Peck Hay Road: $1,865 psf, the Second-Highest Land Rate Ever Paid for Housing

16 June 2026Blog District 9 CCR

The Peck Hay Road land sale site, outlined in red beside Newton MRT station

On 16 June the Urban Redevelopment Authority awarded the Peck Hay Road site to CDL Constellation and Garden Estates — City Developments and Hong Leong — for $542,400,000.

That is $1,865 per square foot per plot ratio, and it is the second-highest land rate ever paid for a residential government land sale site in Singapore. Only the Cuscaden Road plot beats it: $2,377 psf ppr in May 2018, now Cuscaden Reserve.

Four developers bid. This is prime District 9, and it is a small site — 5,513.5 square metres — so the number that matters is the rate rather than the total.

What URA awarded


Site area	5,513.5 m² (59,347 sqft)
Maximum gross floor area	27,017 m² (290,809 sqft)
Allowable development	Residential
Tenure	99 years
Tendered price	$542,400,000 — $1,865 per square foot per plot ratio
Tender launched	9 April 2026
Tender closed	11 June 2026
URA’s expected completion	2031

Source: Urban Redevelopment Authority and URA SPACE, June 2026.

What is being built, and what it may cost

The site can hold about 315 homes in Newton, on the Cairnhill side — a short walk from Newton MRT, where the North South and Downtown lines meet, and within the school catchment that makes this address what it is.

Analysts quoted after the tender put eventual launch pricing at $3,400 to $3,900 psf. That is their estimate, not mine, and no developer figure exists. But it is worth setting against the rest of this year’s awards: the same reporting has suburban sites launching near $2,900, and this one is being talked about at up to a third more.

Why a small site drew a big rate

A 59,000 square foot plot yielding 315 homes is not a scale play. Nobody is buying this to build volume; they are buying an address.

Two things follow from that. The first is that the price per square foot of land carries almost the whole risk — there is no room to make it back on efficiency, because there is not enough of it. The second is that the buyer is the party best able to carry that risk: CDL and Hong Leong have built in this pocket for decades and know exactly what a Newton address resells for.

For a buyer, the useful reading is not “prime is hot”. It is that a developer with the longest memory in this market was willing to pay the second-highest rate on record for it.

What I would take from this

If you are shopping in prime District 9, note the direction. This year’s District 9 awards — Peck Hay at $1,865 and River Valley Green (Parcel C) at $1,730 — both set records for their pockets. Whatever launches next here is priced against land bought at those numbers, not at 2023 numbers.

If you own in Newton or Cairnhill, that is evidence, and it is the kind a valuer will look at.

And if the estimated launch range is beyond you, the honest advice is to look at what is already standing. Completed prime stock, bought at the land prices of an earlier cycle, is where the arithmetic still works for most buyers.

Common questions

Who won the Peck Hay Road site?

CDL Constellation and Garden Estates — City Developments and Hong Leong — at $542,400,000, or $1,865 per square foot per plot ratio. It was the highest of four bids when the tender closed on 11 June 2026.

Is this a record?

It is the second-highest land rate ever paid for a residential government land sale site in Singapore, behind the $2,377 psf ppr paid for the Cuscaden Road site in May 2018, which became Cuscaden Reserve.