Kallang Close industrial area to have 1st private homes in 12 years

Kallang is set to welcome its first private residential estate in 12 years.

According to an Apr. 7 notice announcing the Kallang Close site's tender closure, the Urban Redevelopment Authority (URA) listed Frasers Property Singapore and Mitsubishi Estate as its top joint bidders under the Government Land Sales (GLS) programme.

In a joint press release on the same day, the two real estate developers confirmed that they submitted a bid of S$610 million.

The site can potentially yield around 470 private homes, according to Frasers Property Singapore and Mitsubishi Estate.

Beat other top bid by 0.7 per cent

The companies' offer edged out the second-highest bid by just 0.7 per cent, in a closely contested tender that drew four bids.

The other bidders include CDL Kallista, joint bidders Intrepid Investments and TID Residential, and another bidder pair Winrich Investment and Metrobilt Construction.

The lowest bid was valued at S$536 million.

Frasers Property Singapore and Mitsubishi Estate's bid translates to S$1,415 per square foot per plot ratio (psf ppr).

The project would also mark their first collaboration.

Frasers Property Singapore CEO Soon Su Lin said the consortium "intends to deliver" waterfront homes enhancing the Kallang River frontage with publicly accessible features, such as a riverfront promenade, if it is awarded the tender.

She added: "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."

First private residential GLS site in precinct

The 99-year leasehold land parcel is located within the Kallang Planning Area.

It is also the first private residential GLS site launched in the Boon Keng, Kallang Bahru and Kampong Bugis precincts in 12 years.

The site also offers great accessibility, being within walking distance to Kallang MRT Station and Bendemeer MRT Station.

The surrounding area is served by major expressways including the Pan-Island Expressway (PIE), Central Expressway (CTE) and Kallang–Paya Lebar Expressway (KPE), offering connectivity to the city centre.

Residents will also have access to a range of amenities, including nearby schools, retail and dining amenities within a 2km radius.

Top photo via Google Maps