Peck Hay Road Government Land Sale Site Analysis

URA has launched the tender for the Government Land Sales (GLS) parcel at Peck Hay Road for residential use, which can yield up to 315 new homes. The tender for the site has since closed on 11 June 2026. 

In total, the site drew interest from four bidders, with the top bid of $542 million (or $1,865 psf ppr) submitted by CDL Constellation Pte. Ltd. and Garden Estates (Pte.) Limited. The strong competition for the land site could be due to it being the second GLS site made available for development after the announcement of Newton’s Urban Village transformation under the 2025 URA Draft Master Plan. The land rate of $1,865 psf ppr is the second highest GLS bid for a residential site, only behind the Cuscaden Road site awarded in May 2018 for $2,377 psf ppr (now Cuscaden Reserve).

Table 1: Bidder details 

Site Details

Table 2: Site Details of GLS

Map of Peck Hay Road GLS site

Location Analysis 

Overview

This Peck Hay Road site is the second GLS site released as part of the new Newton neighbourhood, which was announced in the URA Draft Masterplan 2025. The central district neighbourhood, known traditionally as an office and commercial node will be designed and shaped as a vibrant mixed-use ‘urban village’ that combines greenery and new homes. It will be supported by the nearby Newton Food Centre, new retail and amenities, as well as around 5,000 new private residences.

Connectivity

The centrally located site has doorstep access to the Newton MRT Interchange. With the North-South line, residents will be just one stop away from Orchard, connecting them to the renowned Orchard Road shopping belt. Additionally, with the Downtown Line, residents will enjoy a short 15-minute commute to the CBD.

Moreover, the site is expected to be within 1 km of ACS Junior. Given the school’s popularity and its high demand for admissions, this proximity could be a significant draw for families with young children.

Additionally, Newton urban village will be connected to other central areas in Singapore such as River Valley and Orchard Road via the inner ring identity corridor, which will create walking and cycling-friendly infrastructure to promote healthier living and greater connectivity in the central region of Singapore.

Lifestyle and Recreation 

While Newton might not have the most exciting lifestyle and recreation options, its strategic location just one stop away from Orchard Road provides endless recreational activities and dining options within five-minutes’ reach.

As part of its transformation into an urban village, Monk’s Hill will be developed into a park, with a focus on integrating the old and towering trees with residential developments to create communal and walking spaces for residents to enjoy. This walking path, that will be named Monk’s Hill Linear Park, will connect Newton to Emerald Hill at the foot of Orchard, where an aforementioned wealth of amenities lie.

Neighbourhood Amenities

Currently, Newton is home to Newton Food Centre, one of Singapore’s iconic culinary landmarks which serves a wide variety of Singapore’s many hawker foods under one roof. 

Additionally, the mixed-use urban village will inject Newton town centre with additional amenities, dining, and retail options, supporting the influx of future residents that will move into the neighbourhood following its transformation.

Meanwhile, nearby malls and shopping centres like Balmoral Plaza are home to various tuition and enrichment centres, as well as childcare services to cater to young families in the area. In addition, Balmoral Plaza houses several family-friendly eateries and a supermarket, providing added convenience for residents.

First Mover Advantage 

Being the second site to be launched and sold as part of the upcoming URA Draft Master Plan transformation, and given the fierce competition for the prior site (Bukit Timah Road, 2H2025 GLS exercise) which saw eight bidders and a tendered land rate of $1,820 psf ppr, many developers, especially those who missed out on the previous site or other CCR sites might have been compelled to bid more aggressively in a hope to secure this site. With a likely later launch date than the previous Newton site, the resulting project is likely to set benchmark prices for homes in the neighbourhood upon its launch.

Drawing a comparison to other CCR sites and projects that were recently sold, this Peck Hay Road site stands out as only the second site located in Newton, which now has a small supply pipeline of 655 units. Additionally, it is located next to an MRT interchange (a station that is served by two or more lines), which sets it apart from the other developments.

The tender for the River Valley Green (Parcel C) GLS site will close later this month while the tender for the site along Orchard Boulevard will be launched in August.

Table 3: Other recent CCR GLS sites near MRT stations

Potential Buyer Profile

The strong take-up of CCR projects in the past year, such as UPPERHOUSE at Orchard Boulevard, Skye at Holland, and River Modern signifies strong buyer interest for CCR properties with MRT connectivity. This is likely to have fuelled developers’ confidence for this site.

The lack of GLS sites in the vicinity in recent years has resulted in a limited 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 second 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 looking for a newer development with a longer lease, or for young families who grew up in the Bukit Timah area and wish to buy a new home near their families.

Supply and Outlook

Table 4: Expected supply pipeline of private housing for 2026 and 2027

Given that the above table has not yet included 2H 2026 GLS confirmed list, the estimated supply of private housing in 2026 likely to exceed an estimated 33,000 units.

Table 5: GLS Site tenders closed in Jan-Jun 2026

Following the sites tendered and awarded in 2026, we can expect around 9,300 new homes entering the market next year. With the recent announcement of the 2H 2026 GLS exercise, we can expect a further 4,745 units being added to the pipeline in early 2028.

Developers are expected to remain upbeat on the residential market, as Singapore is undergoing several shifts that will contribute to the sustained demand for new homes. 

Firstly, Singapore’s predominantly leasehold residential market drives demand for newer properties with longer remaining tenures, with many locals believing in trading up to newer developments with longer remaining leases to preserve asset value. This activity, in turn, supports the growth of property values over time. 

Secondly, many GLS sites are located in future growth areas that are earmarked for development under URA’s Master Plans, this fosters buyer confidence in the future appreciation prospects of new homes in said locations. 

Thirdly, the progressive payment schemes offered by new homes benefits first-time homebuyers by pacing payments with construction progress. This payment structure allows those in the early stages of their careers more time to accumulate savings and grow their earnings, thus making it easier to meet full mortgage obligations later on. 

Conclusion and Tender Closing Comments

“At $542 million ($1,865 psf ppr), the top bid put in by CDL is 8.4% more than the second-highest by SMCL Haven 3 Pte Ltd and CSC Land Group Pte Ltd. The decisive margin suggests the developer’s determination to secure the site, given the strong potential of its prime central location. This bullish bid signals strong confidence in the site’s potential, being the second site to be launched since URA’s announcement of the upcoming Newton transformation.

Considering the small site and development size of up to 315 units, it presents developers with the opportunity to enter the CCR market at a palatable size quantum of less than $550 million.

At a land rate of $1,865 psf ppr, it eclipsed the price paid for the previous neighbouring site (Bukit Timah Road) which was awarded for $1,825 psf ppr under the 2H 2025 GLS exercise. This highlights CDL’s confidence in the site. Between 2H 2025 and 1H 2026, the strong take-up of CCR projects this year, including UPPERHOUSE at Orchard Boulevard, Skye at Holland, and River Modern indicates strong buyer interest in CCR properties and consistent demand in the segment. We could see similar interest among homebuyers eyeing luxury condos.

There is growing optimism within Singapore’s residential market, fuelled by the strong sales performance seen across the 2026 launches to date. We expect to see some developers looking to replenish their land in anticipation of sustained demand.