PENROSE 

- Latest Updates

Latest Unit Sold : #10-06 SOLD!

Due to COVID-19 Safety measures, please contact 82001937 to arrange for showflat appointment.

24 October 2020 : Sold 392 units (69.3%)

02 October 2020 : Sold 389 units (68.7%).

26 September 2020 : Official Main Launch (Sold 341 units - 60.3%).

Cheapest Units Available at Penrose (Price is subject to change without notice)

1 Bedroom (473 sft)   --> Fully SOLD!

2 Bedroom (645 sft)   --> Fully SOLD!

2 Bedroom Premium  --> Fully SOLD!

2 + Study   (807 sft)   --> Cheapest #02-06  $1.334m ($1651 psf)

3 Bedroom (969 sft)  --> Cheapest #02-33  $1.556m ($1606 psf)

3 BR Premium (1055 sft) --> Cheapest #01-22 $1.475m ($1398 psf), #02-23 $1.71m ($1621 psf)

3 + Study (1184 sft) --> #02-07 $1.843m ($1557 psf) --> Can convert to 4BR Compact

4 Bedroom (1389 sft) --> #02-12 $2.12m ($1520 psf)

Penrose Condo @ Sims Drive - Fast Facts

Location           : 20 - 30 Sims Drive (D14)

No Of Units     : 566 Residential Units

No Of Storeys : 5 blocks of 18-storeys

Child Care        : 1 unit (500 sqm)

Car Park           : 583 lots 

Bicycle Lots      : 142 lots        

Developer        : CDL & Hong Leong Holdings

Land Area        : 16,225 sqm / 174,647 sft

Plot Ratio         : 3.22 (gross)

GFA                  : 52,337.42 sqm 

Exp TOP          : 31st Aug 2024

Exp CSC          : 31st Aug 2027

Tenure              : 99 years from 31st July 2019

Watch the grandeur of Penrose Video Below

Penrose - Units Breakdown (Total 566 units)

Penrose_PIE view.jpg
Penrose is a highly-anticipated upcoming condo just 500 meter from Aljunied MRT developed by CDL & Hong Leong

Sims Drive New Condo Launch

As part of the Geylang planning area, residents of Penrose will be treated to a variety of local hawker delights, modern shopping experiences and ease of travel.

With major expressways PIE and KPE just a short drive away, and Aljunied MRT within walking distance, residents will enjoy fast travel to all parts of Singapore by both public and private transport.

Penrose Condo Location

 

Penrose (Sims Drive New Condo) is located at 20/ 22/ 24/ 26/ 28/ 30 Sims Drive, a strategic city fringe area within 550 m or 6 min walk away to Aljunied MRT (East-West Line). As a mature estate, this location offers fast and easy access to amenities and short travelling time to town. Residents can also look forward to a tranquil and serene living environment away from the bright city lights. A great convenience for the privileged few to be able to commute to the city within 15 minutes and be pampered by various retail and amenities abound at Geylang, Paya Lebar and Kallang. With major expressways Pan Island Expressway (PIE) and Kallang-Paya Lebar Expressway (KPE), and Nicoll Highway close by, travelling to all parts of Singapore will be a breeze.

Nearby Amenities surrounding Penrose

 

Penrose (Sims Drive New Condo) residents with children will have plenty of schools options (from pre-schools to secondary schools including university), to send their children to. 

Schools in the neighborhood include Geylang Methodist School, Geylang Methodist Secondary School, Macpherson Primary School, Canossa Convent Primary School, Kong Hwa School, Bendemeer Primary School, and Nexus International School. James Cook University has also opened its campus at 146 Sims Drive and is ramping up their number of students to 7500 pax. 

With your home located a short walk 6 min away to Aljunied MRT station, enjoy seamless connectivity to anywhere across Singapore via Pan Island Expressway (PIE) and Kallang–Paya Lebar Expressway (KPE). You would be able to reach the city under 15 minutes. The privilege of proximity is yours. The huge pool of potential tenants  working at new growth area such as Paya Lebar Central, Kallang Industrial Estate  and future Bidadari estate will allow you to rent out Penrose unit for more tenant's profile options apart from students learning from nearby educational institutions. 

