Penrose Condo

Penrose Condo @ Sims Drive

Penrose Condo is an upcoming residential development that is located in Aljunied planning area, Central Region of Singapore. The site is in the junction of Sims Place and Sims Drive. It is opposite of Arcsphere and Sin Ming Industries and next to Sims Urban Oasis, a 1000 units residential project which was built in 2017. Penrose Condo’s site was released by Urban Redevelopment Authority (URA) as one of the land parcels for 1st half of 2018 Government Land Sales (GLS) program. It has a total plot size of approximately 1.7 hectares and with a gross plot ratio of 3.0. Other developments that are within Penrose Condo’s vicinity include TRE Residences, Central Grove, Simsville, Park Place Residences, Katong Regency, Sims Green, The Alcove, Rezi 35 and Sixteen 35 Residences.

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With more than 500 units, this development is a mid-sized nice residential development that has good land size to build a nice scale of communal facilities and landscaping grounds and not too huge to be able to give the overall a feeling of coziness and engendering the community sense.

Buyers might have preferences for this kind of mid-sized project as the large-sized ones might be overwhelming which this could be one of factors in Penrose’s favour.

The land parcel also has easy accessibility with just minutes’ walk to the MRT Station but not as those that are just next to one. The distance is still considered acceptable by many which will be an advantage for those who are thinking to rent out.

With its city fringe address, its closeness to the downtown core and Sims/Aljunied areas, the project seems to be undervalued as comparing to those new launch projects that has similar convenience and radius.

The factor might be due to the overall grunginess of this neighbourhood. Other than the next door Sims Urban Oasis, the vicinity seems nothing “posh” about it as majority of this neighbourhood has not underwent redevelopment yet.  On the other hand, this will also mean that the upside potential will be much higher if that redevelopments start taking place.

Other than the above mentioned features, some of the anticipation surrounding this development will be the pricing which more than any other else.

The winning tender price of $732 per square foot that was in March 2019 was somehow seemed like a “bargain” for the developer. The price paid was the lowest that for a land parcel that is in the city fringe and close to the MRT station for the last 2 years.

Even for the closest new project launch that is comparable, Parc Esta, the land parcel was bought for $910 per square foot in 2017. The average selling price for $1,6xx to $1,7xx per square foot which is deemed as a reasonable pricing by the market for a location that is in the city fringe.

This is supported by the evidence that Parc Esta was able to offload 1,000 units from its total 1,399 units just 14 months from its preview in October 2018. Although the soaring prices, Parc Estate still has over 2 years timeframe to sell off the 399 units left.

With much of the choice units at the Parc Esta sold, and also the next door Sims Urban Oasis being sold out long time back, those potential buyers will be anticipating for the launch of the Penrose condo, particularity when its developers are the highly regarded Hong Leong Holdings and City Developments Limited,

To have a comparable potential gains and also rental return of this project, it will be good to vet directly against the next door Sims Urban Oasis. The development is still quite new with its completion in 2017. Sims Urban Oasis was launched during 2015 with selling prices around $1,3xx per square foot. As of current, the average resale price is around $16xx per square foot and a rental return of approximately more than 3% which is considered decent in the Singapore property market.

The location of the Penrose condo is likely to be attractive to real estate investors with its close proximity to the downtown financial district’s tenant pool. Other that Sims Urban Oasis, there are no new residential developments that are of comparable size to compete with Penrose condo.

The land parcel is also straddling in two upcoming growth areas marked by the Urban Redevelopment Authority (URA) which are Paya Lebar and Kallang. The Penrose might be able to ride on the waves with the development of both these growth areas.

The land parcel of the Penrose condo is approximately rectangular in shape and with orientation in the directions of South/South East and North/North West. Towards its east bound will be the Sims Urban Oasis and towards its West bound will be some Housing Development Board (HDB) housings.

On its North bound will be the Pan Island Expressway with the Nexus International School across that. Those units that face this direction will be able to get views that are relatively further with the drawback of getting some noises from the heavy traffic.

The access to the Penrose condo will be through the Sims Drive which is at its South bound. Right across this small road will be several HDB typical shops as well as a wet market cum hawker centre.

