Penrith Developer
Penrith Developer
Margaret Drive GLS Tender – Winning Bid by Intrepid, Hong Realty & GuocoLand
On 7 August 2024, a consortium led by Intrepid Investments Pte Ltd, Hong Realty (Private) Limited, and GuocoLand (Singapore) Pte Ltd submitted the highest bid for the highly anticipated Margaret Drive Government Land Sales (GLS) site. Their bid of S$497 million—equivalent to S$1,154 per square foot per plot ratio (psf ppr)—was officially accepted by the Urban Redevelopment Authority (URA).
📍 Site Snapshot
Location: District 3, Queenstown, adjacent to Queenstown Primary School and within walking distance of Queenstown MRT
propertyreviewsg.com
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Size & Yield:
Site area: ~9,522 m² (≈102,257 sq ft)
Gross Plot Ratio: 4.2
Projected yield: ~460 units, including mandatory childcare GFA of 500 m²
Lease Term: 99‑year leasehold.
🧩 Submission Context
Launched: 30 May 2024 as part of the 1H 2024 confirmed GLS list
Closing Date: 1 August 2024, with developers remaining cautious amid market softness
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Competing Bids: Runner-up from Sing Holdings at S$473.6 million (~S$1,100 psf ppr), approximately 5% lower than the winning bid
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🚀 Strategic Significance
Location Advantage: The site benefits from excellent connectivity and proximity to established amenities and schools, making it a coveted plot within Queenstown.
Depth of Expertise:
GuocoLand & Hong Realty bring strong credentials and proven track records in premium residential and mixed‑use development.
Intrepid Investments contributes focused execution and partnership savvy.
Their combined strengths ensure the site is poised for a premium, well‑executed condominium development.
About Intrepid Investments Pte Ltd
Overview
A joint subsidiary of Hong Leong Holdings and City Developments Limited (CDL), formed to participate strategically in Government Land Sales (GLS) and development tenders. Well-known local private developer in Singapore, Intrepid typically partners with larger firms for joint ventures. Penrith at Margaret Drive is one such collaboration with Hong Realty and GuocoLand
Past and Current Project Track Records
Intrepid brings strong joint-venture capabilities and supports major projects within the Hong Leong ecosystem—such as Lentor-area and Margaret Drive consortia.
It often partners with TID Residential, Hong Realty, and GuocoLand on GLS tenders—such as:
- Lentor Hills Residences
- Lentor Mansion
- Midtown Modern
About Hong Realty
Overview
Incorporated on 26 December 1962, Hong Realty is a privately-held subsidiary of Hong Leong Investment Holdings and is part of the Singapore arm of the wider Hong Leong Group
Past and Current Project Track Records
The group Has developed or co-developed nearly 100 residential properties, and manages about 10 commercial projects.
Their Current & Past projects:
- Springleaf Residence,
- Penrose
- One Shenton
- Amber Park
- The Meyerise
- The Inflora
About GuocoLand
Overview
Incorporated on 26 December 1962, Hong Realty is a privately-held subsidiary of Hong Leong Investment Holdings and is part of the Singapore arm of the wider Hong Leong Group
Past and Current Project Track Records
Established in 1978 and publicly listed on the Singapore Exchange, GuocoLand is a key regional arm of the Hong Leong group
Their Current & Past projects:
- Springleaf Residence,
- Penrose
- One Shenton
- Amber Park
- The Meyerise
- The Inflora
Developer Past Projects Portfolio
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