CDL and Hong Realty outbids Sunway MCL and CSC Land Group for Peck Hay Road site

SINGAPORE: City Developments Limited (CDL) and Hong Realty submitted a top bid of S$542.4 million, or S$1,865 per square foot per plot ratio (psf ppr), for the 315-unit residential site at Peck Hay Road, outbidding the joint venture between Sunway MCL and CSC Land Group, the second highest bidder, by 8.4%.

The site, located near Newton MRT Interchange station, attracted four bids, with the lowest bid submitted by a tie-up between Intrepid Investments and TID Residential at about S$1,580 psf ppr. The price gap between the highest and lowest bids was less than 20%.

The tender closed on June 11. The Urban Redevelopment Authority (URA) said the decision on the tender award will be announced at a later date.

According to commercial real estate services and investment firm CBRE, the top bid set a post-2018 record high for 99-year government residential land prices, which signals developer confidence in well-located Core Central Region (CCR) sites. Although the number of bids was at the lower end of its expectations, the top bid price exceeded its forecasts.

CBRE Head of Research for Singapore and Southeast Asia, Tricia Song, said Peck Hay Road is second to the 340-unit Bukit Timah Road residential site in the Newton area “earmarked for transformation from its current business-oriented nature into a more balanced residential and lifestyle hub, with white sites or mixed-use developments planned around Newton MRT.”

The Bukit Timah Road site was awarded to Huang Hsiang Construction Corp in November 2025 after drawing eight bids and fetching a top bid of S$566.29 million, or S$1,820 psf ppr.

Forbes reported that CDL will take an 80% stake in the Peck Hay Road project, while the remaining 20% will be held by Hong Realty, a private developer under CDL executive chairman Kwek Leng Beng’s family’s Hong Leong Group.

Earlier this year, CDL also submitted a top bid of S$709.25 million, or S$1,455 psf ppr, in a tie-up with Woh Hup Group, for a 525-unit residential site in Tanjong Rhu. /TISG

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