$610.75M Award · $1,415 psf ppr · ~470 Riverfront Homes · Dual Operational MRT
Tracking every milestone for Kallang Close Residences — from tender award to launch. Last updated: .
The joint venture's $1,415 psf ppr bid edged out City Developments at $1,405 psf ppr from a field of four bidders — the second-highest RCR land rate in the trailing 24 months.
See the full tender result →The last private launch anywhere nearby was Kallang Riverside in 2014. Just three new private launches have taken place in the entire Kallang planning area since 2022.
Why the supply gap matters →URA's flash estimate put the non-landed price index at 210.6. Only one launch came to market that quarter, and it priced realistically at a median of $2,467 psf.
Read the market context →URA awarded the Kallang Close GLS site on 10 April 2026 to a joint venture of Frasers Property Phoenix and MJR Investment (Mitsubishi Estate), which bid $610,750,000, or $1,415 per square foot per plot ratio. Four bidders competed; City Developments placed second at $1,405 psf ppr. The 99-year leasehold site is expected to yield about 470 homes. (Source: URA tender award pr26-29, 10 April 2026.)
2nd-highest RCR rate in 24 months
| Site | Region | Land Rate | Date & Notes |
|---|---|---|---|
| Kallang Close (this site) | D12 · RCR | $1,415 psf ppr | Apr 2026 · Frasers Property Phoenix & MJR Investment · 4 bidders |
| Tanjong Rhu Road | D15 · RCR | $1,455 psf ppr | Feb 2026 · CDL–Woh Hup JV · same Kallang planning area |
| Dorset Road | D08 · RCR | $1,338 psf ppr | 2025/26 · cheapest RCR land rate in the 24-month set |
| Lentor Central (Plot 4) | D26 · OCR | $1,278 psf ppr | Mar 2026 · GuocoLand–Intrepid–TID · record OCR rate |
| The Arcady at Boon Keng (en bloc) | D12 · RCR | $1,313 psf ppr | Jul 2022 private treaty (freehold) · nearest D12 land precedent |
Sources: URA tender records; The Edge Singapore (8 April 2026); EdgeProp Singapore (9 April 2026); Mingtiandi (7 April 2026). Kallang Close was awarded 2.7% below the Tanjong Rhu Road benchmark set six weeks earlier — the two most expensive RCR land rates in the trailing 24 months.
Every confirmed milestone and every estimate for the Kallang Close GLS site, in one view.
The Kallang Close parcel draws four bidders, with the top two — Frasers Property Phoenix with MJR Investment, and City Developments — separated by less than 1% on land rate. (URA tender closing pr26-27.)
URA formally awards the 11,456.3 sqm site to the Frasers Property Phoenix and MJR Investment joint venture on a 99-year lease. (URA tender award pr26-29.)
The developer has not yet released the official name, the site plan, floor plans or the unit mix. Register below to receive them the day they are published.
Analyst consensus points to a 2027 launch given the April 2026 award. The neighbouring Tanjong Rhu Road site, awarded in February 2026, is likely to preview first and set a live benchmark price for the precinct.
No completion date has been disclosed by URA or the developer. GLS building-under-construction projects typically complete four to five years from the signing of the sale and purchase agreement.
SSD applies for four years from purchase at 16%, 12%, 8% and 4%. Mapped against an estimated TOP, the SSD-free resale window would open around 2035–2036 for a buyer holding from completion.
Only the April 2026 tender dates and the awarded land price are confirmed. Launch, TOP and SSD dates are estimates based on URA tender conditions and typical GLS development cycles — they are not developer-confirmed.
Kallang Close Residences is the provisional name for the 99-year leasehold development rising on the Kallang Close GLS site in District 12, Singapore — a 123,320 sq ft riverfront parcel awarded to Frasers Property Phoenix and MJR Investment (Mitsubishi Estate) on 10 April 2026 for $610.75 million, or $1,415 psf ppr. Expected to yield about 470 homes, it is the first private residential land sale in the Boon Keng, Kallang Bahru and Kampong Bugis cluster in roughly 12 years.
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This is the first private residential GLS site released in the Boon Keng, Kallang Bahru and Kampong Bugis cluster in about 12 years. The last private launch nearby was Kallang Riverside in 2014, and only three new private launches have occurred in the entire Kallang planning area since 2022. (ERA Research, April 2026.)
Kallang MRT (EW10) on the East-West Line is about an 8-minute walk, roughly 400 m away; Bendemeer MRT (DT23) on the Downtown Line is about a 10-minute walk. Neither depends on a future line opening — a meaningful distinction this far into the GLS cycle.
