Hong Leong’s Penrose sold 60% of its condos in the first weekend
Hong Leong sold 60,3 per cent of the Penrose during its launch weekend. This is in line with recent statistics showing a bullish market for new homes despite the ongoing pandemic.
Hong Leong said in a press release that as of 5pm Sunday (Sept. 27), 341 out of the 566 units in the 99-year Leasehold Development in Sims Drive were occupied.
Hong Leong said in a Sunday media release that the units started at $788,000 for an apartment with one bedroom, $943,000 if it had two bedrooms, $1.33million if it had three bedrooms, and $2.11million if it had four bedrooms.
Apartment sizes in the condo range from 474 square feet for a unit with one bedroom to 1,389 square feet for a unit with four bedrooms.
Hong Leong said that the take-up rate was high across all types of units, and the price per square foot ranged from $1,500 to 1,700.
The report also revealed that the majority of weekend buyers were Singaporeans. Permanent residents and other foreigners made up the remainder.
Last month sales of new homes, mostly newly launched condominiums, reached an 11-month-high. This was despite the Hungry Ghost Month and, more importantly, despite the pandemic and the recession that followed.
Market analysts attribute this to pent up demand after Singapore’s two-month circuit-breaker disrupted sales and planned launch. Other reasons for the increase in new home sales include more buyers putting their money into property as they view it as a safe haven in an uncertain economy.
Hong Leong Holdings is developing Penrose in conjunction with City Developments. The District 14 development, consisting of five 18-storey buildings, is located near Aljunied MRT Station, the Pan-Island Expressway, and Kallang-Paya Lebar Expressway. Orchard Road and the Central Business District are only 15 minutes away by car.
Experts in real estate say that new home sales could start to slow down as the pent-up local demand is absorbed by the market. The gradual reopening the economy, and the establishment of fast lanes to travel essentials could also lead to more foreign demand for homes in the country.
Zoom was used to conduct the virtual voting and booking for Penrose units in accordance with Covid-19 prevention measures. On Friday, the online balloting started to determine the order of buyers in queue for Saturday’s booking day.