Kallang Close GLS Site Sold For $610.8 Million: New Waterfront Condo Could Launch From $2,900 PSF

A joint venture comprising Frasers Property and Mitsubishi Estate have submitted the top bid of $610.8 million for a government land sale site (GLS) at Kallang Close in District 14.

The waterfront residential site spans 123,320 sq ft with a plot ratio of 3.5, and a maximum gross floor area (GFA) of 431,611 sq ft. The top bid translates to a land rate of $1,415 psf per plot ratio (ppr).

If the top bid submitted by the Frasers Property-Mistubishi Estate JV is accepted by the government, it is possible that the average selling price of the new development could start from S$2,900 psf and average above S$3,000 psf, says Leonard Tay, head of research at Knight Frank.

The expected selling price of the new development will also depend on how effectively the developer capitalises on the waterfront aspect through design, unit facing, tower layout, positioning and finishes, says Tay.

Based on typical development timelines and prevailing construction costs, and if the site is awarded, the new project could launch in 2Q2027. Tay says that the estimated benchmark price could uplift the overall average price of new homes in the Kallang area.

According to caveats (as of 7 April 2026), the median prices of non-landed new sale and resale transactions were S$2,758 psf and S$1,774 psf respectively between 2Q 2025 and 1Q 2026.

At the close of the tender on April 7, the GLS tender attracted four bids. The second highest bid was submitted by City Developments Ltd (CDL), who put in a $606 million ($1,405 psf ppr) bid.

In comparison, the last GLS site in the area, at Tanjong Rhu Road, was awarded to a joint venture between CDL and Woh Hup. The JV partners submitted the winning bid of $709.3 million ($1,455 psf ppr) in February, and the price is about 2.7% higher than the top bid for the Kallang Close GLS site. The Tanjong Rhu site also attracted five bids.

In general, the relatively more subdued response to the Kallang Close GLS site could be attributed to the heightened uncertainty in the market due to the Middle East war, compounded by rising energy costs, which are expected to trickle through the broader economy and drive near term inflation, says Wong Shanting, head of research, Singapore at Newmark.

On the other hand, the area is primed to benefit from a new private residential development, given the sizable HDB catchment could support upgrading demand in the area. Close to 1,000 four-room flats in this vicinity are set to fulfil their MOP from 2026 to 2028, she says.

With a steady increase in public housing supply and tight pipeline of new private housing in the Kallang area, the development of the Kallang Close site – which could yield about 470 private homes – could address underlying pent-up demand in the Kallang / Boon Keng area, says Mohan Sandrasegeran, Head of Research & Data Analytics, SRI.

The last private residence launch in the vicinity was boutique development Lavender Residence, which launched in 2023.

Meanwhile, the Kallang Close site is part of a cluster of residential sites along the Kallang River waterfront that have been earmarked for development. The site will connect green and recreational spaces such as the Bishan2City cycling route along the river, the Kallang Alive precinct and Kallang Riverside Park.

Ongoing transformation from the Kallang Alive Master Plan

“From a buyers perspective, interest in the future development will be supported by the ongoing transformation of the Kallang precinct under the Kallang Alive Masterplan. A key demand driver will come from HDB upgraders in Kallang/Whampoa, where 176 million-dollar flat transactions were recorded in 2025,” says Marcus Chu, CEO of ERA Singapore.

As part of the land tender conditions, the successful tenderer will need to design the Kallang Close Riverfront Promenade, a 15m-wide space comprising upper and lower promenade zones for public use.

This will comprise a 7.8m wide landscaped walkway comprising a 4.8m wide footpath lined by planting strips on both sides leading to the Promenade. The brief also includes the creation of an approximately 3,228 sq ft public plaza along the riverfront.