Why is that so? The location of the site & the reputable developer who won the tender, make market sit up & stay tune. But of course, price matters most. In the current situation whereby every potential buyer expects the developer to slash the price to move sales, Penrose Condo is one in the buyers’ radar.
The location itself will sell, is only a matter of what price will motivate buyers to commit in this time of uncertainty. Nobody wants to catch a falling knife, but at the same time, nobody knows when the rock bottom is. With some analysis & deeper insights into the project, buyers probably will be able to justify their commitment to Penrose Condo.
The site attracted 5 bids with the bid from two partners City Developments (CDL) and Intrepid Investments of Hong Leong Group Singapore topping at S$383.5 million which reflects to be S$732 per square foot per plot ratio (psf ppr). The land cost will translate to a launching price of approximately $1400 psf. A bid from GuocoLand came second at $655 psf ppr falling 12% below the top bid and even lower than its bid for Sims Urban Oasis. The site covers 174,648 sq ft and anticipated to house about 565 residential units. The building will comprise of 17 or 18-story buildings.
If we compare this land cost to the parcel of land where Sims Urban Oasis (SUO) is now, the price psf is around 6% higher. SUO land cost was at $688 psf ppr. It is a very much bigger parcel of land of 257,787 sqft which houses 1024 units. It was launched in March 2015 at $1350-1450 psf.
Being a plum site with 5 bids for the Sims Drive site fell short of expectation. It reflects developers’ measured approach toward land banking following the imposition of fresh property cooling measures in July 2018 amidst new guidelines on minimum private residential unit size which took effect in October 2018.
Penrose Condo site is subjected to a larger minimum average unit size of 85sqm, which means the developer will have to build a bigger size unit on this plot of land. That also translates to higher quantum for each unit which will pose affordability concern for the upgraders or lower rental yield for investors. Not forgetting the five years ABSD to sell all units also acts as a deterrent for developers.
Personally for buyers who are looking for a bigger size unit for own stay & don’t fancy big development project of 1000 units, Penrose Condo will make a good choice with lower density compared to Sims Urban Oasis.
Also being a site not situated right at the cross junction of Geylang Rd, Sims Drive & Aljunied Road means less traffic noise & pollution. At least only 1 side of the development will face the major expressway.
Conveniently located at Sims Drive, Penrose Condo is near to what matters most. The Aljunied MRT Station is just 5-7 mins away, approximate 450m from the site. The neighbourhood is connected to other parts of Singapore by the Pan Island Expressway and the Kallang-Paya Lebar Expressway. The CBD, Marina Bay District and the famous Orchard Road Shopping Belt are also approximate 10 mins drive from Penrose Condo. Paya Lebar commercial hub and Paya Lebar MRT Interchange station is just one stop away from Aljunied MRT Station running on the East-West Line.
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Amenities are also reachable from Penrose Condo with prominent schools located within walking distance. Some of the schools around include Canossa Catholic Primary School and Geylang Methodist School. Nexus International School has just opened its own campus next door last year. Higher Learning Institute such as James Cook University, WDA Lifelong Learning Institute is nearby too. Such proximity to educational institutions makes the area suitable for family living.
Here are a portion of the engaging schools that you can send your children to attend within the vicinity.
Penrose Condo is close to food heaven at Geylang. The famous food like G7 Sin Ma Live Seafood, G7 Frog Porridge, Geylang Lorong 9 Beef Kway Teow, No Signboard Seafood Restaurant, Penang Seafood Restaurant, BBQ Box, The Skewer Bar and many more. Right across the road, there is a wet market & hawker centre & coffeeshops.
Staying at this enclave means residents are surrounded by amenities. For more exciting shopping experience, residents of Penrose Condo can head down to Bugis Junction or to the newly opened Paya Lebar Quarter (PLQ) Mall, The 3.7 billion Mall, managed by Lendlease, is an integrated development consists of residential units, Grade A office tower & PLQ Mall.
SingPost Centre is a destination for services, lifestyle, and family entertainment catering to the needs of residents from the surrounding estates and office workers in the area. The mall spans five levels, with household names such as supermarket NTUC FairPrice, an eight-hall Cineplex by Golden Village, family entertainment outlets, enrichment centres, and food court operator Kopitiam.
|Intrepid Investments Pte. Ltd. and CDL Constellation|
Pte. Ltd. (JV between CDL and Hong Leong)
|Est Indicative Selling|
|Tenure:||99 years leasehold|
|No of Units:||Estimated 17- or 18-storey blocks of total 570 units|
|Land Area:||16,225.2 sqm/174,648 sqft|
|Unit Type||No. of Units||Size (sqft)|
|1 Bedroom||57||474 / 517|
|1 Bedroom + Study||2||560 / 570|
|2 Bedroom Premium||68||700 / 710|
|2 Bedroom + Study||34||797 / 807|
|3 Bedroom||105||936 / 980|
|3 Bedroom Premium||123||1044 / 1098|
|3 Bedroom + Study||54||1173 / 1184|
|4 Bedroom||54||1389 / 1399|
|Total No. of Units:||566|
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Source: OrangeTee & Tie Pte Ltd
Updated on 26 Jun 2020