Frasers Property and Mitsubishi Estate emerged as the top bidders for the Kallang Close Government Land Sales site with a $610.8 million offer, equivalent to $1,415 per sq ft per plot ratio, for the 123,320 sq ft District 14 parcel that carries a 3.5 plot ratio and a maximum gross floor area of 431,611 sq ft. The tender drew four bids when it closed on April 7, 2026, indicating measured but tangible developer interest in a waterfront residential plot near Kallang MRT, where the sale conditions also require a 3,228 sq ft public plaza along the riverfront.
Frasers Property and Mitsubishi Estate led the Kallang Close tender at $610.8 million, topping four bids for the waterfront GLS parcel.
The margin over the second-ranked submission was narrow, with City Developments Ltd lodging a $606 million bid, or $1,405 psf ppr, placing the leading offer just 0.7% higher. That result reinforced the competitive positioning of the site within the 2026 GLS market, even as bidding patterns suggested continued caution, particularly when compared with prior tenders across the eastern and city fringe corridors, where developers calibrated land rates according to project scale, locational strength, and likely absorption risk. This contrasted with the Dunman Road GLS tender, where SingHaiyi Group secured the site with a $1.284 billion bid. Only two bids were received for the Dunman Road site.
Despite the article title, SingHaiyi Group was not involved in the Kallang Close tender. Its recent GLS activity instead included the Dunman Road site, secured at $1.284 billion, or $1,350 psf ppr, in a two-bid contest, with that offer standing about 4% above CDL’s earlier Jalan Tembusu benchmark of $1,302 psf ppr.
Comparable sites further illustrated varied tender intensity, with Jalan Tembusu and Bayshore each attracting eight bids, while the earlier Tanjong Rhu Road parcel was awarded to a CDL and Woh Hup joint venture. By comparison, Kingsford Group’s winning bid for the Telok Blangah GLS site reached S$1,326 psf ppr, setting a new record and underscoring the premium valuations developers are willing to assign to strategically located sites within Singapore’s growth corridors.
For Kallang Close, market projections indicate that a new waterfront condominium could be introduced from around $2,900 psf, subject to construction costs, prevailing market conditions, and product execution. Pricing potential would depend on waterfront design, unit orientation, tower layout, project positioning, and specifications, while timelines point to a possible launch in the second quarter of 2027. Transaction data for the surrounding area showed median new sale prices of $2,758 psf in the period from 2Q2025 to 1Q2026, against median resale prices of $1,774 psf, underscoring the premium typically achieved by new launches.