About the Developer

The Penrose condo Singapore is a joint collaboration development which Hong Leong Holdings’ Intrepid Investments and the City Developments Limited which have 60 percentage stake in and 40 percentage stake respectively.

Both these real estate developments are established and well known household brands. Both of them, in their own rights, are rank amongst the top real estate companies in Singapore. Each of them has an established track record with reputation for its quality in various segments ranging from the mass market to the upscale developments.

For the last 50 years or so, Hong Leong Group has involvements for constructing large portions of the nation’s skyline and has emerged as one of the primary forces for the Singapore’s real estate sector.

City Development Limited is a front running hotel and real estate conglomerate which was formed in 1963 in Singapore. It is also listed on the mainboard of the Singapore Exchange (SGX).

Today, the firm operates a network of more than 300 subsidiaries and associated companies globally. Seven of them of also listed on the London stock exchange, the Philippines stock exchange, the New Zealand stock exchange as well as the Hong Kong stock exchange.

All in all, City Development Limited has operations on more than 100 locations spanning 29 countries. The primary business focus of the group will be in the real estate investment and development sector. The group also has business activities in hotel ownership and management, hospitality solutions and facilities management.

Amongst the many projects which are spreading across will be several local names such as the South Beach Residences, Amber Park, Goldenhill Park, Golden Hill Villa, The Glyndebourne, Nouvel 18, Echelon, Leonie Hill Residences, New Futura, One Balmoral, The Sail at Marina Bay, Cliveden at Grange, The Pier at Robertson Quay, Gramercy Park and St Regis Residences.

Intrepid Investments is a subsidiary of the Hong Leong Holdings. The groups is established in the 1960s with it primary business in the real estate sector. The group has grown and is currently one of the biggest real estate players with involvements in more than 130 residential projects, 100 commercial as well as integrated developments.

The Group as of now also has ownerships and operations over 8 million square feet of residential, retail, industrial and office spaces.

Amongst the numerous developments the Group has constructed with collaborations with City Developments are big names like One Balmoral, The Residences at W Singapore Sentosa Cove, Atria, Sage, Grange Heights, One Shenton, The Meyerise, Aalto, Tate Residences, Watermark Robertson Quay, The St Regies Residences and Hotel.

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Penrose Condo Location

Penrose Condo Site Plan and Facilities

Amenities Near Penrose Condo and Their Approximate Distances

Train Stations
Aljunied (EW9) – 0.4km

Bus Stop
Opp Blk 59 (Bus: 64, 125, 134) – 0.1km
Blk 59 (Bus: 134, 64) – 0.1km

Sheng Siong (301 Geylang) – 0.8km
Giant (Geylang East 118) – 0.9km
Fairprice (5 Upper Boon Keng) – 1.1km
Cold Storage (One KM Mall) – 1.8km

Shopping Malls
Macpherson Mall – 1.4km
The Venue Shoppes – 1.5km
Paya Lebar Square – 1.5km
PLQ Mall – 1.6km
One KM Mall – 1.8km
Bendemeer Shopping Mall – 1.8km
Tanjong Katong Complex – 1.8km
Singapore Post Centre – 1.8km
Aperia – 1.9km

Raffles Montessori Kindergarten (Aljunied) – 0.6km
Magdelene’s Kindergarten – 0.9km
Bethel Kinderlites – 1.0km
Jamiyah Kindergarten – 1.0km
Chen Li Kindergarten – 1.1km
White Lodge Kindergarten (East Coast) – 1.1km

Primary School
Geylang Methodist Primary School – 0.6km
Macpherson Primary School – 0.7km
Canossa Convent Primary School – 0.9km
Kong Hwa Primary School – 1.4km
Bendemeer Primary School – 1.5km
Cedar Primary School – 1.9km

Secondary School
Geylang Methodist Secondary School – 0.5km
Broadrick Secondary School – 1.6km
Cedar Girls’ Secondary School – 1.7km
Saint Andrew’s Secondary School – 1.9km

