Kallang Close: Frasers and Mitsubishi Win by 0.7%

10 April 2026Blog District 12 RCR

On 10 April the Urban Redevelopment Authority awarded the Kallang Close site to Frasers Property Phoenix and MJR Investment — the vehicles for Frasers Property and Mitsubishi Estate — for $610,750,000.

That is $1,415 per square foot per plot ratio. What makes this tender worth reading is not the winner but the margin: 0.7%.

What URA awarded


Site area	11,456.3 m² (1.15 hectares)
Maximum gross floor area	40,098 m² (431,611 sqft)
Allowable development	Residential (non-landed)
Tenure	99 years
Tendered price	$610,750,000 — $1,415 per square foot per plot ratio
Tender closed	7 April 2026
URA expected completion	2033

Source: Urban Redevelopment Authority, 10 April 2026.

Four bids, decided by $4 million

	Tenderer	Bid
1	Frasers Property Phoenix and MJR Investment	$610,750,000 — $1,415 psf ppr
2	City Developments (CDL Kallista)	$606,400,000 — $1,405 psf ppr
3	Hong Leong Holdings and TID	$1,301 psf ppr
4	Wing Tai Holdings and Metro Holdings	$1,242 psf ppr

Four of Singapore’s largest developers, and the top two landed within $4.35 million of each other on a $610 million site. When two independent teams run their own numbers and stop 0.7% apart, that is not luck — it is a market where everyone is working from the same assumptions about what homes here will sell for.

The third and fourth bids, 8% and 12% below, are the interesting contrast: same site, same information, materially less conviction.

What is being built

About 470 homes on the bank of the Kallang River — the first riverfront condominium site released here in over a decade.

Why Kallang, now

Kallang has been rebuilt around it for twenty years — the Sports Hub, the river promenade, the Kallang Alive masterplan — while its private housing stock barely moved. This is a regeneration district that finally has private homes to sell into it, and it sits one stop from Farrer Park and two from the city.

What I would take from this

If you are buying here, note the completion year: 2033. This is a long wait, and the projects already standing nearby are the realistic near-term option.

If you own in Boon Keng or Kallang, a $1,415 psf ppr land rate under a riverfront plot resets what the area’s ceiling looks like.

If you are choosing between the city fringe and the suburbs, this tender is evidence of how tightly developers now price the fringe: four bids, and the top two effectively identical.

Common questions

Who won the Kallang Close site?

Frasers Property Phoenix and MJR Investment — the vehicles for Frasers Property and Mitsubishi Estate — at $610,750,000, or $1,415 per square foot per plot ratio. It was the highest of four bids.