Commentary on URA tender closing at Peck Hay Road

By Tricia Song (宋明蔚), Head of Research, Singapore and Southeast Asia, CBRE

Despite the ongoing Middle East tensions, 99-year government residential land prices hit another record high since 2018. Peck Hay Road, near Newton MRT Interchange station, received 4 bids with a top bid price of $542.4 mil or $1,865 psf ppr. The psf price is higher than expectations, and 2.5% higher than the $1,820 psf ppr for the nearby plot next to Newton MRT interchange station in November which received 8 bids then. The optimistic top bid price signals confidence in well-located CCR sites.

Today’s tender for the residential site at Peck Hay Road (315 units) saw 4 bids at the lower end of our expectations but with a top bid price of $1,865 psf ppr above expectations. The top bid was submitted by a joint venture between CDL and Hong Leong Holdings, outbidding the second highest bidder, a joint venture between Sunway MCL and CSC Land Group by 8.4%. The lowest bid, from an Intrepid Investments and TID Residential tie-up, was about $1,580 psf ppr. The price gap between the top and last bidder of less than 20% shows some consensus on the site.

Peck Hay Road (315 units) is the second site in the Newton area which has been earmarked for transformation from its current business-oriented nature into a more balanced residential and lifestyle hub, with white sites or mixed-use developments planned around Newton MRT. The first site at Bukit Timah Road (340 units) was awarded to Huang Hsiang Construction Corp in Nov 2025 after drawing 8 bids and a top bid price of $566.29 mil or $1,820 psf ppr, highest since 2018’s $2,377 psf ppr for the Cuscaden Reserve site. 

The top bid price of $1,865 psf ppr for the Peck Hay site is 2.5% higher than the Bukit Timah Road site, and signals CDL and Hong Leong Holdings’ confidence in the site’s prime location in an established residential estate 1 MRT stop away from the Orchard Road shopping belt, and with ample surrounding amenities such as Newton Food Centre, United Square and Novena Square. Popular schools ACS Primary and ACS Junior are currently located within a 1km radius of the plot, though it has been announced that ACS Primary will move to Tengah in 2030. Within a 2km radius are River Valley Primary, Singapore Chinese Girls’ Primary, St. Joseph’s Institution Junior and St. Margaret’s School.

There was evidence of revived interest in well-located and well-priced CCR launches. In 2025, River Green (524 units) was 88% sold at average price of $3,130 psf, and Skye at Holland (666 units) was 99% sold at average price of $2,953 psf during their launch weekends. In 2026, River Modern (455 units) was 90% sold at average price of $3,266 psf during its launch weekend. 

Comparables
The closest 99-year comparable is Kopar at Newton, which has a similar scale of 378 units, which was launched in Mar 2020. There were 12 resale transactions in 2026 so far at a median price of $2,538 psf. 

Another newly completed nearby project is Pullman Residences Newton, which is freehold, also of similar scale with 340 units, saw only 2 transactions in 2026 so far at a median price of 
$3,011 psf. 

Other older nearby 99-year projects such as Orchard Scotts, Rochelle At Newton and Amaryllis Ville each saw just 3 transactions in 2026 at median prices of $1,928 – $2,067 psf.

Over at prime Orchard Boulevard, Upperhouse at Orchard Boulevard, was launched in July 2025 and has since sold 240 or 79.7% of its 301 units at a median price of S$3,317 psf.  

Nearby 99y-leasehold and FH comparables 

Project	No. of units sold in 2026	Median price sold in 2026	Tenure	Year completed	Total no. of units in project
KOPAR AT NEWTON	12	2,538	99 yrs from 22/04/2019	2023	378
Other 99-year projects in Orchard/ CCR
RIVER MODERN	423	3,229	99 yrs from 13/05/2025	Uncompleted	455
UPPERHOUSE AT ORCHARD BOULEVARD	19	3,502	99 yrs from 20/05/2024	Uncompleted	301
RIVER GREEN	11	3,451	99 yrs from 24/09/2024	Uncompleted	524

Source: CBRE Research, realis, data downloaded as of 9 Jun 2026. We only include projects with at least 5 transactions in 2026 YTD.

For this Peck Hay Road site, the joint developers would likely take cue from launch prices and performance at the Bukit Timah Road site, and the project could debut at an average price of $3,450-3,550 psf.