A consortium formed by Frasers Property and Mitsubishi Estate has placed the highest bid for a Government Land Sales plot at Kallang Close. The joint venture offered S$610.75 million for the 99-year leasehold site. This figure works out to S$1,415 per square foot per plot ratio. The competition was close as the top offer sat just 0.7% above the second-highest bid in a field of four contenders. This project represents the first time these two companies have partnered on a successful bid.
This 11,456.3 square metre site is the first private housing plot released in the Boon Keng and Kallang Bahru areas in more than a decade. Industry experts note the limited supply of new private homes in this district. If the bid is formally awarded, the developers plan to build around 470 private apartments. The project will also include a childcare centre to serve local residents. A key feature of the proposal is a public riverfront promenade designed to improve local connectivity and bring more life to the riverbank.
Ms Soon Su Lin, Chief Executive Officer of Frasers Property Singapore, said: “We are pleased to be the top bidder for the Kallang Close site, which enjoys great connectivity to the city centre. This presents a rare opportunity to deliver a top-quality waterfront residential development with a first-mover advantage, being the first to benefit from the long-term transformation of the nearby Kampong Bugis and Kallang Alive precincts, as well as the rejuvenation of the Kallang River corridor into a lifestyle destination. We look forward to combining our expertise with our esteemed partner Mitsubishi Estate to deliver a thoughtfully designed, enduring development in this established city‑fringe location.”
The location offers strong transport links as it is within walking distance of both Kallang and Bendemeer MRT stations. It is only four stops away from the Central Business District. Future residents will benefit from being near the Kallang Alive Masterplan which aims to turn the area into a major sports and leisure hub. The site also sits close to several primary schools and various local markets. Major roads such as the PIE and CTE provide easy access to the rest of Singapore. This land sale is seen as a major step in the wider transformation of the Kampong Bugis precinct.
