The 5,513.5 sqm government land sales (GLS) site at Peck Hay Road, launched alongside River Valley Green (Parcel C) on April 9, can potentially yield 315 private residential units.
With a maximum gross floor area (GFA) of 27,017 sqm, the site has a gross plot ratio of 4.9.
Located just a short walk away from Newton MRT Station, future residents will enjoy easy access to the North South Line and the Downtown Line.
The first GLS site launched under the transformation of the Newton area was awarded in November 2025 at a land rate of around $1,820 psf per plot ratio (ppr). This was the highest price recorded for a Core Central Region (CCR) parcel since the site that now houses Cuscaden Reserve was awarded at a land rate of $2,377 psf ppr in 2018, notes Justin Quek, deputy group CEO of Realion Group (OrangeTee & ETC).
The Peck Hay Road site was a former transitional office site, similar to the Bukit Timah Road site that was awarded in November 2025. The experimental property type was created to resolve a shortage of office space before the Global Financial Crisis.
Considering the smaller site size, high gross plot ratio of 4.9 and CCR location, the resulting project will likely be a high-rise luxury development, about 40 storeys tall, targeted at residents of the nearby Bukit Timah private and landed housing estate, says Marcus Chu, CEO of ERA Singapore.
See also: River Valley Green (Parcel C) GLS site in popular Great World area could ‘pique developer interest’
The CCR has always been a resilient market segment, adds Chu. “Despite the April 2023 cooling measures, which adjusted additional buyer’s stamp duty (ABSD) rates for foreigners, we have witnessed a stable 1.1% average q-o-q growth in the CCR non-landed price index since then.”
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, says Quek. “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.”
Mark Yip, CEO of Huttons Asia, expects up to five bidders for the site and a top bid between $1,600 and $1,800 psf ppr.
See also: Freehold corner heritage shophouse along Desker Road for sale at $10.5 mil
Realion’s Quek expects four to seven bidders and a narrower top bid of $1,650 to $1,750 psf ppr.
ERA’s Chu notes the “tight competition” of eight bidders for the previous Bukit Timah Road site. Hence, he expects “around six to eight” bidders for the Peck Hay Road site.
“Within this 1H2026 GLS exercise, there are three CCR sites on offer, the others being Holland Plain and River Valley Green (Parcel C), which are currently both open for tender. Therefore, developers will have to weigh their options between the trio of CCR sites,” adds Chu.
The tender for the site will close at noon on June 11.
Read about this year's GLS tenders:
River Valley Green (Parcel C) GLS site in popular Great World area could ‘pique developer interest’ (April)
Frasers Property-Mitsubishi Estate JV tops four bids for Kallang Close GLS site at $1,415 psf ppr (April)
Large 5.74ha Bayshore Drive mixed-use GLS site could draw $2 bil top bid: analysts (March)
Qingjian Realty, joint venture partners top Dover Drive GLS bid with $1,556 psf ppr (March)
URA launches GLS site at Holland Plain, with up to six bidders expected (February)
CDL-Woh Hup JV places top bid for Tanjong Rhu GLS site, beating out four others (February)
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