The Urban Redevelopment Authority (URA) has closed the tender for a land parcel at Peck Hay Road, with CDL Constellation Pte. Ltd. and Garden Estates (Pte.) Limited securing the highest bid at S$542.4m, or approximately S$1,865 per square foot per plot ratio (psf ppr). This bid was 8.4% higher than the next highest offer from SMCL Haven 3 Pte. Ltd. and CSC Land Group (Singapore) Pte. Ltd., amidst a total of four bids submitted.
The Peck Hay Road site, capable of yielding around 315 residential units, is part of the second phase of the Newton area’s urban transformation. Justin Quek, Deputy Group CEO of Realion (OrangeTee & ETC) Group, noted the site’s prime location near the Newton MRT interchange and proximity to primary schools and the Orchard Road shopping belt as key attractions. “New amenities, mixed-use developments, and green spaces will enhance the area,” he added.
The strong interest in the tender reflects confidence in Singapore’s property market as a stable investment amidst global uncertainties. Recent launches in the Core Central Region (CCR), such as Newport Residences and River Modern, have seen robust sales, indicating sustained demand for city homes. This trend has reduced unsold inventory in the CCR to 900 units, compared to 1,569 in the Rest of Central Region (RCR) and 1,312 in the Outside Central Region (OCR).
As the Newton neighbourhood undergoes transformation, developers are likely to continue targeting land parcels in this area, leveraging existing amenities and transport networks to attract future residents.