URA's Kallang River Identity Corridor makes waterfront-facing design and a public riverside promenade binding conditions of this tender — not an optional developer flourish. The Kallang Park Connector runs directly along the site's river frontage.
The National Stadium, Singapore Indoor Stadium, OCBC Aquatic Centre and OCBC Arena have all been operating since 2014 and 2015. Unlike most transformation stories sold off a masterplan drawing, this precinct's anchor infrastructure already exists.
Frasers Property has delivered and fully sold Riviere, Sky Eden@Bedok, Parc Greenwich EC and Seaside Residences, and won the $1.65 billion Bayshore mixed-use site in July 2026. Mitsubishi Estate is one of Japan's largest developers. This is their first joint venture together.
Tender conditions require an Early Childhood Development Centre of at least 500 sqm gross floor area, operated for a minimum of ten years, plus a public riverfront promenade. Retail within the development is capped at 115 sqm — this is a residential address, not a mall.
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Kallang Close Residences occupies an 11,456.3 sqm (123,320 sq ft) parcel on Kallang Close, off Boon Keng Road, within the Kallang planning area in District 12. URA awarded the site on 10 April 2026 to Frasers Property Phoenix Pte. Ltd. and MJR Investment Pte. Ltd. — the Singapore vehicle of Mitsubishi Estate — for $610,750,000, equivalent to $1,415 per square foot per plot ratio. At a plot ratio of 3.5, the maximum permissible gross floor area is 40,098 sqm (431,584 sq ft), from which market analysts derive an estimated yield of about 470 homes.
What makes the site unusual is not its size but its timing. No private residential GLS site had been released in the Boon Keng, Kallang Bahru and Kampong Bugis cluster for roughly 12 years before this award. The most recent private launch anywhere nearby was Kallang Riverside in 2014; across the whole Kallang planning area, only three new private launches have taken place since 2022. For a buyer who grew up in Kallang or Whampoa, this is the first realistic chance in over a decade to stay in the neighbourhood without moving into a resale flat or an older walk-up.
The development fronts the Kallang River. Under URA's Kallang River Identity Corridor, waterfront-facing design and a public riverside promenade are binding conditions of the tender rather than optional extras — and the Kallang Park Connector already runs along the site's frontage. Tender conditions also require an Early Childhood Development Centre of at least 500 sqm gross floor area to be operated for a minimum of ten years. Retail is capped at 115 sqm, so this remains a residential address rather than a mixed-use one.
Connectivity is the second pillar. Kallang MRT (EW10) sits roughly 400 m away, about an 8-minute walk, putting the CBD around four stops out; Bendemeer MRT (DT23) on the Downtown Line is about a 10-minute walk. Both stations are already in service. The PIE, CTE and Nicoll Highway are all within easy reach for drivers. (Sources: URA tender documents; EdgeProp Singapore citing Huttons Asia Research, 9 April 2026; ERA Research & Market Intelligence, 7 April 2026.)
Kallang Close Residences is the provisional name for the upcoming 99-year leasehold private residential development on the Kallang Close GLS site in District 12, Singapore. The name is taken from the site address: the developer has not yet announced an official project name, and the final name may differ. The site was awarded by URA on 10 April 2026 to a joint venture between Frasers Property Phoenix Pte. Ltd. and MJR Investment Pte. Ltd. (Mitsubishi Estate) for $610,750,000, or $1,415 per square foot per plot ratio. (Source: URA tender award pr26-29, 10 April 2026.)
The parcel spans 11,456.3 sqm (123,320 sq ft) at a plot ratio of 3.5, giving a maximum permissible gross floor area of 40,098 sqm (431,584 sq ft). Market analysts derive an estimated yield of about 470 residential units from that figure — a number that is analyst-derived, not an official URA or developer count. Dividing the gross floor area by that estimate implies an average sellable area near 918 sq ft, consistent with a mix weighted towards two- and three-bedroom homes with a smaller share of one-bedroom and larger four-bedroom or riverfront premium units.
Beyond the homes themselves, the tender carries three specific conditions. First, an Early Childhood Development Centre of at least 500 sqm gross floor area must be built and operated for a minimum of ten years. Second, retail within the development is capped at 115 sqm gross floor area. Third, under URA's Kallang River Identity Corridor, the development must be designed to address the waterfront and provide a public riverside promenade. These are confirmed tender conditions, not marketing promises. (Sources: URA tender conditions; ERA Research & Market Intelligence, 7 April 2026.)