Never run out of shopping ideas and where to spend weekend family time! Various food options at kopitiam, restaurants, and fruit stalls are aplenty at the famous Geylang road. Myriad of nearby malls include OneKM mall, Kallang Wave Mall, Paya Lebar Square and Paya Lebar Quarter. Major entertainment areas like City Hall (Raffles City, Suntec City) and Orchard Road (Plaza Singapure, Far East Plaza, Ngee Ann City) are easily accessible via bus/train and car. Residents who prefer outdoor activities by the sea can head over to East Coast Park, a short 5-10 minute drive away from Penrose location at Sims Drive.

prime

city fringe location

- Only 550 m or 6 min walk  to Aljunied MRT

- 4 stops to City Hall MRT

- Only 5 - 8 min drive to Kallang Sports Hub

- 1 stop away to Paya Lebar amenities & shopping malls

nearby education institution

- Geylang Methodist Primary School

- Geylang Methodist Secondary School

- Canossa Convent Primary

- Kong Hwa Primary School

- St. Margaret Primary School

- Eton House Preschool Mountbatten

- Nexus International School

- James Cook University

Nearby amenities

- Sims Vista Market

 & Food Centre

- Geylang East Public Library

- Fair Price Geylang

- Giant Supermarket @ Paya Lebar Square

- One KM Mall

- Kallang Wave Mall

- Old Airport Road Food Centre

- Mac Pherson Community Club

Low Land Bid price

CDL & Hong Leong jointly won this prime site at an attractive land bid price of #383 mil or $732 psf ppr in March 2019. This translates to a low breakeven price of under $1300 psf  and may launch from $1500 psf  onwards!

Be amongst the early bird to snap up units during launch for Best Deal!

3 major transformations

Ongoing transformations at Kallang, Geylang, and Paya Lebar Central (Relocation of Air Base) will certainly contribute positive impacts to the land value at Penrose

UNIQUE ATTRIBUTES OF PENROSE

Penrose Condo @ Sims Drive Review

* Penrose living is great for family with children and young professional couple

 

Strategic City-fringe Location surrounded by good schools & amenities

 

Penrose is located at the city fringe area at a matured estate in Sims Drive (District 14) and is only 6 minutes walk to Aljunied MRT (East West Line). This land site was offered under Government Land Sales (GLS) in 2019 and was won by a joint bid by CDL and Hong Leong with a highest bid of $383.5 million ($732 psf per plot ratio). The neighbouring plot to the right is a recently competed private condominium called Sims @ Urban Oasis. And the immediate plot to the left is a demolished residential plot for future development.

 

Aljunied was an area with large agricultural land in the past and therefore was named after Syed Sharif Omar bin Ali Al Junied, a wealthy agriculture merchant and renowned philanthropist. Today, Aljunied is a bustling neighbourhood with amenities like schools, parks and recreational facilities. Hong Leong Group spokesman commenting on the site noted that among the impressive attributes of Penrose site is the excellent connectivity. It is less than 15 min drive to town and near to many of the commercial amenities, splendid offer of reasonably-priced food paradise at Geylang and the most-loved breezy and beautiful park in Singapore, East Coast Park.  There are also several buses that run along Aljunied Road & Geylang which provide excellent transport convenience for Penrose residents wherever you would like to go. Truly the best of both worlds!

For families with children, quality schools and learning institutions options are nearby tooPenrose (Sims Drive New Condo) is close to reputable schools such as Geylang Methodist School, Geylang Methodist Secondary School, Macpherson Primary School, Canossa Convent Primary School, Kong Hwa School, Bendemeer Primary School, Cedar Primary School and Nexus International School. Higher learning institution, James Cook university is only 10 minutes walk away.

And to fulfill Penrose's residents needs of  grocery shopping, food, retail, banking and postage needs, just heads down to nearby malls such as OneKM mall, Kallang Wave, Paya Lebar Square, Singpost HQ, and Paya Lebar Quarter. Myriads of the famous restaurants and hawker centres at Geylang to satisfy that late night cravings too. Major commercial & entertainment areas malls such as Raffles City, Suntec City, and branded malls at Orchard Road (Plaza Singapura, Far East Plaza, Ngee Ann City) are easily accessible via bus/train and car. There are also Geylang East Swimming Complex, Singapore Basketball Centre, Singapore Sports Hub, Kallang Wave Mall to keep an active and healthy lifestyle over the weekend. 

Is it easy to rent out ? What is the rental yield like?

Is there a potential

upside?

Who are the surrounding competitors ?

Click Here For Penrose Site Plan & Floor Plans Review

Is there still potential upside?

