-- In contrast to the robust participation witnessed for the recent GLS site at Dover Drive two weeks ago, the tender for the residential site at Kallang Close (470 units) saw muted interest from developers, receiving just 4 bids (below expectations) but a top bid price of $1,415 psf ppr (within expectations). At 4 bids, this is the lowest number of bids submitted for a private GLS plot in 2026 so far, below the 5 bids received for preceding tenders at Tanjong Rhu Road, Lentor Central (4) and Dairy Farm Walk (2).
This more subdued bidding could be indicative of developer selectiveness amid heightened economic uncertainty and risks of higher construction costs from supply chain disruptions due to the ongoing Middle East conflict, especially for sites that do not tick all the boxes of: palatable size of under 500 units, near city centre, near MRT, schools and amenities and surrounded by potential million-dollar HDB upgraders.
The tender for Kallang Close (470 units) saw a subdued response from developers, receiving 4 bids below expectations but a top bid price of $1,415 psf ppr within expectations. The top bid was submitted by a joint venture between Frasers Property and Mitsubishi Estate, outbidding the second-placed CDL’s $1,405 psf ppr by a narrow 0.7% and the third highest bidder, a joint venture between Hong Leong Holdings and Mitsui Fudosan Co.’s $1,301 psf ppr by 8.7%. Wing Tai Holdings and Metro Holdings placed the lowest bid of $1,242 psf ppr, 13.9% lower. The price gap between the top and last bidder of less than 15% shows some consensus on the site.
Kallang Close is the first of a cluster of residential plots to be released along the Kallang River waterfront, which has been earmarked by the URA under its 2025 Masterplan as an Identity Corridor, with plans to enhance the area with lush green and blue recreational spaces to support amenities and active uses for the public.
There is no recent GLS comparable in the immediate vicinity of the site. However, in the broader Kallang Planning Area, Dorset Road (428 units) received 9 bids, the highest number of bids for an RCR site in 2025 was awarded in Oct 2025 to a consortium between UOL Group, Singapore Land Group, and Kheng Leong Co. for $1,338 psf ppr.
Another plot of comparable size with waterfront views albeit in a more prestigious precinct is Tanjong Rhu Road (525 units) which drew 5 bids was awarded in Feb 2026 to a CDL and Who Hup joint venture for $1,455 psf ppr.
Today’s site at Kallang Close boasts many attractive locational attributes, such as:
- Walking distance to two MRT stations — 300-400 metres to Kallang MRT on the East-West line, and 600-700 metres to Bendemeer MRT on the Downtown line
- Waterfront views facing the Kallang River to the east
- Potential pent-up demand from upgraders at nearby Geylang Bahru, Upper Boon Keng and Bendemeer HDB estates especially since the last new launch in the area, Kallang Riverside (212 units) was more than a decade ago in 2014
- Walking distance to amenities at Aperia Mall and the Upper Boon Keng HDB estate
- City fringe location, and well-connected to major roads and expressways such as Kallang Road, Kallang Bahru, the Central Expressway (CTE) and the Pan-Island Expressway (PIE)
However, the site’s primary drawback is the absence of a primary school within a 1km radius, though reputable options like Hong Wen and Geylang Methodist are located within 1 – 2km. Furthermore, the area remains largely untested in recent years with only two existing freehold projects nearby, and the proximity to industrial estates may detract from its residential appeal.
Existing freehold projects The Riverine by the Park (96 units) and Kallang Riverside (212 units) are smaller and recorded low transaction activity in 2025 with median prices of $2,035 psf and $2,436 psf respectively.
The nearest 99-year projects albeit closer to Lavender MRT include Citylights (600 units) and Southbank (197 units) which transacted at median prices of $1,952 and 1,920 psf respectively.
Nearby comparables
Source: CBRE Research, realis, data downloaded as of 6 Apr 2026.
As the maiden project along the Kallang River Identity Corridor, the joint developers could benefit from a first mover advantage in the area.
With a top bid price of $1,415 psf ppr, we expect the future project could look to launch at an average price of $2,700 – 2,800 psf.
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Release ID: 89188065
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