The Site
The Kallang Close parcel (previously "Kallang Avenue") covers approximately 11,457 sqm of land off Kallang Avenue, fronting the Kallang River. Zoned purely residential on a 99-year lease, it can yield around 470 units. This is the first private residential GLS site within walking distance (~400m) of Kallang MRT (East-West Line), with Bendemeer MRT (Downtown Line) also nearby. The riverfront adds lifestyle appeal, though Kallang Trivista HDB across the river will partially limit open views.
Estimated Land Bid: $1,280 to $1,380 psf ppr
The nearest benchmark is Dorset Road GLS (D8, Kallang planning area), which closed in October 2025 at $1,338 psf ppr with nine bids. The Tanjong Rhu Road site, also within Kallang's boundary, was awarded in February 2026 at $1,455 psf ppr, though it benefits from TEL access and a more established residential setting.
Consultants are split. Huttons' Mark Yip expects 4 to 7 bidders with a top bid of $1,350 to $1,450 psf ppr, citing rare waterfront supply near Kallang MRT. OrangeTee's Justin Quek is more cautious at $1,200 to $1,300 psf ppr, noting the surrounding industrial estates are still in early-stage redevelopment. My estimate of $1,280 to $1,380 psf ppr reflects Dorset Road as the anchor, discounted slightly for the less mature micro-location but supported by the river frontage and Kallang Alive Masterplan tailwinds.
Projected Condo Launch Price: $2,300 to $2,600 psf
Assuming a mid-range land bid of ~$1,330 psf ppr, adding $450 psf for construction, $100 to $150 for soft costs and financing, then layering a 15 to 18% developer margin, the breakeven lands around $2,100 to $2,200 psf. The launch price would need to reach $2,350 to $2,550 psf for reasonable developer upside. Expect 1-bedroom units from ~$1.2M and 3-bedrooms from $2.0 to $2.3M.
Comparable Condos Nearby
Kallang Riverside (D12, Freehold, TOP 2019): The closest existing private condo. Resale averages ~$2,420 psf over the past year. Freehold gives it a structural premium, but it is small-scale with limited facilities and no direct MRT link.
Piccadilly Grand (D8, 99-yr, TOP 2026): Launched at ~$2,183 psf in 2022 on land acquired at $1,129 psf ppr. Recent secondary market transactions sit around $2,484 psf. Kallang Close will likely launch at a premium to Piccadilly Grand's original pricing but remain comparable to current resale levels.
Dorset Road GLS (D8, 99-yr, est. launch ~2027): Acquired at $1,338 psf ppr. ERA estimates a launch at $2,650 to $2,750 psf. Kallang Close should sit slightly below this given the less central location.
Tanjong Rhu Road GLS (D15, 99-yr, est. launch ~2027): GLS was closed at $1,455 psf ppr with an expected launch above $3,000 psf. This sets the upper bound for the broader Kallang corridor.
Analysis in Summary
Kallang Close is a transformation play. The area is still transitioning from industrial to residential, lacking the established feel of Dorset Road or the prestige of Tanjong Rhu. But dual-MRT access, waterfront living, and proximity to the Sports Hub give it genuine long-term upside. The 7 April tender result will be the definitive pricing signal. Anything above six bidders would suggest strong developer confidence and a higher eventual selling price.
