The Urban Redevelopment Authority has just closed the tender for a land parcel at Peck Hay Road. The site can yield approximately 315 units.

The highest bid was from CDL Constellation Pte. Ltd. and Garden Estates (Pte.) Limited at S$542,400,000 or around S$1,865 psf ppr, 8.4 per cent higher than the next highest bid from SMCL Haven 3 Pte. Ltd. and CSC Land Group (Singapore) Pte. Ltd. A total of four bids were submitted for this site. The highest bid submitted for this tender was also 2.5 per cent higher than the bid for the first Bukit Timah Road land parcel that was awarded in November 2025 at a land rate of around S$1,820 psf ppr.

The healthy response to the tender was not surprising. This is the second site launched under the upcoming urban transformation of the Newton area. The development has excellent locational attributes, being situated a short distance away from Newton MRT interchange. Primary schools are also near the development here, and residents will be near the Orchard Road shopping belt as well. New amenities will also be built in the area from new mixed-use developments, along with more public areas and green spaces.

The strong sales at recent new launches in the prime areas may give confidence to developers, especially as Singapore’s property market continues to shine as a safe-haven asset amidst global macroeconomic and geopolitical uncertainty. Recent CCR new launches like Newport Residences and River Modern saw strong take-up during their launch periods, indicating strong underlying demand for homes in the city. Additionally, another project at River Valley, River Green, saw strong sales during its launch in August 2025 as well. Overall, steady absorption of new homes in the CCR has reduced launched but unsold inventory to 900 units based on URA's monthly developer sales data in April 2026, below the 1,569 units in the RCR and 1,312 units in the OCR. Against a backdrop of healthy demand and a relatively tighter supply pipeline, developers may have been more inclined to compete for prime CCR land parcels.

With the Newton neighbourhood set to undergo transformation, developers may continue to aim for land parcels here, especially since this is the second parcel released thus far. While the transformation of the Newton area may take place over a few years, existing amenities and transport networks will serve future residents well, as more developments progressively take place and add to the neighbourhood.