Penrose Location - 3 Major Transformations

@ Geylang, Kallang, and Paya Lebar

The Story of Geylang Transformation (Rezoning of 2019 Master Plan)

The Urban Redevelopment Authority (URA) has announced an amendment to URA Master Plan 2014 to rezone parts of Geylang from Residential/Institution to Commercial/Institution. 

The rezoned area is bounded by Geylang Road, Lorong 22 Geylang, Guillemard Road and Lorong 4 Geylang, excluding the parcels of land zoned Road, the lots fronting Geylang Road and the sports field bounded by Talma Road and Lorong 12 Geylang. Please refer to the below picture of 2014 vs 2019 Master Plan where the rezoned portion is shown clearly (from brown to blue color to indicate the change of use). There will be no more approval of any more new residential projects in this area going forward.

The rezoning is expected to boost land values in the location generally and spur collective sales as the there are quite a few freehold sites in this location that commands low prices "to be en-bloc" to attract the developersThere are many freehold residential properties in the upper Lorongs of Geylang that are older, smaller in size and more cost-effective for developers to enbloc. One of the attractive options is to amalgamate existing residential clusters through a collective sale process for redevelopment to take advantage of the higher plot ratio of 2.8 and cheaper land costs. Given that by 2030, Paya Lebar Airbase will be moved to accommodate higher building ratios in the area, developers will further tap on these opportunities to develop Geylang and surrounding areas where Penrose condo is located to reap the future benefits that will come through Paya Lebar redevelopment. Residential properties in the re-zoned belt that wants to undergo redevelopment in the future will have to comply with the approved uses permitted in the new commercial/institution zone.

The vision of JurongLake District and Woodlands as commercial hubs for SMEs are good examples of what we can expect of Geylang and PayaLebar, being located only 10 minutes away from the CBD, Marina Bay and city centre. 

Penrose condo at Sims Drive, which is located only 500m away from Aljunied MRT is one of the residential projects that will surely benefit from this rezoning of Geylang Master Plan and Paya Lebar redevelopment. 

Paya Lebar Transformation

* Penrose at Sims Drive is only One stop away from Paya Lebar Central *

 

Paya Lebar transformation generating huge commercial activities & jobs

URA recently released a masterplan detailing steps to redevelop the nearby Paya Lebar area into one of Singapore’s business, tourism and industrial hubs. It is designated as one of the region oustide city-centre to be developed as vibrant commercial hub with offices and retail developments. Spanning across 12 hectare of land, it the development of Paya Lebar Central will have 500,000 sqm of commercial space available with Grade A offices, retail malls and luxurious private residential property. The rejuvenation of this entire area will enrich the Malay rich heritage at Geylang Serai Market & Wisma Geylang Serai including the annual festivities usually hold a Geylang Road. The completion of Paya Lebar Square, Lifelong Learning Centre, refurbished Singpost building and Paya Lebar Quarter are testament to how the area has evolved. The $3.2 billion Paya Lebar Quarter project also features a private residential condo named as Park Place Residences with some of their 2-bedroom units fetched above $2000 psf lately.

* Expected healthy pool of potential tenants with decent rental yield at Penrose

Coupled with its strategic  city-fringe location that is only 1 stop away from Paya Lebar Central development, purchasing a Penrose condo unit at Sims Drive at an attractive pricing offers good potential investment that can reap good returns in terms of rental income and capital appreciation. For buyer with investment mindset, you can be comforted knowing that there is a huge potential tenant's pool coming from nearby educational institutions and businesses set up in industrial buildings in Kallang Industrial Estates, Aljunied, and Paya Lebar commercial offices.

Taking reference from the nearest private residential project located just next to Penrose condo, Sims Urban Oasis provide real transaction data that investor can look at. Competed in 2018 and having 1024 units, Sims Urban Oasis enjoys healthy rental transaction volume of more than 10 per month. Buyer of Sims Urban Oasis are mostly Singaporean (76%) followed by Permanent Resident (18.2%), and foreigner (8.2%). There are many students that are studying at James Cook University (which is 10 min walk away) and Nexus International School like to stay there.

Based on real transactions for the past one year,  a 1-bedroom unit (400 - 500 sft) at Sims Urban Oasis can fetch rental ranging from $1,900 - $2,400 per month. While for a 2-bedroom unit (600 - 800 sft), monthly rental have been transacted from $2,400 - $2,800. A 3-bedroom unit of 800 - 1400 sft have been transacted from $3,000 - $4,000 per month. 

