In the heart of Newton — one of Singapore’s most land-scarce, high-demand districts — City Developments Ltd (CDL) and Hong Realty just dropped S$542.4 million on a Peck Hay Road plot, beating out three other bidders at S$1,865 per square foot per plot ratio (psf ppr).
Their joint venture, Garden Estates, claimed the 59,347 sq ft, 99-year leasehold site on 11 June 2026. CDL holds 80%, Hong Realty takes 20%.
Four bids came in total. The second-highest? Sunway MCL and CSC Land Group at S$500.2 million. That’s an 18% spread between top and bottom — wide enough to tell you CDL wanted this badly. They weren’t here to nibble. They came to win.
Now here’s why this matters. The plot sits right next to Newton MRT interchange. That’s not just convenient — that’s prime, the kind of address where buyers don’t blink at a S$3,500 psf price tag.
CBRE forecasts resale prices hitting S$3,450–S$3,550 psf. MOGUL.sg goes higher, projecting S$3,600–S$3,900 psf. With roughly 380 units planned across a 36-storey tower, the gross development value could reach S$4 billion. Land cost per unit works out to about S$1.43 million. Before a single brick is laid.
But it’s not all smooth sailing. CDL’s obligations include building a covered pedestrian linkway to Newton MRT, extending Peck Hay Road, relocating a bus stop on Scotts Road, and widening Anthony Road. Rising bitumen prices make those infrastructure works even more expensive. Think of it like buying a hawker stall and then being told you also have to renovate the entire coffeeshop.
Still, context helps. The nearby Bukit Timah Road GLS site sold at S$1,820 psf ppr in November 2025. Joint developers are expected to take cue from Bukit Timah Road outcomes when setting launch prices at Peck Hay Road. The site is estimated to yield about 315 private homes, according to URA. Notably, demand signals across the broader Core Central Region remain strong, with CCR unsold inventory falling to approximately 5,487 units at end-Q1 2026 — the lowest level since Q2 2023.
The 2018 Cuscaden Road record stands at S$2,377 psf ppr. CDL’s bid at S$1,865 psf ppr sits firmly between those two — aggressive, but not reckless.
URA plans roughly 5,000 new private homes in Newton over the next 10–15 years. This deal signals that CDL sees the neighbourhood’s transformation coming. And they want to be first through the door.