What has not been released: the official project name, the confirmed unit count and mix, the site plan and floor plans, the price list, and the TOP date. Analyst consensus points to a 2027 launch given the April 2026 award, with an estimated TOP around 2031–2032 based on typical four-to-five-year GLS construction timelines. Every one of those dates is an estimate. Registering your interest below is the fastest way to receive each of them the day it is confirmed.
Most new-launch transformation stories ask a buyer to price in a masterplan that is still on paper. Kallang is different in one specific way: its anchor infrastructure is already built and operating. The National Stadium, Singapore Indoor Stadium, OCBC Aquatic Centre and OCBC Arena — the Kallang Alive sports and lifestyle precinct — have been running since 2014 and 2015. A buyer at Kallang Close is not betting on whether that hub gets built; it is a few minutes away today.
The second layer is the Kallang River Identity Corridor. URA concluded public engagement on the corridor in 2025, and the waterfront-frontage design mandate now sits as a binding condition on this very tender. That is the strongest kind of planning signal available to a buyer: not an aspiration in a master plan document, but a requirement written into the land contract for the site they are considering.
The third layer is longer-dated and genuinely uncertain. The Kampong Bugis long-term precinct vision could add roughly 4,000 further waterfront homes over time (CBRE, cited by EdgeProp Singapore, 9 April 2026), but there is no confirmed GLS release schedule for it. That cuts both ways: it is potential upside if the precinct visibly gentrifies within a buyer's holding period, and it is also future competing supply. It should be treated as optionality, never as the base case.
The honest counterweight is that this is a precinct mid-transformation, not a finished one. The Kallang Industrial Estate sits immediately to the west of the site, and the Kampong Bugis vision remains long-term. A buyer here is paying a first-mover premium for a neighbourhood whose future is more committed than most masterplan pitches — but which has not arrived yet. That distinction is worth being clear-eyed about before committing.
Kallang Close Residences sits between two operational MRT stations on two different lines. Kallang MRT (EW10) on the East-West Line is roughly 400 m away, about an 8-minute walk, and puts the CBD around four stops out. Bendemeer MRT (DT23) on the Downtown Line, operational since October 2017, is about a 10-minute walk. Neither is a future-line promise — a distinction that matters when comparing city-fringe launches, many of which price in stations that have not opened yet.
Key connections from the site:
Walk times are approximate and drawn from published research on the site; station codes verified against LTA network references. ERA Research additionally cites the KPE and ECP as reachable via the Nicoll Highway and PIE network.
Everyday amenities are already in place rather than pending. Kallang Wave Mall, Kallang Leisure Park and Aperia Mall are all a short walk or drive away. For food, Old Airport Road Food Centre and Upper Boon Keng Market & Food Centre are two of the better-known hawker destinations in the east-central corridor. For active mobility, the Kallang Park Connector runs directly along the site's river frontage, linking into the wider park connector network.
For investors, this connectivity profile underpins a broad tenant pool: Kallang and Whampoa working professionals with strong local employment ties, healthcare-corridor tenants reachable via the CTE and Downtown Line network, and event-driven short-to-medium stay demand from the Kallang Alive precinct's recurring concerts and sporting fixtures. (Sources: EdgeProp Singapore citing Huttons Asia Research, 9 April 2026; ERA Research & Market Intelligence, 7 April 2026.)
URA's Kallang River Identity Corridor makes waterfront-facing design and a public riverside promenade binding conditions of this tender — a planning commitment written into the land contract itself.
Kallang Close Residences is served by Kallang MRT (EW10) on the East-West Line, about 400 m and an 8-minute walk away, and Bendemeer MRT (DT23) on the Downtown Line, about a 10-minute walk. Both stations are already operational, so residents are not waiting on a future line opening to realise the connectivity they are paying for.
For drivers, the Pan-Island Expressway provides direct east–west arterial access, the Central Expressway runs north towards the Novena and Bishan corridor, and Nicoll Highway links directly towards Marina Bay and the ECP.
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Kallang Close, off Boon Keng Road · RCR
Frasers Property Phoenix & MJR Investment
From date of award, 10 April 2026
The developer has not released the site plan, unit mix or floor plans for this development. The layouts shown below are indicative reference layouts only — they illustrate typical configurations for each unit type and are not the actual floor plans for this project. Register your interest to receive the official plans the day they are published.
Indicative layouts for reference only. No official floor plan, unit mix or unit size has been released by the developer for this development.
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URA's flash estimate for 2Q 2026 put the non-landed private residential price index at 210.6, down 0.1% quarter on quarter, with the Rest of Central Region down 1.4% after a 0.8% rise in 1Q26. Across the first half of 2026, the all-residential index still rose 1.4%, and 4,129 new sale units transacted — 11.1% fewer than a year earlier. (Sources: URA flash estimates pr26-51, 1 July 2026; ERA Research & Market Intelligence 2Q 2026 report, 1 July 2026.)
