Kallang's First Riverfront Condo In 12 Years — Frasers' Land Bid Points To A $3.1M 3-Bedder

Source: Google Earth, OneMap

Kallang Close GLS: $610.75 million for the first riverfront land in 12 years

The last private project in this stretch of Kallang launched in 2014. On 7 April 2026, that drought broke. A joint venture between Frasers Property and Mitsubishi Estate paid $1,415 per square foot per plot ratio to be the developer that breaks it.

Four bids came in for the government land sales site at Kallang Close. Frasers Property Phoenix and MJR Investment, the Mitsubishi Estate vehicle, walked away with it at $610.75 million, 0.7% above the second-highest bid from a City Developments unit. The 99-year leasehold parcel spans 123,320 sqft on the Kallang River and can hold around 470 homes.

The headline for a buyer: this is the first new private launch in the Kampong Bugis precinct in over a decade, on a riverfront plot, with the Kampong Bugis and Kallang Alive transformations forming around it. What that $1,415 psf ppr means for the eventual launch price, and where a Kallang Close buyer actually has other options, is what the rest of this review works through.

How we review: the QPE framework

Every review on this site runs through our QPE framework: Quality, Price, Exit.

Quality covers developer track record, land size, layouts, MRT access, views and facilities. Price examines total price, not psf, and how it sits against what the market has tested. Exit asks who buys from you when you sell, what the demand pool looks like, and what competing supply turns up at resale.

GLS articles stop at the land cost arithmetic. The full score firms up when floor plans and confirmed pricing land, likely in 2027.

The land: what $610.75 million bought

123,320 sqft on Kallang Close, 99-year leasehold, on the Kallang River in the Kampong Bugis precinct of District 12. At $1,415 psf ppr, the bid implies a maximum gross floor area of about 431,600 sqft and a plot ratio of roughly 3.5. That is a fairly dense city-fringe site, which fits a location this close to the centre.

Four bids landed at the close. The ranking, per EdgeProp and The Edge:

Newmark's head of research, Wong Shanting, called the bidding "noticeably more muted", citing market uncertainty over the Middle East conflict, a contrast to the bullish $1,556 psf ppr the Dover Drive GLS site drew two weeks earlier. A muted tender is the kind of backdrop that keeps a land cost restrained, and the four-way contest still landed within a whisker at the top. The thin 0.7% gap to second place suggests the developers who showed up read the site's value the same way.

Kallang Close GLS price: what $1,415 psf ppr translates to

The standard GLS pricing formula multiplies the land cost by 2.23 to cover development costs (+72%), harmonised costs (+8%) and a 20% margin. Treat it as a floor for where pricing starts, not a forecast of the average.

The analysts who follow this market land in the same zone, which is the useful corroboration here. Knight Frank's head of research, Leonard Tay, projected that pricing "could possibly start from $2,900 psf and average just above $3,000 psf", depending on how well the developer plays the waterfront aspect through design and unit facing. PropNex's Wong Siew Ying expected an average "above $2,750 psf". Both estimates sit just under the formula's $3,155, which is what you would expect in a market where bidding was muted and developers are watching construction costs.

Putting it together, the likely Kallang Close GLS price: a start around $2,800 psf at low stacks, an average near $3,000 psf site-wide, and river-view upper floors testing roughly $3,300 psf. In total price, leading with the number a buyer actually pays:

A 3-bedroom of around 1,050 sqft works out to roughly $3.1M to $3.2M at the average, with the band running from about $2.9M at a compact low-floor unit to around $3.5M for a larger river-view stack. Unit sizes are estimates pending the developer's official mix. With a blended unit size on this plot working out near 900 sqft, expect a meaningful one- and two-bedroom component aimed at the city-fringe investor as well as the family three-bedders.

The developer: Frasers Property and Mitsubishi Estate

Frasers Property is one of Singapore's established developers. Recent local projects include Rivière at Jiak Kim Street on the Singapore River, designed by SCDA, and Sky Eden@Bedok, an integrated development above Bedok's transport hub. Parc Greenwich and Seaside Residences, both fully sold, sit on the recent track record. The product is delivered, the finishes are functional to good, and the waterfront positioning at Rivière is the most relevant reference point for what they may do on the Kallang River.

Mitsubishi Estate is one of Japan's largest developers, and a financial and design partner here rather than the local sales lead. The combination is exactly the joint-venture structure analysts expect more of: with construction and infrastructure costs elevated, SRI's Mohan Sandrasegeran noted that pooling resources and sharing development risk through a consortium is increasingly the way developers approach GLS sites in a more volatile cost environment.

What to expect on layouts is genuinely too early to judge. No plans exist yet. Frasers' stated intent is a waterfront development with a publicly accessible riverfront promenade, so the marketing focus will sit on the river-facing stacks and the placemaking along the Kallang River edge.

