Four developers placed bids, but only one walked away with Singapore’s most-watched land parcel of the year — City Developments Limited and Hong Realty clinched the 99-year leasehold Peck Hay Road Government Land Sales site with a winning offer of S$542.4 million, or S$1,865 psf per plot ratio, outmuscling the second-placed Sunway MCL and CSC Land Group consortium by roughly 8.4% and setting what could become a new pricing benchmark for District 9.
City Developments Limited and Hong Realty walked away with the prize — S$542.4 million, S$1,865 psf ppr.
The tender closed on 11 June 2026 with four bids received, which itself tells you something. Thin competition at this price point suggests most developers quietly ran the numbers and walked away.
CDL and Hong Realty, operating under an 80:20 joint venture, didn’t just win — they won decisively, leaving China Overseas Land and Investment at S$1,582.69 psf ppr and the fourth-placed Intrepid and TID tie-up at S$1,580 psf ppr well behind.
Here’s the angle most coverage misses: the winning land rate is only about 2.5% above the Bukit Timah Road site sold around November 2025 at approximately S$1,820 psf ppr. That’s a remarkably slim premium for a Newton address with direct covered-linkway access to an MRT station — arguably more well-connected and more centrally positioned. The Bukit Timah Road site, which spans 0.59 hectares with a Gross Plot Ratio of 4.9, sits adjacent to Newton MRT interchange and drew strong bidding interest that reflected robust CCR demand.
If anything, CDL may have secured better value per location unit than the headline number implies.
For buyers and investors watching this space, the practical read is straightforward. Market estimates currently peg future launch prices somewhere between S$3,400 and S$3,900 psf, with some commentary pushing toward S$4,000 psf. CBRE Research projects the Peck Hay Road development could debut at S$3,450–3,550 psf, using Bukit Timah Road launch prices and performance as the primary pricing reference. The Urban Redevelopment Authority estimates the site can yield about 315 homes, providing a concrete basis for evaluating how those launch price assumptions translate into project-level returns.
On a development yielding roughly 380 units across 36 to 39 storeys with approximately 290,808 sq ft of maximum GFA, those numbers need to hold for the project to pencil out — especially with mandatory infrastructure obligations like road widening, bus-stop relocation, and the covered linkway baked into the developer’s cost structure.
This site also carries symbolic weight as the first GLS parcel released under Newton’s broader urban village transformation plan. What CDL builds here won’t just define one project — it’ll set the tone for everything that follows in the precinct.