The one-line read: the RCR softened into the second half of 2026 largely on thin new-launch supply rather than collapsing demand. Only one launch came to market in 2Q26 — Hudson Place Residences, which priced realistically at a median of $2,467 psf, roughly 2% below the preceding launch. Kallang Close Residences would launch into this market roughly a year from now, so the cycle could move either way in the meantime.
Bank package rates as at July and August 2026 sit near a multi-year low: fixed packages around 1.3% to 1.8% per annum, and floating packages at roughly 0.2 to 0.25% over three-month compounded SORA, which stood near 1.15% in July 2026. Both are well below the 4.0% stress-test rate MAS requires banks to qualify borrowers against — that stress rate is for loan-eligibility maths only and should never be read as the expected repayment. (Sources: LoanSaver, July 2026; DollarBack Mortgage, 2 August 2026.)
The case for acting now: package rates are unusually low against 2023's 3%-plus environment, the precinct's supply gap is genuine, and registering early costs nothing. The case for waiting: RCR prices just fell 1.4% in a quarter, the official price list is likely 12 to 18 months away, and the neighbouring Tanjong Rhu Road site will probably preview first — giving the whole precinct a live benchmark price before any decision on Kallang Close needs to be made.
No showflat has opened for Kallang Close Residences — the launch is estimated for 2027. Register now to be notified the moment preview appointments open, ahead of the public launch.
Kallang Close is the first private residential GLS site released in the Boon Keng, Kallang Bahru and Kampong Bugis cluster in roughly 12 years. The last private launch anywhere nearby was Kallang Riverside in 2014; the most recent in District 12 broadly was Lavender Residence (17 units, 2023), followed by The Arcady at Boon Keng (172 units, January 2024, freehold). Just three new private launches have taken place in the entire Kallang planning area since 2022. This is documented scarcity, not a marketing line. (Source: ERA Research, April 2026.)
Kallang MRT (EW10) is about an 8-minute walk and Bendemeer MRT (DT23) about a 10-minute walk, on the East-West and Downtown Lines respectively. Both stations run today. A significant share of 2025 and 2026 city-fringe launches price in rail connectivity that has not yet opened; here, the connectivity a buyer pays for is already in service, which removes an entire category of timing risk from the decision.
Kallang Alive — the National Stadium, Singapore Indoor Stadium, OCBC Aquatic Centre and OCBC Arena — has been operational since 2014 and 2015. Layered on top, URA's Kallang River Identity Corridor makes waterfront design and a public promenade binding conditions of this tender. Most transformation stories ask buyers to price in a plan; this one is substantially built, with the remaining commitment written into the land contract itself.
Frasers Property has delivered and fully sold Riviere at Jiak Kim Street, Sky Eden@Bedok, Parc Greenwich EC and Seaside Residences, and won the $1.65 billion Bayshore mixed-use site in July 2026 — evidence of continuing balance-sheet strength. Mitsubishi Estate is one of Japan's largest developers. Worth knowing honestly: this is their first joint venture together, so there is no completed Frasers–Mitsubishi project to point to. Two strong parents reduce the odds of a stalled or under-specified build, but the pairing itself is untested.
The site fronts the Kallang River, and the Kallang Park Connector already runs along that frontage — so the waterfront is not a view alone but a route: to Kallang Riverside Park, along the wider connector network, and towards the Marina Bay corridor. URA's Identity Corridor mandate means the development must address the water and provide a public riverside promenade, so the river stays open to the neighbourhood rather than being walled off behind the development.
This is a city-fringe address in a mature estate, which means amenities exist now rather than arriving with the neighbourhood. Kallang Wave Mall, Kallang Leisure Park and Aperia Mall cover retail and groceries. Old Airport Road Food Centre and Upper Boon Keng Market & Food Centre cover the food that people actually plan their weekends around. Within the development itself, tender conditions require a childcare centre of at least 500 sqm, operated for at least ten years.
The Kallang Industrial Estate sits immediately west of the site, and Kallang Trivista HDB sits across the river — so some stacks may face a residential block rather than open water, and lower or west-facing units should be checked for boundary activity at preview. Neither point is a reason to walk away, but both are worth verifying against the site plan when it is released rather than discovering later. The precinct is mid-transformation, not finished.
There is no official Kallang Close Residences price list — it will only be published when the developer previews the project, estimated for 2027. What can be done honestly in the meantime is to build the estimate from the one confirmed number: the land cost.