Junior College
Saint Andrew’s Junior College – 2.3km

James Cook University (Sims Drive Campus) – 0.5km

International School
Etonhouse Pre-School (Broadrick) – 2.0km

Food Centre
Blk 49 Sims Place Market and Food Centre – 0.3km
Blk 89 Circuit Road Market and Food Centre – 0.8km
Blk 17 Upper Boon Keng Road Market and Food Centre – 0.9km
Blk 117 Aljunied Avenue 2 Market and Food Centre – 1.0km
Blk 69 Geylang Bahru Market and Food Centre – 1.0km
Blk 79/ 79A Circuit Road Food Centre – 1.1km
Blk 80 Circuit Road Market and Food Centre – 1.4km
Kallang Estate Market – 1.5km
Blk 51 Old Airport Road Market and Food Centre – 1.5km
Blk 29 Bendemeer Road Market and Food Centre – 1.7km
Blk 13 Haig Road Market Centre – 2.0km
Blk 4A Jalan Batu Market and Food Centre – 2.0km

Automobile Associations of Singapore – 1.0km
Singapore Sports Hub – 1.7km
Kallang Water Sports Centre – 2.0km

Highlights of Penrose Condo

Transport Network
Penrose Condo is approximately 400 m away from Aljunied MRT Station. The MRT Station is operating the MRT East West Line. Future residents of Penrose Condo just need to travel 1 station towards Pasir Ris MRT Station direction to arrive at Paya Lebar MRT Interchange Station. Future residents can easily transit to the MRT Circle Line which is readily available at the MRT Interchange Station.

And from Aljunied MRT Station, it will take future residents to travel 4 stations towards Jurong East MRT Interchange Station to arrive at Bugis MRT Interchange Station where the MRT Downtown Line is readily available at the MRT Interchange Station.

For drivers, it will take them approximately 10 minutes’ drive to arrive at the Central Business District (CBD). To get down to Singapore’s main shopping district, Orchard Road, it will just take them 10 minutes’ of driving. The nearby Pan Island Expressway (PIE) and also the Kallang Paya Lebar Expressway (KPE) will also provide conduit of conveniences for them when it comes to driving to various parts of the island from Penrose Condo at ease.

In terms of shopping and dining amenities, future residents of Penrose Condo can take a short drive down to the newly opened Macpherson Mall which is located at the previous Windsor Hotel. The new mall hosts a wide array of retail shops, F&B outlets and also a supermarket. Other shopping malls that are within Penrose Condo vicinity are One KM Mall, Bendemeer Shopping Mall, Tanjong Katong Complex, the newly revamped Singapore Post Centre and Aperia. The Paya Lebar Quarter which comprises of Grade A offices and retail space is also just next to Paya Lebar MRT Interchange Station. The new shopping mall there i.e. the PLQ Mall also provides much more choices of shopping, dining and leisure amenities for future residents of Penrose Condo.

There are also many delicious and economical local food that are within reach for future residents of Penrose Condo as it is close to Blk 49 Sims Place Market and Food Centre, Blk 89 Circuit Road Market and Food Centre, Blk 17 Upper Boon Keng Road Market and Food Centre and Blk 117 Aljunied Avenue 2 Market and Food Centre. In terms of local education institutions,

Penrose Condo is close to Geylang Methodist Primary School, Macpherson Primary School, Canossa Convent Primary School, Kong Hwa Primary School, Bendemeer Primary School, Cedar Primary School, Geylang Methodist Secondary School, Broadrick Secondary School, Cedar Girls’ Secondary School and Saint Andrew’s Secondary School. Penrose Condo is also just approximately 500 m away from James Cook University’s Sims Drive Campus.

To summarize,

  1. Location – Penrose Condo is just within walking distance to the Train Station.
  2. Accessibility – It is located in the city fringe which makes it easy to travel to other parts of the island.
  3. Near to Amenities – It is just a short distance to Geylang East Neighbourhood Centre which hosts many amenities.
  4. Close to Good Schools – This makes Penrose Condo ideal for family living.
  5. Rental Potential – Penrose Condo is near to the upcoming Paya Lebar Quarter which has big pool of prospective tenants.

Penrose Condo Factsheet

Penrose Factsheet

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3. Total Debt Servicing Ratio
4. Comparison on Mortgage Rate

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