{"id":94844,"date":"2026-04-07T18:22:29","date_gmt":"2026-04-07T10:22:29","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=94844"},"modified":"2026-04-17T18:47:51","modified_gmt":"2026-04-17T10:47:51","slug":"kallang-close-gls-s1415-psf-ppr-frasers-mitsubishi","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/kallang-close-gls-s1415-psf-ppr-frasers-mitsubishi\/","title":{"rendered":"Kallang Close GLS site awarded to Frasers-Mitsubishi JV at S$1,415 psf ppr"},"content":{"rendered":"
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The Urban Redevelopment Authority (URA) has awarded the tender for the site\u00a0at Kallang Close on 10 April 2026, to the highest tenderer, Frasers Property Phoenix Pte. Ltd. and MJR Investment Pte. Ltd.<\/p>\n\n\n\n

The tender for the Kallang Close GLS<\/strong><\/a> site closed previously on 7 April 2026, drawing a total of four bids from developers. First launched on 8 December 2025 under the 2H2025 GLS Programme, the site saw its highest offer come in at S$610.8 million, translating to a land rate of approximately S$1,415 psf per plot ratio (psf ppr).<\/p>\n\n\n\n

Kallang Close GLS tender result<\/h2>\n\n\n\n
Rank<\/th>Tenderer<\/th>Bid Price (S$)<\/strong><\/th>Land Rate (S$ psf ppr)<\/strong><\/strong><\/th><\/tr><\/thead>
1<\/td>Frasers Property Phoenix Pte. Ltd. & MJR Investment Pte. Ltd.<\/td>610,750,000<\/td>1,415<\/td><\/tr>
2<\/td>CDL Kallista Pte. Ltd.<\/td>606,419,000<\/td>1,405<\/td><\/tr>
3<\/td>Intrepid Investments Pte. Ltd. & TID Residential Pte. Ltd.<\/td>561,735,801<\/td>1,301<\/td><\/tr>
4<\/td>Winrich Investment Pte. Ltd. & Metrobilt Construction Pte Ltd<\/td>536,199,999<\/td>1,242<\/td><\/tr><\/tbody><\/table>
Source: URA<\/figcaption><\/figure>\n\n\n\n

A joint venture between Frasers Property and Mitsubishi Estate Asia submitted the top bid of S$610.8 million. Their offer for the Kallang Close GLS site was only about 0.7% higher than the S$606.4 million (S$1,405 psf ppr) bid from City Developments Limited, pointing to very similar pricing expectations at the top end.<\/p>\n\n\n\n

Further down the table, the remaining bids came from a joint venture between Hong Leong Holdings and TID at S$1,301 psf ppr, followed by a bid from Wing Tai Holdings and Metro Holdings at S$1,242 psf ppr. Even so, the lowest bid was only about 9.8% below the top bid, suggesting that overall pricing remained within a relatively tight range.<\/p>\n\n\n\n

At S$1,415 psf ppr, the top bid of Kallang Close GLS ranks as the second-highest land rate recorded for a purely residential GLS site in the Rest of Central Region (RCR). It comes just below the S$1,455 psf ppr benchmark<\/a> set by the Tanjong Rhu Road GLS site earlier in February this year.<\/p>\n\n\n\n

Riverfront condo site near Kallang MRT station<\/h2>\n\n\n\n
\"kallang
Source: URA<\/figcaption><\/figure>\n\n\n\n

The Kallang Close site marks a relatively rare addition to the area, being the first GLS plot released within close proximity to Kallang MRT Station in over a decade. For a neighbourhood that hasn\u2019t seen much new private housing supply in recent years, this alone makes it worth noting.<\/p>\n\n\n\n

Positioned along the Kallang River near the junction of Boon Keng Road, the site spans about 123,320 square feet, with a maximum gross floor area of 431,622 square feet. Plans indicate around 470 residential units, along with a small allocation of space for a childcare centre. While earlier concepts suggested a potential commercial component, the final release confirms that the project will be fully residential.<\/p>\n\n\n\n

In terms of location, the site sits roughly 400 metres from Kallang MRT, which places it within a comfortable walking distance for most. The East\u2013West Line provides direct access to key areas like the CBD and Jurong, while the Bendemeer MRT Station on the Downtown Line is also within reach, offering an alternative route across the island.<\/p>\n\n\n\n