The site was awarded at $1,415 psf ppr. Adding roughly $650 psf of construction cost in the elevated 2026 cost environment, plus about $150 psf covering financing, professional fees, marketing and contingency, gives an estimated developer breakeven near $2,215 psf. Applying a typical 25% to 30% margin for a scarce city-fringe waterfront site implies an indicative launch floor of roughly $2,750 to $2,950 psf (estimated). That is checkable arithmetic rather than a guess — but every input after the land price is an estimate, and the developer's actual pricing may differ materially.
| Benchmark | Land Rate | Price (psf) |
|---|---|---|
| Kallang Close Residences (this site) | $1,415 psf ppr | $2,750–$2,950 (est.) |
| The Arcady at Boon Keng — launch avg, Jan 2024 | $1,313 psf ppr (2022, freehold) | $2,570 (achieved) |
| Hudson Place Residences — 2Q 2026 median | n/a | $2,467 (achieved) |
| Tanjong Rhu Road GLS — est. launch | $1,455 psf ppr | $2,900–$3,000 (est.) |
Sources: URA tender records; The Edge Singapore (8 April 2026); EdgeProp Singapore (9 April 2026); 99.co and newlaunchescondo.sg for The Arcady (as at July 2026). Achieved figures are transacted; all launch-price figures for unlaunched sites are estimates and are not developer-confirmed.
The most useful comparison for anyone weighing Kallang Close Residences vs the Tanjong Rhu Road GLS site is that both are 2026-awarded waterfront GLS sites in the same Kallang planning area. Tanjong Rhu Road, in District 15, was awarded in February 2026 at $1,455 psf ppr to a CDL–Woh Hup joint venture for roughly 525 units. Kallang Close came in 2.7% lower on land at $1,415 psf ppr.
That 2.7% is real but thin — too thin, on its own, to decide between them. The more consequential difference is sequencing. Tanjong Rhu Road was awarded six weeks earlier and will most likely preview first, which means it sets the district's benchmark price and Kallang Close then launches into a market that already knows what the area can bear. Anyone shortlisting one should look at both.
Three things support the case. First, documented scarcity: the first private residential land sale in this precinct in about 12 years, in a district where only one true new-launch precedent exists since 2022. Second, two operational MRT lines rather than a promised one. Third, an anchor catalyst — Kallang Alive — that was built and opened over a decade ago, so the transformation thesis does not depend on future government spending.
Three things cut against it, and they deserve equal weight. The land was bought at the second-highest RCR rate in the trailing 24 months, which narrows the developer's margin of safety and, by extension, the buyer's. No primary school falls within the 1 km priority band, which will rule the project out for some families. And on a representative two-bedroom of about 700 sq ft at an estimated $2,900 psf — roughly $2.03 million — a benchmarked precinct rental of about $4.90 psf per month implies a gross yield near 2.0% and a net yield near 1.4% after standard deductions. This is a capital-growth case, not a yield case, and it should be set out that way from the start.
A reasonable base case, tied only to committed catalysts, would track the precinct's recent trend of roughly 1% to 2% a year, giving something in the order of 5% to 10% cumulative appreciation over a five-year hold before transaction costs. A conservative case assumes flat pricing, in which a sale inside the four-year Seller's Stamp Duty window produces a net loss after costs. The Kampong Bugis upside is optionality, not a forecast.
The nearest genuine District 12 precedent is The Arcady at Boon Keng, a freehold en bloc site acquired at $1,313 psf ppr in 2022 and launched in January 2024 at an average of $2,570 psf. It sold 51 of 172 units — 29.7% — on its opening weekend, with resale units since transacting in a range of roughly $2,315 to $2,944 psf. That is healthy but not frenzied absorption, and it is the most realistic read available on how this buyer pool responds to fresh supply after a long drought.
Two caveats matter. The Arcady is freehold and this site is 99-year leasehold, a genuine liquidity difference. And with only one true new-launch precedent in the district since 2022, the comparable set is thin — which is itself part of the scarcity story, and part of why pricing precedent here is limited. (Sources: 99.co, newlaunchescondo.sg, esingaporeproperty.sg, as at July 2026.)
The Kallang Close Residences developer is the joint venture of Frasers Property Phoenix Pte. Ltd. and MJR Investment Pte. Ltd. (Mitsubishi Estate), awarded the site on 10 April 2026. The Kallang Close Residences launch date has not been announced; analyst consensus points to 2027. The official project name, unit mix, site plan, floor plans and price list all remain unreleased, and the TOP date has not been disclosed. Register below to receive each one as it is confirmed rather than after the fact.
The questions buyers ask most about the Kallang Close GLS site, answered with sourced facts and clearly labelled estimates.
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