Kallang Close GLS Site Sold For $610.8 Million: New Waterfront Condo Could Launch From $2,900 PSF
A joint venture comprising Frasers Property and Mitsubishi Estate have submitted the top bid of $610.8 million for a government land sale site (GLS) at Kallang Close in District 14.
The waterfront residential site spans 123,320 sq ft with a plot ratio of 3.5, and a maximum gross floor area (GFA) of 431,611 sq ft. The top bid translates to a land rate of $1,415 psf per plot ratio (ppr).
If the top bid submitted by the Frasers Property-Mistubishi Estate JV is accepted by the government, it is possible that the average selling price of the new development could start from S$2,900 psf and average above S$3,000 psf, says Leonard Tay, head of research at Knight Frank.
The expected selling price of the new development will also depend on how effectively the developer capitalises on the waterfront aspect through design, unit facing, tower layout, positioning and finishes, says Tay.
Based on typical development timelines and prevailing construction costs, and if…
