A joint venture between City Developments Ltd (CDL) and Hong Realty placed the top bid of S$542.4 million for a 99-year leasehold private housing site at Peck Hay Road, near the Newton MRT interchange. The tender closed on June 11, 2026, attracting four bids in total [1, 2, 3].
The winning bid translates to about S$1,865.15 per square foot per plot ratio (psf ppr), which is 2.5% higher than the S$1,820 psf ppr paid for a nearby Bukit Timah Road site in November 2025 [1, 2, 3]. The Peck Hay Road site covers around 59,347 sq ft and can yield approximately 315 private homes, according to Marcus Chu, CEO of ERA Singapore. Chu noted the site offers developers a chance to enter the Core Central Region market at a manageable scale [1, 2].
The other bids included a second-highest offer at about S$1,720 psf ppr from Sunway MCL and CSC Land Group (Singapore), a third bid of S$1,582.69 psf ppr from a China Overseas Land & Investment unit, and a lowest bid around S$1,580 psf ppr from Intrepid Investments and TID Residential [1, 2, 3].
The CDL-Hong Realty JV plans to develop a 39-storey residential tower with about 380 units, notably more than the ERA estimate of 315 homes for the site [3]. Sherman Kwek, CDL Group CEO, said, "We look forward to shaping the precinct’s next phase of transformation with a distinctive residential landmark."
The Peck Hay Road site is part of the Urban Redevelopment Authority's plans unveiled in 2025 to create a new neighbourhood in Newton [1, 2, 3]. It lies close to well-established schools including Anglo-Chinese School (Junior), St Joseph’s Institution Junior, Singapore Chinese Girls’ School (Primary), River Valley Primary, St Margaret’s Primary, and Farrer Park Primary School. The nearby Newton MRT interchange offers convenient access to Orchard Road via the North-South Line and the Central Business District via the Downtown Line, while the Novena healthcare cluster is also accessible [1, 2].
Wong Siew Ying, Head of Research and Content at PropNex, said the site combines "attractive attributes in its central location, MRT connectivity and proximity to amenities at Orchard Road and the Newton Food Centre" [1]. Analysts see the strong top bid as a vote of confidence in URA's vision to transform Newton into a vibrant mixed-use urban village. Tricia Song from CBRE added, "Developers are hungry to replenish their depleted landbanks" [3].
The tender was launched by URA in April 2026 and closed with four bids by June 11, 2026 [3, 1]. The successful bidder now moves toward planning and development approvals for the new residential project.