From information provided by EdgeProp (see picture below), the rental yield for Sims Urban Oasis is approximately 3.2%. A recent highest transaction for 1 bedroom unit of 441 sft done in April 2019 fetched $1,740 psf. Based on the recent market transaction in the surrounding area, we are expecting Penrose to be launched in the range of $1600 - $1750 psf.

Profitable Sale Transactions @ Sims Urban Oasis

It is also note worthy to know that there are many profitable transactions at the nearest private residential property to Penrose @ Sims Urban Oasis. As of August 2020, there are more than 10 profitable transactions from 1 bedder to 3 bedder at Sims Urban Oasis with various heights and facing with sellers profiting from $100,000 to more than $200,000 for bigger units. 

Sims urban oasis

(Sims Drive)

TOP : 2018

Avg Price for 2 BR :

$1,514 - $1,723 psf

Rental for 2 BR :

$2,400 - $2,800

Tre residences (Geylang east)

TOP : 2018

Avg Price for 2 BR : $1,563 - $1,609

Rental for 2 BR :

$2,500 - $3,000

park place residences

(Paya Lebar)

TOP : 2019

Avg Price for 2 BR :

$1,808 - 2,090 psf

Rental for 2 BR :

$3,400 - $3,800

arena residences (Guillemard)

TOP : 2022 (U/C)

Avg Price for 2 BR :

$1,810 - $1,844

Rental for 2 BR :

NA

the antares

 (Mattar Rd)

TOP : 2022 (U/C)

Avg Price for 2 BR :

$1,648 - $1809

Rental for 2 BR :

NA

NEARBY PROJECTS IN COMPARISON 

The Advantage of Large Land Size

 * Penrose - large land size of 1.7 ha

Penrose has a large land size of 174,648 sft and comprise of  566 units with a mixture of 1-bedroom to 4-bedroom. Although the number of units is almost 50% less than it's neighbour (Sims Urban Oasis 1024 units), it still offer the residents the same quality facilities and one in-house Child Care Center without too-much-of-a-crowd feeling. The requirement of minimum private residential unit of 85 sqm will certainly create a more spaciousness feeling amongst the residents of Penrose condo. There are also many prospective tenants that like medium sized condo project with great facilities that is near to MRT and amenities

It has also been proven that residential projects with large land size typically experiences a greater increase in property prices compared to smaller projects in the same area as there are more transactions that push up the value of the property faster. The attractiveness of a more complete facilities also attracts more owner-occupied buyers and investors alike.

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* Low Land Bid Price for Penrose Land Site

Penrose land site in Rest of Central Region (RCR) was offered under Government Land Sale (GLS) in March 2019 and there were five bids submitted to the site. The site was eventually won by CDL & Hong Leong with a highest bid of $383.5 million ($732 psf per plot ratio). The top bid is the lowest for a private residential land site on a psf ppr price basis since the Chong Kuo Road site near Mandai was sold for $681 psf ppr in Feb 2018. The 99-year leasehold site has an area of 174,648 sq ft and is subjected to a larger minimum average unit size of 85 sqm. As such, Colliers estimates Penrose selling price to be around $1,400 psf after factoring the potentially larger units that the developer has to build as developer's break even price is around $1,264 psf. The relatively conservative bids for Sims Drive which fell short of many analysts' expectation reflect developers’ measured approach toward land banking following the imposition of fresh property cooling measures in July 2018 with new guidelines on minimum private residential unit size which took effect in October 2018.

Beautiful City View From Sky Lounge of Penrose 18th floor

Penrose Condo at Sims Drive Review

   Summary Review :

  • Strategic location at city fringe that allows commuting under 15 min to the city

  • Transport & commuting convenience - 500 meter to 6 min walk to Aljunied MRT station 

  • 1 stop away from Paya Lebar MRT - Tap into huge pool of potential professional tenants from Paya Lebar Central development and students from nearby educational institution such as James Cook University and Nexus International School.

  • Healthy pool of potential tenants with decent rental yield

  • Rezoning of Geylang under URA Master Plan 2019 from Residential/Institution to Commercial/Institution is expected to boost land values in the location and surrounding areas.

  • Ongoing transformations of Kallang and Paya Lebar region that stretch up to 2040 will provide growth value and a few exit strategy.
  • Quality development by renowned developer Hong Leong and CDL

  • Convenience of healthy lifestyle and facilities that attract potential tenants

  • Surrounded by many schools from pre-schools, primary, secondary schools, international school and a university.

