Peck Hay Road $542m bid hits post-2018 high despite global tension

Bidder turnout was thin, but the top price came in above CBRE’s forecast.

A Peck Hay Road residential site drew a $542.4m top bid, setting a post-2018 high for 99-year government residential land prices and signalling developer confidence in prime sites despite Middle East tensions, according to CBRE Research.

The 315-unit site received four bids, at the lower end of CBRE’s expectations, but the top bid of $1,865 psf ppr came in above forecast.

The top bid was 2.5% higher than the $1,820 psf ppr submitted for a nearby plot next to Newton MRT Interchange in November, which received eight bids.

Tricia Song, CBRE Head of Research for Singapore and Southeast Asia, said the development is the second Newton-area site marked for redevelopment as the district shifts from a mainly business-oriented area into a residential and lifestyle hub.

The first Newton-area site at Bukit Timah Road was awarded to Huang Hsiang Construction Corp in November 2025 after drawing eight bids and a top bid price of $566.29m, or $1,820 psf ppr, the highest since 2018’s $2,377 psf ppr for the Cuscaden Reserve site.

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

The top bid came from a joint venture between CDL and Hong Leong Holdings, which outbid 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 lowest bidders was below 20%.

Nearby comparable projects include Kopar at Newton, which recorded 12 resale transactions in 2026 at a median price of $2,538 psf, and Pullman Residences Newton, which recorded two transactions at a median price of $3,011 psf.

Older 99-year projects in the area, including Orchard Scotts, Rochelle at Newton and Amaryllis Ville, recorded three transactions each in 2026 at median prices ranging from $1,928 to $2,067 psf.

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