The tender for Penrose site situated at Sims Drive has closed. Your website 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 S$732 psf ppr. The two companies agreed to produce the residential condominium with a 60:40 ownership ratio. A bid from GuocoLand came second at $655 psf ppr falling 12% below the most effective bid. Penrose site covers 174,648 sq ft and anticipated to house about 565 residential units. The building will comprise of 17 or 18-storey buildings. Hong Leong Group spokesman commenting on the site noted that among the impressive attributes of Penrose site is the wonderful connectivity. The neighbourhood is connected to other areas of Singapore by the Pan Island Expressway and the Kallang-Paya Lebar Expressway. The CBD and the famous Orchard Road Shopping Belt may also be about 15 mins drive from Penrose. Paya Lebar Central and Paya Lebar MRT Interchange station is just one stop from Aljunied Train Station running on the East-West Line. Amenities will also be reachable from Penrose with prominent schools located within walking distance. A number of the schools around include Canossa Catholic Primary School and Geylang Methodist School. Such proximity to educational institutions makes the positioning suited to family living. Other amenities such as restaurants and shopping malls are also within the vicinity allowing residents to take pleasure from the most convenience when accessing various necessities.
