Penrose Condo @ Sims Drive, Aljunied

Aerial View Of Penrose Condo Land Parcel At Sims Drive

Project Details

DeveloperHong Leong Holdings' Intrepid Investments and City Developments Ltd
AddressSims Drive
DistrictD14 - Geylang, Eunos
RegionRest of Central Region
Property TypeNon-Landed Residential
Tenure 99 Years Leasehold
Land Size174,648 sq ft / 16,225 sq m
Total Units570
Estimated TOP2024
Land Bid Price$732 psf per plot ratio
Disclaimer: PrivateHome takes due measures to ensure that all information provided is as reliable as possible but will not be responsible for any wrong or inaccurate information.

 

Land Bid Price

The site at Sims Drive was launched for tender on 30 November 2018.  

The tenders for these sites closed on 28 March 2019. 

Urban Redevelopment Authority (URA) awarded the tenders for the site at Sims Drive to Intrepid Investments Pte. Ltd. & CDL Constellation Pte. Ltd.

The highest bid of $383.5 million ($732 psf per plot ratio) came from a 60:40 joint venture between Hong Leong Holdings’ Intrepid Investments and City Developments Ltd, both members of Hong Leong Group Singapore.

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.

There were five bids for the site at Sims Drive. 

 

Tender closing for URA sale sites at Sims Drive

Source: URA

 

Estimated Breakeven Price

According to Edgeprop, the estimated breakeven price of Penrose is $1264 psf. 

a table showing penrose condo breakeven cost price for the developer

 

Developer Profile

Penrose Condo is developed by Hong Leong Holdings’ Intrepid Investments and City Developments Ltd, both members of Hong Leong Group Singapore.

Hong Leong Group has more than 50 years of history. It has developed close to 100 residential properties and manages about 10 commercial projects.

Some of their notable completed projects are:

  • ST. REGIS RESIDENCES
  • COCO PALMS
  • SOUTH BEACH RESIDENCES
  • ONE SHENTON
  • THE RESIDENCES AT W SINGAPORE SENTOSA COVE

 

CDL is also ranked 1st on the top 10 developers list by BCA (Building and Construction Authority), taking into consideration their average CONQUAS scores and QM subscription in the last six years.

Register here to be among the first to be notified about Penrose Condo launch price, floor plan and be invited to the show flat VVIP preview.

 

Location & Amenities

a map showing the location plan for penrose condo at sims drive

 

Schools within 1km

  • CANOSSA CATHOLIC PRIMARY SCHOOL
  • GEYLANG METHODIST PRIMARY SCHOOL

Schools within 1-2km

  • BENDEMEER PRIMARY SCHOOL
  • CEDAR PRIMARY SCHOOL
  • KONG HWA SCHOOL

a map showing schools nearby penrose condo

Childcare Centres

  • PU TI CHILD CARE CENTRE
  • BETHEL CHILD DEVELOPMENT CENTRE
  • MORAL CHILD DEVELOPMENT CENTRE (MACPHERSON)

Kindergartens

  • PCF Macpherson Blk 108-107
  • Geylang Chinese Methodist Kindergarten
  • Raffles Montessori Kindergarten (Aljunied)

Shopping malls

  • Paya Lebar Square
  • PLQ Mall
  • SingPost Centre
  • Kinex
  • Kallang Wave Mall
  • Leisure Park Kallang

Eateries

  • Sims Vista Market & Food Centre
  • Geylang Serai Market and Food Centre

 

Accessibility

google map showing the distance and time to walk from penrose condo to aljunied mrt

 

According to Google Map, it takes about 6 minutes to walk from Penrose Condo to Aljunied MRT via Aljunied Road.

Aljunied MRT is just 450m away which makes it very convenient for residents or tenants who do not drive.

a map of the latest smrt system map in singapore


Aljunied MRT is just one stop away from Paya Lebar interchange station where you can connect to the Circle Line.

3 stops down towards the city direction, you can connect to the Downtown Line at Bugis interchange station. 

City Hall interchange station is 4 stops away and you can connect to the North-South Line.

It does not take more than 4 stops from Aljunied MRT to connect to 3 of the major MRT operating lines.

For those who drive, Pan Island Expressway (PIE) is running just behind Penrose Condo. 

You will have convenient access and links to other major expressways such as the Kallang-Paya Lebar Expressway (KPE) and the East Coast Parkway (ECP). 

This makes it easy to reach areas such as Marina Bay, the Central Business District and Changi Airport.

 

Comparative Market Analysis

Let’s compare Penrose to it’s closest neighbour Sims Urban Oasis which TOP in 2017.

Penrose has half the number of units compared to Sims Urban Oasis total of 1024 units.

Till date, there have been 26 profitable resale transactions and 0 unprofitable resale transaction.

a table showing the profitable and unprofitable resale transactions of sims urban oasis condo

The indicative rental yield of Sims Urban Oasis is 3.1% which is very decent.

Indicative Rental Yield Of Sims Urban Oasis

The average transacted price of Sims Urban Oasis is $1,596 psf.

average transacted price of sims urban oasis condo

The breakeven cost price of Penrose for the developer is $1,264 psf. 

If we factor in a 25% profit margin for the developer, which is considered high for a new launch project in this uncertain economic period, the average price would be $1,580 psf.

Hence, if Penrose launches at a selling price of below $1,580 psf, it would mean that you are buying a new launch project at a resale price.

 

Conclusion

We foresee that Penrose Condo will be attractive to HDB upgraders and young families due to the following reasons:

  • Location in the city fringe
  • Proximity to the Aljunied MRT station
  • Connectivity via nearby MRT interchanges
  • Accessibility via PIE
  • Surrounding popular schools
  • New launch at resale price? (Subject to launch price)

 

Penrose Condo is subjected to a larger minimum average unit size of 85 sq m which will attract HDB upgraders who do not want to compromise on living space.

There is nothing much to dislike about Penrose Condo project. 

One possible reason could be that some buyers might be turnoff by its proximity to the PIE especially the stack that is directly facing it. 

Read our Ultimate 2020 Guide on how to buy a new launch condo in Singapore.

If you own an HDB flat and is thinking of upgrading, find out if this is the right move for your family.

Register here to be among the first to be notified about Penrose Condo launch price, floor plan and be invited to the show flat VVIP preview.

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