Frasers Property and Mitsubishi Estate, through a joint venture (JV), have emerged as the top bidder for the Kallang Close site in central Singapore under the Government Land Sales (GLS) programme in the country.
The consortium submitted a bid of S$610.75m (€411m), translating to S$1,415 per square foot per plot ratio.
The JV’s top bid is 0.7% above the second‑highest bid, among four competing bids.
Located within the Kallang Planning Area, the 99‑year leasehold residential site marks the first GLS site to be launched in the Boon Keng, Kallang Bahru and Kampong Bugis precincts in 12 years, underscoring the limited supply of new private housing in the area.
Fronting the Kallang River, the site spans approximately 11,456.3sqm and can potentially accommodate about 470 private homes, alongside a childcare centre to support the needs of families.
If awarded, the Frasers–Mitsubishi consortium said it intends to deliver a waterfront residential development that enhances the Kallan River frontage, with publicly accessible features such as a riverfront promenade to foster connectivity, community engagement, placemaking and vibrancy.
This will also mark the first successful partnership between Frasers Property and Mitsubishi Estate.
Speaking on behalf of the joint venture, Soon Su Lin, chief executive officer of Frasers Property Singapore, said: “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.”
Located a short walk from the Kallang MRT station on the East–West Line and Bendemeer MRT station on the Downtown Line, the Kallang Close site enjoys easy access to the rest of the Republic of Singapore island and is approximately four MRT stations from the central business district.
The Kallang MRT station is also slated to integrate a new bus interchange under the Kallang Horizon public housing project, alongside supporting amenities including shops, a childcare centre and public spaces.
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