Faber, Penrith record over 85% take-up at launch weekends

Huttons suggested increasing Government Land Sales (GLS) supply in the first half of 2026.

Two new residential launches—Faber Residence in Clementi and Penrith in Queenstown—recorded strong sales over their respective launch weekends, with both projects achieving take-up rates above 85%, according to figures released by PropNex and Huttons.

At Faber Residence, located in the Faber Hills enclave by Sungei Ulu Pandan, PropNex reported that 344 of 399 units (approximately 86%) were sold at an average price of around $2,160 per square foot (psf).

Huttons reported a slightly lower figure of 342 units sold, likely reflecting a timing cut-off difference.

All 80 two-bedroom units and 199 three-bedroom units were fully sold, with pricing from approximately $1.28m for two-bedders and $1.57m for three-bedders—keeping many units within the common sub-$2.5m buyer budget, according to PropNex.

Faber Residence drew demand for its rare riverfront location and limited new supply in the area, with no major launches in the Faber Hills precinct since 2014.

Both PropNex and Huttons cited its proximity to Nan Hua Primary School (within 1 km) as a key draw for families. Huttons added that the project likely occupies the “last waterfront-living plot” in the area.

At Penrith, located along Margaret Drive in Queenstown, 447 out of 462 units (~97%) were sold at average prices exceeding $2,800 psf, according to PropNex. The project offered no one-bedroom units, with a family-centric unit mix that saw larger three- and four-bedroom layouts sell out the fastest.

Both PropNex and Huttons noted that most buyers were Singaporeans, including a significant proportion of HDB upgraders.

Penrith’s location—within walking distance of Queenstown MRT and near amenities such as Margaret Drive Hawker Centre, Dawson Place, and IKEA Alexandra—helped drive interest. Huttons highlighted unblocked north-facing views toward the Central Catchment area, and pointed to pent-up demand, with no comparable launches nearby since 2018.

The strong take-up at both projects comes amid a more favourable financing environment. Following the U.S. Federal Reserve’s rate cut in September 2025, local borrowing rates fell below 2%, their lowest level since 2023.

This has improved affordability for both owner-occupiers and investors. Huttons also noted that Singapore’s GDP expanded 3.9% YoY in the first nine months of 2025, whilst household deposits rose by $50.8b in 2Q2025, further supporting housing demand.

In light of robust sales and improving market conditions, Huttons suggested increasing Government Land Sales (GLS) supply in the first half of 2026 to meet sustained demand across mass and mid-tier segments.