The location: Kampong Bugis, the river, and a dual-MRT walk

The site sits on the Kallang River in the Kampong Bugis precinct, a pocket of District 12 the government has earmarked for a car-lite waterfront residential district. Two MRT lines are within walking distance: Kallang MRT (EW10, East-West Line) is about an 8-minute walk, and Bendemeer MRT (DT23, Downtown Line) is about a 10-minute walk. The site is also wrapped by Nicoll Highway, the Pan-Island Expressway and the Central Expressway, which is part of why Frasers' CEO framed it on "great connectivity to the city centre". This is a walk-to-MRT location, not an integrated one. Buyers used to a station in the lift lobby should calibrate.

The bigger draw is what comes next. The Kallang Alive master plan is set to turn the wider Kallang basin into a sports and recreation hub, and the Kampong Bugis precinct is being rejuvenated around the river corridor. A first-mover on a riverfront plot benefits from being in place before the area is built out. That is the "first-mover advantage" the developer is leaning on, and a fair one given the supply history.

On demand, there is a pool of upgraders nearby. Roughly 1,000 four-room HDB flats in Kallang and Whampoa reach the end of their Minimum Occupation Period between 2026 and 2028, per Realion's Justin Quek, and strong HDB resale prices in this city-fringe stretch give some of those households the means to upgrade. Pent-up demand is plausible: the most recent launch in the immediate area was Lavender Residence, a boutique 17-unit project in 2023, which says how thin the new-supply pipeline here has been.

The competition: where a Kallang Close buyer actually looks

A buyer drawn to Kallang Close wants something new, with an efficient layout, on this riverfront. The catch is there is nothing new here to cross-shop. The precinct has not had a fresh private launch in over a decade. So the real options split into two directions.

Stay in the Kallang riverfront pocket, buy resale. The two existing riverfront condos are both freehold and both older. Kallang Riverside is the obvious one: a freehold 2018 development right next door at 51 Kampong Bugis, 212 units, on the river, trading roughly $2.48M to $3.2M on the resale market. That is the cheapest way into this exact location today. The Riverine by the Park is the larger, more premium freehold option along Kallang Road, a 2010 boutique block of 96 units where the bigger 3- and 4-bedders sit above $4M.

Cross the river to the Tanjong Rhu side. If the location matters less than space or price, Sanctuary Green on Tanjong Rhu Road is an older 99-year leasehold development from 2003, 522 units, with bigger floor areas, trading from around $2.3M. And for a buyer who specifically wants new, the future Tanjong Rhu Road GLS launch is the other new riverfront-adjacent option on this side of town, with entry around $2.8M near Katong Park MRT.

A note on reading that table: Kallang Close and the future Tanjong Rhu Road site are the only new launches in the group, and everything else is resale. New launch prices are today's developer prices. When Kallang Close TOPs in four to five years, its resale will likely sit above today's Kallang Riverside and Sanctuary Green levels. That is how new launches price across Singapore, not a markup unique to this site. The honest framing of the $3.1M estimate for a 3-bedroom is that you are paying a new-build premium over the ~$2.48M freehold resale entry next door, in exchange for a brand-new 99-year leasehold unit on the only fresh riverfront plot released here in 12 years.

Should I buy at Kallang Close GLS?

Too early for a firm verdict on this Kallang Close GLS review. There are no floor plans, no confirmed pricing, and no layout depth to assess yet. What the land cost supports:

• A launch likely around $2,800 psf at the lowest stacks, $3,000 psf on average, and roughly $3,300 psf at river-view upper floors. A 3-bedroom near 1,050 sqft works out to approximately $3.1M to $3.2M at the average.
• A genuine first-mover position: the first new private launch in the Kampong Bugis precinct in 12 years, on a riverfront plot, ahead of the Kallang Alive and Kampong Bugis build-out.
• A walk-to-MRT location on two lines, with a nearby HDB upgrader pool reaching MOP through 2026-2028.
• The cushion is the supply drought. There is no recent new-launch comparable here to discount against.

The wrinkle worth flagging before you commit: the existing riverfront stock next door is freehold, and this is a 99-year leasehold site. If long-hold tenure flexibility is what you care about, the older freehold options deserve a look alongside the new launch. If a brand-new unit on the river, with the precinct transforming around it, is the priority, Kallang Close is the only one of its kind here for now.

For buyers waiting on confirmed Kallang Close pricing: the launch is likely in 2027. Watch the unit mix and the river-facing stack premium. That is where the top prices will be set, and where the waterfront either earns its premium or doesn't.

Data sources: The Edge Singapore, EdgeProp Singapore, URA Government Land Sales, PropertyGuru and EdgeProp resale listings for Kallang Riverside, The Riverine by the Park and Sanctuary Green.

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