CDL-Hong Leong venture wins Peck Hay Road site for $542.4m

The tender price translates to $20,076.25 per sq m of GFA.

The Urban Redevelopment Authority has awarded the Peck Hay Road residential site tender to CDL Constellation Pte. Ltd. and Garden Estates (Pte.) Limited for $542.4m.

The top bidder was a joint venture between CDL and Hong Leong Holdings, which outbid the second-highest offer from Sunway MCL and CSC Land Group by 8.4%, according to a separate CBRE Research report.

The tender price translates to $20,076.25 per square metre of gross floor area (GFA), the authority said.

The top bid sets a post-2018 high for 99-year government residential land prices, signalling developer confidence in prime sites despite Middle East tensions, CBRE Research said.

The site was launched for tender on 9 April 2026 and closed on 11 June.

The site has an area of 5,513.5 sq m and a maximum permissible GFA of 27,017 sq m. It is zoned for residential development.

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