CDL, Garden Estates submit top bid for Peck Hay Road site

The 0.55-hectare GLS site can yield about 315 private homes.

CDL Constellation and Garden Estates submitted the top bid of $542.4m for the Peck Hay Road private residential government land sales site (GLS).

The bid translates to about $1,865 per square foot per plot ratio (psf ppr) and was around 8% higher than the second-highest bid of $1,720 psf ppr from a joint venture between Sunway MCL and CSC Land Group.

The 0.55-hectare site in the Newton Circus–Scotts Road–Monk’s Hill neighbourhood can yield about 315 private homes.

PropNex said the top bid exceeded expectations and was the second-highest land rate for a pure residential GLS site in the Core Central Region since the Cuscaden Road plot was sold in May 2018.

Realion said the top bid was also 2.5% higher than the first Bukit Timah Road land parcel awarded in November 2025 at about $1,820 psf ppr.

PropNex noted that the 18% gap between the top and fourth bids suggests developers may have different views on the site’s pricing power, potential demand, and market risks.

Both Realion and PropNex said the site benefits from its proximity to Newton MRT interchange, Orchard Road, nearby schools, and the planned transformation of the Newton area.

The area is expected to include mixed-use developments, more amenities, public spaces, and green areas under the broader Newton Circus–Scotts Road–Monk’s Hill transformation.

Realion said strong sales at recent prime-area launches and lower launches, but unsold inventory in the CCR may have encouraged developers to compete for the site.

PropNex said CCR developer sales reached a four-year high of 1,916 units in 2025 and remained healthy at 697 units in the first quarter of 2026.

Based on the top bid, PropNex projected that the future Peck Hay Road development could potentially sell at an average price above $3,400 psf.