Commentary on Peck Hay GLS Tender Opening

SINGAPORE, 9 April 2026 – The tender for the Government Land Sale (GLS) site at Peck Hay launched on 9 April 2026. The site spans an estimated 5,513.5 sqm with a potential yield of 315 private residential units. The tender for sale will close at 12 noon on 11 June 2026.

“Due to its prime location and potential as part of Newton’s proposed transformation into a vibrant urban village under the 2025 URA Draft Master Plan, as well as the tight competition of 8 bidders for previous Bukit Timah Rd GLS site (also in the Newton locale), we might expect to see a corresponding turnout of around 6 to 8 bidders for this site,” said Marcus Chu, Chief Executive Officer, ERA Singapore.

“This mixed-use ‘urban village’ will be located next to Newton MRT, which will feature a high-density development, supported by the nearby Newton Food Centre, retail and amenities, as well as around 5,000 new private residences.”

“The already strong and central location is further supported by Newton MRT interchange just across the street. The North-South line offers a one-stop commute to Orchard, and along with the Downtown Line, which provides a short commute to the CBD within 10 minutes.”

Buyer Demand

“The lack of GLS sites in the vicinity in recent years has resulted in a lack of supply. Hence, there is pent-up demand for non-landed homes in Bukit Timah/Newton, which ranks amongst the most prestigious addresses in Singapore. In addition, being the first site in the upcoming Newton transformation could forecast strong demand from buyers.

Considering its smaller site size, high GPR of 4.9, and CCR location, the resulting project will likely be a high-rise, luxury development targeted at residents of the nearby Bukit Timah private and landed housing estate. 

The CCR has always been a resilient market segment. Despite the April 2023 cooling measures, which adjusted foreigner ABSD rates and reduced foreign demand, we have witnessed a stable 1.1% average quarter-on-quarter growth in the CCR non-landed price index since then.”

Developer Outlook

“Recent GLS sites tendered have been well received, particularly those in the CCR, which typically attract fewer bids given their higher price quantum. In 2025 itself, we have seen sites awarded for Holland Link, Dunearn Road, and Bukit Timah Road with an outstanding five, nine, and eight bidders, respectively. 

With many developers unsuccessful in securing these parcels, competition for this Peck Hay Road site could intensify, potentially leading to more aggressive bids.

Within this 1H 2026 GLS exercise, there are three CCR sites on offer, the others being Holland Plain, and River Valley Green (Parcel C) which are currently both open for tender. Therefore, developers will have to weigh their options between the trio of CCR sites.

Given the tight and relatively small size of the site, as well as the high plot ratio (of 4.9), the site could be developed into a high-rise project of around 40 storeys, which might present challenges and a higher development cost. This might influence developers’ bidding and subsequent pricing strategy, especially during this trying period with intensifying geopolitical tensions causing rising oil prices, uncertainty in financial markets, and supply disruptions that could affect manufacturing and construction industries.

Nevertheless, the strong take-up for CCR projects this year - including Newport Residences (74.8% sold) and River Modern (93.0% sold) despite a short sales window being launched in the first quarter. This signifies strong buyer interest for CCR properties and sustained buyer demand in the segment, which could in turn encourage developers to bid actively for this site.

This can be attributed to Singapore’s status and reputation as a safe haven amidst global risks due to stable governance, the strong Singapore Dollar and a tested and proven property market. Despite challenges faced by global markets, Singapore’s residential property market maintains a largely positive outlook for the foreseeable future. 

With the launch of both sites today, six GLS sites (including Executive Condominiums) remain open for tender, with another five sites on the 1H2026 GLS confirmed list set to be launched for tender in the coming months. This provides ample supply for developers who have carved a niche in different market segments and locale.”

For media enquiries, please contact:

Lisha Rodney

Public Relations Manager, ERA Singapore

Email: [email protected]

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