On 11 June 2026, CDL and Hong Leong paid $1,865 psf per plot ratio for the Peck Hay Road site in Newton, the highest Core Central Region residential land rate since Cuscaden Reserve in 2018. That single number sets a hard floor under every unit the future condo will eventually sell.
Short answer: CDL and Hong Leong paid $1,865 psf ppr for the Peck Hay Road site on 11 June 2026, the highest Core Central Region land rate since 2018. That land cost sets a launch floor estimated at $3,400 to $3,900 psf when the future condo arrives in 2H 2028. For buyers deciding now, the relevant comparison is what is already on the market today, not the product that does not exist yet.
What happened at the tender
The Peck Hay Road Government Land Sales tender closed on 11 June 2026 with four bids. A joint venture between City Developments Limited (CDL) and Hong Realty, part of the Hong Leong Group, submitted the top bid of $542.4 million, working out to $1,865 psf ppr. The second-highest bid, from Sunway MCL Land and CSC Land Group, came in at $1,720 psf ppr, a gap of roughly $42 million. CDL's group CEO Sherman Kwek described the site as strategically located within the prime Newton residential enclave. The joint venture plans a 39-storey tower with around 315 to 380 units. A launch before the second half of 2028 is unlikely, with completion projected around 2031 to 2032.
Four bids is fewer than some market watchers expected for a site with this profile, but low participation on its own does not signal weak demand. The number that carries weight is the price the winning consortium was willing to commit, which broke a record set only seven months earlier.
Why the land cost ladder matters
Land cost sets the floor below which a developer cannot price a launch and still protect its margin. Reading the ladder of recent Newton-Orchard corridor land deals shows that floor rising with each tender:
| Site | Award | Land cost (psf ppr) | Launch avg psf |
|---|---|---|---|
| Kopar at Newton | 2019 | $1,192 | $2,350 (2020 launch) |
| Bukit Timah Road | Nov 2025 | $1,820 | Estimated $3,200–$3,500 |
| Peck Hay Road | Jun 2026 | $1,865 | Estimated $3,400–$3,900 |
PropNex Research noted that the Bukit Timah Road rate of $1,820 psf ppr gave the market a pricing reference that Peck Hay Road's bidders worked from, and the winning consortium has now cleared it by around 2.5%. Even if broader market sentiment softens before the 2028 launch, the developer's breakeven is already locked in, which is why a launch meaningfully below $3,300 psf is improbable.
What the future condo might cost, and what it compares to
Based on the $1,865 psf ppr land cost, a plot ratio of roughly 4.9 and current construction costs, market analysts are projecting a launch range of $3,400 to $3,900 psf. That is an estimate, not a confirmed price. One useful comparison: Kopar at Newton launched at $2,350 psf in April 2020, and its 2026 resale median sits at $2,538 psf, a gain of roughly $188 psf over six years, according to CBRE. The Newton transformation thesis appears to be priced into future land deals rather than into that earlier product.
| Project | Tenure | Land cost (psf ppr) | Launch/2026 psf |
|---|---|---|---|
| Peck Hay Road (future) | 99-year | $1,865 | Est. $3,400–$3,900, launches ~2028 |
| Bukit Timah Rd | 99-year | $1,820 | Est. $3,200–$3,500 |
| Upperhouse at Orchard Blvd | 99-year | $1,617 | $3,329 avg launch; balance units available |
| Pullman Residences Newton | Freehold | n/a | ~$2,800 launch; $3,011 2026 median |
| Kopar at Newton | 99-year | $1,192 | $2,350 launch; $2,538 2026 median |
One technical point worth flagging: Peck Hay Road, as a post-2024 site, will be priced on harmonised gross floor area, meaning the quoted psf reflects liveable area. Kopar and Pullman predate that change and were priced on strata area including void spaces. A $3,500 psf Peck Hay Road unit and a $2,538 psf Kopar resale are not a clean like-for-like comparison.
The Newton transformation and what it means for buyers
URA's 2025 Draft Master Plan designates the Newton MRT interchange as the anchor of a mixed-use urban village, with roughly 5,000 new private homes planned across the Newton Circus, Scotts Road and Monk's Hill clusters. Peck Hay Road is the second GLS plot launched in this precinct, after the Bukit Timah Road site. Government masterplan designations operate on a 10 to 20 year horizon, so the retail activation and density this plan describes will not be visible when Peck Hay Road launches in 2028. Buyers are, in part, buying into a timeline rather than a finished neighbourhood.
