CDL and Hong Realty Win Peck Hay Road GLS Tender With S$542.4 Million Top Bid at S$1,865 PSF PPR

The latest government land sales (GLS) tender for the 59,347 sq ft Peck Hay Road site closed on Thursday (Jun 11) with just four bids, compared to eight for the Bukit Timah Road plot nearby. The 80:20 joint venture between CDL and Hong Realty plans to develop a 39-storey residential tower with about 380 units, significantly higher than the 315 units estimated by URA when it launched the site’s tender in April.

The second-highest bid came from SMCL Haven 3 (Sunway MCL) and CSC Land Group (Singapore) at S$500.19 million or S$1,720.02 psf ppr. The third-highest was from COLI (Singapore), a unit of China Overseas Land and Investment, at S$460.26 million or S$1,582.69 psf ppr. The lowest bid, from Intrepid Investments (Hong Leong Holdings) and TID Residential (Hong Leong Holdings and Mitsui Fudosan), was about S$1,580 psf ppr.

The top bid was 8.4 per cent above the second-highest, with the gap between the highest and lowest bids coming from members of the Hong Leong Group. Analysts noted the 18 per cent spread between the top and bottom bids, suggesting divergent views among developers on the site’s risk, pricing potential and demand outlook.

The S$1,865 psf ppr achieved is the second-highest land price for a pure private residential site in the Core Central Region, behind only the May 2018 Cuscaden Road tender that fetched S$2,377 psf ppr. Nicholas Mak, chief research officer at Mogul.sg, described the top bids for both the Bukit Timah Road and Peck Hay Road sites as “aggressive”, reflecting developers’ confidence in the northward trajectory of high-end condominium prices.

“We look forward to shaping the precinct’s next phase of transformation with a distinctive residential landmark,” said CDL Group CEO Sherman Kwek. The proposed scheme will incorporate lush greenery and communal spaces to support urban liveability, the group said.

Property consultants estimate the average launch price for the condo on the Peck Hay Road site to be somewhere between S$3,400 psf and S$3,900 psf. CBRE’s Tricia Song predicted an average selling price of S$3,450 to S$3,550 psf. ERA Singapore chief executive officer Marcus Chu said the Peck Hay Road plot offers developers the “opportunity to enter the Core Central Region (CCR) market at a palatable scale”.

The Peck Hay Road site is near Anglo-Chinese School (Junior), St Joseph’s Institution Junior, Singapore Chinese Girls’ School (Primary), River Valley Primary School, St Margaret’s School (Primary) and Farrer Park Primary School. It offers a combination of attractive attributes in its central location, MRT connectivity and proximity to amenities at Orchard Road and the Newton Food Centre.

Among recent launches in the area, UpperHouse at Orchard Boulevard MRT station has had 19 units transacted since the start of the year at an average price of S$3,554 psf. At River Green, 11 units have been sold at an average price of S$3,488 psf. At River Modern, which was launched earlier this year, 423 units have been sold at an average of S$3,278 psf based on URA data on Jun 10.

CBRE’s head of research for Singapore and Southeast Asia, Tricia Song, noted that average GLS bids rose from an average of three bids per site in 2024 to 5.7 bids per site from January to May 2026. “This strong interest from developers boiled down the robust sales of CCR projects in 2025 and 2026,” she added.

In a similar vein, their respective launch weekends last year saw River Green and Skye Holland sell like hot cakes, with 88 per cent and 99 per cent of their units taken up. This year, 90 per cent of the units in River Modern and 57 per cent of Newport Residences found buyers during their launch weekends.

The successful bidder of the Peck Hay Road site will have to build covered linkway access for pedestrians to Newton MRT station. The winning bidder will also be required to build a proposed extension of Peck Hay Road, relocate an existing bus stop along Scotts Road and widen a part of Anthony Road. The Peck Hay Road site is the second GLS plot launched for tender in the new Newton neighbourhood. URA has plans for about 5,000 new private homes to be introduced progressively over a 10 to 15-year period around Newton Circus, Scotts Road and Monk’s Hill.