A joint venture between Frasers Property and Mitsubishi Estate has emerged as the top bidder for a government land sales (GLS) site at Kallang Close, which can potentially yield 470 residential units.
Out of four bids, Frasers Property Phoenix and MJR Investment submitted the highest bid of $610.75 million, or $1,415 psf per plot ratio (ppr). This is 0.7% above the second-highest bid put in by CDL Kallista.
A joint venture between Hong Leong Holdings’ Intrepid Investments and TID Residential placed the third-highest bid, while a joint venture between Winrich Investment and Metrobilt Construction (a wholly-owned subsidiary of Metro Holdings) put in the lowest bid for the 99-year leasehold site, which spans 123,320 sq ft.
If awarded, the Frasers Property-Mitsubishi Estate consortium intends to deliver a waterfront residential development that enhances the Kallang River frontage, with publicly accessible features such as a riverfront promenade to foster connectivity, community engagement, placemaking and vibrancy, according to an April 7 statement.
Frasers Property Singapore CEO Soon Su Lin says: “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.”
See also: Qingjian Realty, joint venture partners top Dover Drive GLS bid with $1,556 psf ppr
Bidding for the tender, which opened on Dec 8, 2025 and closed on April 7, was “noticeably more muted”, says Wong Shanting, head of research at Newmark. “This stands in stark contrast to less than two weeks ago, when the Dover Close site drew a bullish $1,556 psf ppr.”
Growing clarity on the wider economic impact of the Middle East war has driven heightened uncertainty in the market, she adds.
This is the first GLS opportunity in the Kallang area in over a decade, with the last private project launched in 2014, notes Marcus Chu, CEO of ERA Singapore.
See also: CDL-Woh Hup JV places top bid for Tanjong Rhu GLS site, beating out four others
The four bids signal “strengthening confidence” in the Rest of Central Region (RCR) segment, adds Chu, “particularly for well-positioned sites with strong liveability attributes”.
The site is located in the new Kampong Bugis precinct, notes Mark Yip, CEO, Huttons Asia. “Located in a prime location next to Kallang River, it offers buyers an opportunity to enjoy waterfront living, which is very rare in land-scarce Singapore.”
At $1,415 psf ppr, the bid is just 2.7% shy of the $1,455 psf ppr top bid placed in February for the nearby Tanjong Rhu Road GLS site. The site drew five bids and was awarded to a unit of City Developments (CDL) and a subsidiary of private developer Woh Hup.
The bid price suggests that the selling price at launch could possibly start from $2,900 psf and average just above $3,000 psf, says Leonard Tay, head of research at Knight Frank Singapore.
“Achieving this average pricing would depend on how effectively the developer capitalises on the waterfront aspect through design, unit facing, tower layout, positioning and finishes,” he adds.
Wong Siew Ying, head of research and content at PropNex, thinks the average selling price for the new project “could potentially be above $2,750 psf”.
A new project launch in about a year’s time is expected to lead to a price increase for the Kallang Planning Area in tandem with the likely launch of the Tanjong Rhu Road project, notes Tay. “This would trigger a probable overall price hike in the planning area, where the median prices of non-landed new sale and resale transactions were $2,758 psf and $1,774 psf respectively in the one-year stretch between 2Q2025 and 1Q2026.”
Owing to the Middle East conflict, developers have likely factored in higher construction and infrastructure costs when calibrating their bids for the Kallang Close site, says Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc. (SRI).
“As a result, it would not be surprising to see more developers adopting joint venture or consortium structures when bidding for GLS sites in the near term,” he adds. “Partnering allows developers to pool financial resources, share development risks and better manage cost uncertainties, particularly in a more volatile construction environment.”
Accessibility remains a key strength of the area, with the site located within reach of both Kallang MRT Station on the East-West Line and Bendemeer MRT Station on the Downtown Line, notes Sandrasegeran. The site is also well-connected via major arterial roads and expressways, including Nicoll Highway, Pan-Island Expressway and Central Expressway.
There may be “some degree of pent-up demand” for new private housing in the Kallang and Boon Keng area, he adds. “The most recent launch at District 12, within the vicinity of Kallang Close, was Lavender Residence, a boutique 17-unit development introduced in 2023, which underscores the relatively tight pipeline of new private housing in the area.”
With around 1,000 four-room flats set to fulfil their Minimum Occupation Period (MOP) from 2026 to 2028 in Kallang and Whampoa, some of the buying demand for the future project may come from HDB upgraders staying nearby, says Justin Quek, deputy group CEO of Realion Group (OrangeTee & ETC). “These upgraders may also be supported by the strong HDB resale prices in the area, given the established city fringe location and close proximity to various amenities including MRT stations.”
Read about this year's GLS tenders:
Large 5.74ha Bayshore Drive mixed-use GLS site could draw $2 bil top bid: analysts (March)
Qingjian Realty, joint venture partners top Dover Drive GLS bid with $1,556 psf ppr (March)
URA launches GLS site at Holland Plain, with up to six bidders expected (February)
CDL-Woh Hup JV places top bid for Tanjong Rhu GLS site, beating out four others (February)
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