The Government Land Sale (GLS) tender for the Peck Hay Road site closed on 11 June 2026 and attracted four bids, with the highest offer coming from a joint venture between City Developments Ltd. and Garden Estates Ltd., a subsidiary of Hong Leong Group. Their top bid of S$542.4 million translates to approximately S$1,865 psf ppr, setting a new benchmark for recent land sales in the Newton area.
Table of contents
- Peck Hay Road GLS tender result: Top bid of S$542.4M
- 2.5% higher compared to nearby Bukit Timah Road plot
- Newton’s transformation: An urban village for the community
- What to expect from the upcoming Newton condo
Peck Hay Road GLS tender result: Top bid of S$542.4M
| Ranking | Tenderer | Bid Price (S$) | Land Rate (S$ psf ppr) |
|---|---|---|---|
| 1 | CDL Constellation Pte. Ltd. and Garden Estates (Pte.) Limited | 542,400,000 | 1,865 |
| 2 | SMCL Haven 3 Pte. Ltd. and CSC Land Group (Singapore) Pte. Ltd. | 500,194,899 | 1,720 |
| 3 | COLI (Singapore) Pte. Ltd. | 460,260,000 | 1,583 |
| 4 | Intrepid Investments Pte. Ltd. and TID Residential Pte. Ltd. | 459,481,361 | 1,580 |
The top offer of S$1,865 psf ppr from CDL and Hong Leong was around 8.4% higher than the second-highest bid from SMCL Haven 3 Pte. Ltd. and CSC Land Group (Singapore) Pte. Ltd., which submitted S$500.2 million or S$1,720 psf ppr. The difference amounted to roughly S$42.2 million, indicating that the winning consortium was willing to pay a meaningful premium to secure the site.
Meanwhile, the third and fourth bids were closely clustered at S$1,583 psf ppr and S$1,580 psf ppr, respectively. This suggests that most bidders shared a relatively similar assessment of the site’s value, while the eventual winner adopted a more aggressive stance on the development potential of this rare residential plot.
2.5% higher compared to nearby Bukit Timah Road plot
Peck Hey Road is the second GLS plot launched in the Newton precinct since the area’s latest Master Plan was unveiled. The previous site along Bukit Timah Road, which was released in November 2025, drew strong developer interest and was eventually awarded at S$1,820 psf ppr.
At the time, it ranked among the highest land rates achieved for a pure residential GLS site in the Core Central Region (CCR), surpassed only by the Cuscaden Road GLS site transaction in 2018, which achieved S$2,377 psf ppr.
Against this backdrop, the Peck Hay Road result appears even more significant. The winning bid of S$1,865 psf ppr is about 2.5% higher than the nearby Bukit Timah Road site’s land rate, suggesting developers remain confident in the long-term appeal of the Newton precinct despite a more challenging market environment.
Newton’s transformation: An urban village for the community
While the Peck Hay Road site already enjoys a prime central location, its longer-term appeal may be strengthened by the significant transformation planned for the wider Newton precinct.
Under the latest URA Master Plan, the Newton, Scotts Road, and Monk’s Hill area is set to evolve into a vibrant mixed-use urban village over the next 10 to 15 years. The vision includes around 5,000 new homes, new community spaces, enhanced greenery, and a wider range of amenities, creating a more liveable and connected neighbourhood in the heart of Singapore.
At the heart of the master plan is the creation of a distinctive urban village centred around Newton MRT Interchange. Future mixed-use developments are expected to introduce new retail offerings, public spaces, and lifestyle amenities, complementing the area’s existing conveniences.
In terms of connectivity, new pedestrian and cycling links will improve access between Newton, Orchard Road, the future North-South Corridor, and other parts of the Inner Ring Identity Corridor.
The future precinct will also be organised into three character areas, each designed around its own blend of housing, greenery, public spaces, and community facilities. Together, these clusters are intended to create a more diverse and vibrant residential environment while maintaining the lush, low-rise qualities that have long defined parts of the Newton and Monk’s Hill neighbourhoods.
What to expect from the upcoming Newton condo
The future development at Peck Hay Road is set to add another upscale residential project to one of Singapore’s most established prime housing districts. Sitting on a 0.55-hectare site with a gross plot ratio of 4.9, the development is expected to yield around 315 private homes. While it is smaller than some recent GLS launches, its compact size could appeal to those seeking a more exclusive residential offering in the heart of the Core Central Region (CCR).
Given the top bid land rate of S$1,865 psf ppr, market watchers project that the average selling price for the future launch at Peck Hay Road may potentially be above S$3,400 psf.
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The site’s biggest draw is undoubtedly its location. Positioned along Scotts Road, directly opposite Sheraton Towers and beside the National Environment Agency (NEA) building, the plot sits within a mature residential enclave that is already surrounded by high-end condominiums, hotels, offices, and lifestyle amenities.
Connectivity and nearby amenities
Connectivity is expected to be a major selling point for the eventual project. Future residents will be within a short walk of Newton MRT station, an interchange serving both the North-South and Downtown Lines. This provides direct access to Orchard Road, the CBD, Marina Bay, Bugis, and Bukit Timah without requiring multiple transfers. For drivers, major roads such as Scotts Road, Bukit Timah Road, and the Central Expressway (CTE) offer convenient connections to various parts of Singapore.
The location also places residents close to one of Singapore’s most prominent lifestyle districts. Orchard Road’s shopping belt, featuring destinations such as ION Orchard, Ngee Ann City, and Paragon, is just minutes away. Meanwhile, everyday conveniences, dining options, and supermarkets can be found around Newton, giving residents access to both luxury retail and daily necessities.
Families may also find the location attractive due to its proximity to several well-known schools. The Anglo-Chinese School is within a 1km radius, while several other primary schools are located within a 1-2km radius. These include Farrer Park Primary, River Valley Primary, Singapore Chinese Girls’ Primary, St Joseph’s Institution, and St Margaret’s School.
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