Penrose USP.jpg
Penrose Attractive Pricing Saw 60.3% or 341Units Sold on Launch Date

With the recent transacted prices at Sims Urban Oasis hitting a high of $1740 psf and Park Place Residences crossing $2000 psf, we are initially expecting Penrose to be launched in the range of $1600 psf. However, the developer has given a very attractive indicative Penrose Pricing from $1416 psf ONLY! 

 

The attractive entry price has proven a hit with early bird buyers who snapped out a total of 60.3% units sold on the official main launch date, 26 Sep 2020.

Do note that Sims Urban Oasis resale price for 1 bedroom unit was transacted at $1,722 psf or $760,000 in Dec 2019 and a 2 bedroom unit was transacted in the range of $1520 - $1600 psf. A sterling project comparison 1 MRT stop away at Park Place Residences, a 2 bedroom unit of 667 sft was sold at $2,090 psf or $1,395 mil in Jul 2018. That is a whopping $400 psf difference between a 2 bedroom unit at Sims Urban Oasis vs Park Place Residences. For a unit size of 700 sft, the $400 psf difference translates to a difference of $280,000 in sale pricing. While one may argue that the location and amenities at Park Place Residences are better, a different investment objectives and strategy on the right entry price can yield a huge difference in capital gain in the future. A proper overview of asset planning strategy and exit plan should be done thoroughly to assess whether a property is suitable for one's investment needs. The right unit selection strategy is also one of the most delicate task in maximizing potential capital gain in the future. Hence, working with the right real estate sales person who is able to plan a suitable asset progression strategy is truly important.

 

District 14 properties have been well known to have a high rental yield due to relatively cheaper sales price coupled with healthy rental volume due to it's proximity to CBD and amenities. They are popular among both local and expatriates looking for home close to their workplaces in the city or even the East area (such as Paya Lebar Central and Changi Business Park) without paying high rental fees for properties in town. Traditionally, city fringe properties with large land size and many facilities such as Sims Urban Oasis, Sims Ville, and Citylights enjoy a consistent demand from potential tenants.

With a reasonable pricing strategy from the developer, Penrose residents can enjoy a quality lifestyle with transport convenience and abundance of amenitities without breaking the bank. Investors can also have a piece of mind with a healthy pool of quality tenants coming from the nearby education institutions and commercial offices at Paya Lebar.

Book Appointment To Visit Penrose Showflat (Limited Time Slot)

Singapore's July home sales hit 8-month high

Amid the pandemic and economic downturn, developers’ sales continued to outperform expectations in July, booking the highest monthly sales in eight months. Latest data from the Urban Redevelopment Authority (URA) showed that 1,080 new private homes (excluding Executive Condos) were sold in July 2020up by 8.2% from the 998 units transacted in the previous month.

July’s new home sales of 1,080 units were also the highest monthly tally since 1,165 units were shifted in November 2019. 

Book Appointment To Get Direct Developer Price

FIND YOUR DREAM HOME

The luxurious new condo 500 m

to Aljunied MRT

Penrose is located along Sims Drive in the Aljunied estate, a short 6 minutes stroll to Aljunied MRT. Food centres, good schools and shopping malls is within the vicinity of Penrose. Drivers residing in Penrose Condo Singapore will find commuting convenience with two nearby major expressways, KPE & PIE, 15min drive to CBD & Orchard

View other surrounding amenities from Penrose location map.

By Leading Developers

Penrose is jointly developed by CDL & Hong Leong Holdings Ltd. As one of the esteemed developers that have strong track record in building Singapore skyline, both developers has an extensive portfolio of multiple residential and commercial developments.

The attractive GLS land prices for Penrose was won at $383.5 million ($732 psf ppr) in Mar 2019. 

Check out both developers' credentials from Penrose developer link.

Register For Penrose Showflat Appointment

Showflat Location : 
Kallang Drive Way
Showflat Opening Date : 
12 September 2020
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+65 8180 0822

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Penrose Condo @ Sims Drive
Jointly Developed By

Developer: CDL & Hong Leong Holdings

Land Tenure: 99 years 

Expected TOP: 2025

Location: Sims Drive, Singapore

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Copyright @ 2020| Penrose | CDL & Hong Leong | +65 82001937

Developer Sales TeamMeiti Robert | R040355I