penrose as a dream location for public housing upgraders. Offering them a chance to upgrade and move closer to the city. Almost half of the units mix (282 out of 566, 49.8%) is allocated for 3-bedrooms. What this means is simply the developer has positioned this project to cater more to families own-stay, rather than an investment property positioning. However, we still do not have any information on pricing and floor plan from the developer. But being next to Sims Urban Oasis by Guocoland, one can take reference from its pricing. But given the impending recession, caution has to be taken when doing financial calculations. It is prudent to work out your numbers before anything else. Overall, if the finances allow, I would say given the developer’s reputation, coupled with such a great location, this project will have an above-average reception from potential buyers and HDB upgraders.