Penrose Facade
Penrose Preview sold more than 60% over the weekend 2

Developer Hong Leong sold 60.3 percent of its condominium on its weekend launch, with consumers getting newly bullish national revenues debating the current corona viral pandemic.

There were 341 units out of 566 units in the 99-year Sims Drive condo at 17:00 on Sunday (27 Sept), Hong Leong announced in a press release.

The units were sold at prices starting at $788,000 for a one-room unit, $943,000 for a two-bedded unit, $1.33 million for a three-bedded unit, and $2.11 million for a four-bedded unit, Hong Leong said in a statement on Sunday.

The residences in the property range from 474 sq ft to 4 bedrooms to 1,389 sq ft.

Sales were healthy across all unit types, with sales prices ranging from $1,500 to $1,700 per square ft, Hong Leong said.

It added that about 85 % of customers are Singaporeans over the weekend and permanent residents and foreigners are the remainder. “Also, HDB upgraders across the island demonstrated interest,” the company said.

Sales of new homes joined the Hungry Ghost Month 11 months last month, mainly newly launched condominiums, and the subsequent pandemic, unemployment, and work losses increased.

This was due to steep demand by market observers following price increases and the planned introduction of the two-month disconnector in Singapore. Yet more people are saving their funds in homes, which they see as a safe haven in the face of uncertain currencies and uncertain stocks, and with low interest rates, making it seem like a decent time to secure a home loan.

Ms Betsy Chng, Head of Sales and Marketing, said that “timing and responsive pricing” were the key reasons behind the positive response to the launch of Penrose.

“It is important to carefully determine the best timing and pricing for our projects in view of the current environment, based on business feelings and the importance of any product, including venue, architecture and quality interiors,” she said.

The project is being jointly designed by Hong Leong Holdings and City Developments, another partner of the business. District 14 is adjacent to the Pan-Island Expressway and the Kallang-Paya Lebar Expressway and is a short walk away from Aljunied MRT. Five 18-story towers are included in the growth. The Central Business District and Orchard Road are only 15 minutes apart by car.

Property analysts have said that in the coming months, new sales will begin to grow as greater demand is incorporated into the market by local consumers. However, the incremental economic reopening and rapid travel routes could contribute to higher foreign demand in this area for private homes.

Penrose units were digitally voted on and booked using Zoom in compliance with Covid-19. On Friday, online voting began to build the buyers’ queue series for the reservation day that began on Saturday.