Penrith

Penrith is the project that repriced Margaret Drive. It lodged 448 caveats in its 2025 launch period and 454 against 462 units by July 2026, and every completed tower in this pocket is now valued against the number it set. For a buyer that cuts two ways: you are paying the benchmark rather than discovering it, and you are buying the only fresh 99-year lease anyone can buy in this subzone.

Penrith Prices: From a $1,154 psf Land Bid to a $2,826 psf Median

Start with the land bid, because it sets the floor. The Margaret Drive site was tendered at $497 million, about $1,154 per square foot per plot ratio. Add construction, financing and margin on a two-tower build and the gap to today’s pricing is not developer greed, it is what a central site plus a four-year programme costs. It is also why the next tender on this corridor will not be cheaper.

As of July 2026 the last sixty Penrith caveats cleared between $2,583 and $3,088 psf at a median around $2,826 psf. Across the full 454-caveat record the range runs $2,345 to $3,088 psf at a median of $2,792 psf, so later buyers paid more than launch-weekend buyers rather than less. At launch, two-bedders opened at $1,440,000 or $2,347 psf, three-bedders at $1,978,000 and four-bedders at $3,078,000. On the current price list the three and four-bedroom rows are marked sold out, with two-bedroom stock from about $1,798,000, roughly $2,928 psf.

The street frames that number. Margaret Ville brings 309 completed units from 2021 and Queens Peak 736 from 2020, both within walking distance, while Stirling Residences at 1,259 units from 2022 sets the scale comparison in the same subzone, and Zyon Grand marks the corridor’s newest benchmark over at Redhill. Penrith prices above all the completed stock, the normal shape of a launch premium: a fresh lease and 2028 keys, against their rental stream today.

One technical point in Penrith’s favour when you compare. Penrith is priced under the harmonised GFA rules, so its strata areas exclude the aircon ledges that the older neighbours still count inside theirs. A straight psf comparison against a pre-harmonisation resale overstates the gap, and the honest comparison adjusts for it.

Working out whether the premium is worth it on the unit you are looking at? Send us the stack and we will set it against the completed comparables line by line, honest advice, no pressure. WhatsApp us.

Penrith Floor Plans: Two-Bedders Up, Yards From Three Bedrooms

The Penrith floor plan ladder starts where most launches put their second rung. 614 sqft is the entry, not a 450 sqft studio, and the ladder tops out at 1,281 sqft. Because the towers are unbuilt, what you can verify today is the layout, the yard and the orientation, not the afternoon light.

Price the ladder at the July 2026 median of about $2,826 psf and it reads: the 614 sqft two-bedder around $1.74m, the 678 sqft format near $1.9m, the 786 and 850 sqft three-bedders between $2.2m and $2.4m, the yard-equipped three-bedders from $2.65m to $3m, and the four-bedroom formats between $3.3m and $3.6m. That is arithmetic on the caveat record rather than a quote, and the resale market that decides the 2028 number does not exist yet.

The live trades show where the strongest bid sat. A 614 sqft two-bedroom cleared $1,600,000 at $2,606 psf in July 2026, a 1,066 sqft three-bedroom-plus-yard $3,068,000 at $2,878 psf in November 2025, and a 1,281 sqft four-bedroom $3,935,000 at $3,072 psf in March 2026. Note that the largest format transacted at the highest psf, which is unusual and says the family buyer, not the investor, led this project.

The facilities stack the way the towers do: a swimming pool with aqua deck and spa seats, a hard tennis court, a three-generation fitness zone, an outdoor camping ground and a clubhouse with library, games room and steam rooms, then a sky layer of horizon terrace, stargazing deck and sky dining terrace. Selected stacks face the low-rise landed enclave across Margaret Drive, an open outlook protected by zoning rather than luck, so the stack you pick matters more here than the layout does.

Is Penrith Worth Buying? The Only Site Being Built in This Pocket

Supply is the cleanest argument on the table. The Margaret and Mei Chin subzone holds eight private developments and about 5,401 homes, and Penrith is the only one under construction. Nothing else here can offer a fresh lease, and there is very little unbuilt land left in Queenstown, which is a large part of why a Margaret Drive tender draws the developers it does.

The real competition is other launches, and they sit in other subzones. Blossoms by the Park adds 275 units at one-north for 2027, Bloomsbury Residences 358 for 2028 and Lyndenwoods 343 at Kent Ridge for 2030, with the Dover Road and Holland sites behind them. Add Normanton Park at 1,862 units and Kent Ridge Hill Residences at 548, both completed in 2023, and roughly 3,100 new private homes are scheduled across the planning area after 2026. None of them puts a station, a primary school and two secondary schools inside the same short walk.

Demand comes from the doorstep. Margaret Drive sits at the centre of the Dawson renewal that the URA Master Plan drives, and the surrounding Dawson flats are among the most valuable in the public market. Queenstown holds 44,030 HDB flats across 253 blocks, 21,821 of them 4-room or larger, and Penrith’s family-shaped mix is aimed straight at them. A Dawson five-room seller moving into a 936 sqft three-bedroom-plus-yard keeps the same school, the same station and the same routines. Our HDB upgrading roadmap sets out how those households sequence the sale and purchase, and our piece on the real cost of holding your HDB covers the decision most of them get wrong.

The exit maths is the last piece. There is no resale history to read at an unbuilt project, so the honest measure is what a Penrith owner will be competing against in 2028: a small field of completed neighbours on shorter leases, inside a district holding only 15,855 private homes and just 14 projects under ten years old. Our guide to 99-year versus freehold covers what a fresh 99-year lease is actually worth against that older stock, our Q2 2026 property market review covers how launches like this have been absorbed, and our rental yields guide sets out what this belt has been sustaining for landlords rather than what a brochure claims.

Who Penrith Suits

This suits upgraders and families who want the Queenstown school-and-MRT package in a new product and have the patience to wait for 2028, Dawson households converting a strong flat sale into private stock without leaving the neighbourhood, and anyone who wants a service yard and a four-bedroom floor plate rather than a compact investor unit.

The exit audience is the buyer or tenant who arrives at TOP, and that is a strength here. Penrith will be the newest full-facilities address on Margaret Drive, with a tennis court, gym, steam rooms and sky terraces at a station door, set against a rental pool that already turns over quickly on the back of one-north, the Alexandra business corridor and the international schools. Landlords holding the two-bedroom stacks are positioned for exactly that tenant.

Fit runs the other way too. Investors chasing a small quantum will not find one here, since the entry is 614 sqft. Buyers who want keys, a known view and a rental stream now should look at Queens Peak or Margaret Ville and pay the completed price instead. Two honest costs come with an address this central: parking runs roughly eight lots per ten homes, so two-car households should settle allocation early, and this is dense city-fringe living beside busy public housing rather than a private enclave.

Thinking about Penrith? The premium over the completed stock on the same street is the exact number to interrogate, unit for unit. Before you commit, speak to us. We will run the numbers with you, honest advice, no pressure. WhatsApp us.