Newton MRT, a North-South and Downtown Line interchange, sits about 210 metres from the site, and ACS (Junior) is within 1km, a genuine driver of demand from families planning a decade of primary school balloting ahead. For a longer read on how this fits the wider investment corridor running from Springleaf through Novena to Marina Bay, see CCR Condo Losses in 2026: Is Prime Property Worth Buying?
Peck Hay Road or Upperhouse at Orchard Boulevard: the choice available today
Peck Hay Road does not exist as a buyable product yet. Upperhouse at Orchard Boulevard, also a CDL/Hong Leong product on the Thomson-East Coast Line, has balance units available now from roughly $3,421 psf for 2-bedroom premium and $3,431 psf for 4-bedroom, with a lower land cost of $1,617 psf ppr baked in and TOP expected around 2028, two to three years ahead of a Peck Hay Road buyer.
In my view, the comparison comes down to patience versus visibility. A family that specifically needs the ACS (Junior) 1km ballot zone and can commit on no floor plan for two years has a reasonable case for waiting on Peck Hay Road. For other buyers, the practical difference is being able to walk through a finished layout today, with an earlier rental start. Rental yields on both products are estimated in the 2.8% to 3.5% range at current pricing, which is modest, so the return case for either rests more on long-term capital appreciation than on income. Speak to a licensed financial adviser for advice specific to your situation before committing capital to either.
Who this suits
- Suits: corridor investors already holding a District 26 asset who want exposure to the Newton-to-Lentor spine, and families committed to the ACS (Junior) catchment who can tolerate a multi-year wait.
- Consider skipping: buyers who need rental income within the next two to three years, or who want to see a floor plan before committing.
Questions readers ask
When will the Peck Hay Road condo actually launch?
The site was awarded on 11 June 2026. Planning approvals typically take 18 to 24 months, so a public sales launch is estimated for the second half of 2028, with completion around 2031 to 2032. No units can be registered or purchased before then.
What will the future condo likely cost?
Based on the $1,865 psf ppr land cost and current construction benchmarks, analysts estimate a launch range of $3,400 to $3,900 psf. This is a projection, not a confirmed price, and final pricing will not be set until closer to 2028.
Is Peck Hay Road better value than Kopar at Newton?
They are different products from different cycles. Kopar launched in 2020 at $2,350 psf on a $1,192 psf ppr land cost. Peck Hay Road's estimated $3,400–$3,900 psf reflects six years of land cost growth and a shift to harmonised GFA pricing, so a direct psf comparison understates the difference.
Why did only four developers bid for this site?
Four bids is fewer than some analysts expected, largely because developers were also weighing other sites in the broader 2H 2026 GLS pipeline. Lower participation does not by itself signal weak demand; the winning price broke a seven-month-old CCR land rate record.
How does Newton compare with Orchard for buyers?
Newton offers Orchard proximity at a lower psf, with a distinct school premium from ACS (Junior) within 1km. Orchard addresses such as Upperhouse tend to draw slightly stronger rental demand from the corporate expatriate market. Families balloting for primary school tend to favour Newton; pure rental investors may prefer Orchard.
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URA GLS Programme 1H 2026 (Peck Hay Road site details); EdgeProp Singapore (tender result, 11 June 2026); PropNex Research (Bukit Timah Road pricing reference); 99.co Singapore (tender analysis); URA 2025 Draft Master Plan (Newton urban village); CBRE (Kopar at Newton comparable data); OrangeTee (Bukit Timah Road land rate reference).
This article is for informational and educational purposes only. It does not constitute financial, investment, or legal advice. Property investments involve risk. Past performance is not indicative of future results. Readers should seek independent advice from licensed professionals before making any property or financial decision. James Ong is a licensed real estate salesperson (CEA Reg No. R008385F) with PropNex Realty Pte Ltd and is not a licensed financial adviser.
James Ong | CEA Reg No. R008385F | PropNex Realty Pte Ltd
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