Kallang Close GLS

The research read

Kallang Close GLS is a planned condo of about 450 units (est.), on state land in District 14. The lease is 99 years. It was won by Frasers Property Phoenix and MJR Investment, the Singapore arm of Mitsubishi Estate. The site was awarded on 10 April 2026 at $1,415 psf ppr, or $610.8 million. Preview is targeted for Q2 2027 (est.), with keys around 2031 (est.).

Two things to take note. Both set it apart from most of the 2026 land-sale cohort. First, the plot sits within 800m of three MRT stations across two lines: Kallang, Bendemeer and Lavender. None of them waits on a line that has not opened. Second, the land cost $1,415 psf ppr, against a breakeven we estimate at $2,572 psf ppr. That puts our launch range above every nearby resale price we track, freehold ones included. It was an aggressive land bid, even in a cycle full of them.

Waterfront scarcity is easy to assert and hard to price. A near-record land cost obliges the developer to charge a certain number. Whether that number clears what the area already fetches is a separate question. And the “no school within 1km” gap looks different once you check the ballot data rather than assume it. We take those three in turn below.

A near-record land bid, and what it obliges

At $1,415 psf ppr, Kallang Close was the fourth-highest of six comparable central-region tenders we track over the past four years. Only Arina East Residences and Tanjong Rhu Road sit above it. Four bidders contested the tender. The runner-up, CDL, bid $1,405 psf ppr, ten dollars a square foot behind, as reported by Mingtiandi. A close second bid on a scarce site usually means the winning price was not an outlier.

Land is one line in the cost stack. On our own cost model the plot carries roughly $610.7M of land and $235.7M of construction. Add $96.3M of finance, $104.8M of professional fees and $62.8M of marketing. That is about $1.11 billion all in, on 40,099 sq m of buildable floor area. The breakeven works out near $2,572 psf ppr. Applying the 1.15–1.30 margin band we use on every project on this site gives an indicative launch range of $2,960–$3,340 psf. The full working is in our pricing methodology. Cheap land lowers the floor under a launch price. Dear land raises it, and takes away the option to price keenly if sales are slow. That is the real cost of a top-of-cycle bid, rather than the headline number itself.

Three stations, two lines, all within 800m

• Kallang (EW10), about 0.44km — a 7-minute walk (est.). Operational, East-West Line, direct to the CBD in a handful of stops with no interchange.
• Bendemeer (DT23), about 0.53km — an 8-minute walk (est.). Operational since the Downtown Line Stage 3 opening in October 2017. Different line, so this is genuine network diversity rather than walking redundancy.
• Lavender (EW11), about 0.78km — a 12-minute walk (est.). Also on the East-West Line, on the opposite side of the site — a third option, not that it adds a second line, but it widens the practical catchment for anyone timing a commute against train frequency.
• By road, the Pan-Island Expressway and Central Expressway are both a short drive away, and Nicoll Highway gives a direct run toward Marina Bay and the East Coast Parkway.

Walk distances are straight-line figures from our own station data, with an allowance added for the route you would walk. Treat the minutes as estimates, and check them on OneMap or on foot. The honest framing is this. Nothing here waits on a line that has not opened, which removes a risk sitting under a lot of 2026 launches. What three stations within 800m does not give you is a doorstep station on either line. The nearest is still a real walk, not a two-minute stroll.

Kallang Alive: a catalyst already switched on

• The Kallang Alive masterplan. The National Stadium, Singapore Indoor Stadium and OCBC Aquatic Centre have been operating since the mid-2010s — this is a funded, delivered sports and lifestyle hub, not a concept drawing.
• The Kallang rebrand and upgrade programme. The precinct was reported (via a parliamentary reply) to have been renamed "The Kallang" in November 2025, with phased upgrades to dining and waterfront facilities running into 2028. A live, dated programme rather than a static asset — worth verifying the current status closer to preview.
• A binding waterfront-frontage design mandate on this tender. Public promenade access along the Kallang River frontage is a condition of the award, not a developer flourish that can be dropped.
• The long-term Kampong Bugis precinct vision. Reported as up to roughly 4,000 further waterfront homes over the long term, with no confirmed GLS release schedule. This is optionality for the wider precinct, not a scored catalyst for this specific project — treat it as a "might happen, might not, no date" line rather than part of the investment case.

The main catalyst here is unusually far along for a state land site. Most growth stories on this site are still masterplan promises. This one already has stadium lights on. The trade-off is that a good part of that uplift already sits in what Arcady and Arina East trade at today. It is not still ahead of the market. This reads as an established area improving further, not an empty district being invented from a drawing.

No school within 1km — how much does that matter?

On our own dataset, measured straight-line from OneMap map data, there is no primary school within 1km of this site. The nearest is Bendemeer Primary School at about 1.12km. Then Hong Wen School, a Special Assistance Plan school, at about 1.53km. Farrer Park Primary School and Geylang Methodist School (Primary) both sit at about 1.88km. These are our own figures, not MOE’s. Confirm the current band on MOE SchoolFinder before letting a school drive the decision. Bendemeer misses the priority ring by roughly 120 metres. That is close enough to be worth rechecking once MOE’s own measurement exists, but on today’s data it sits outside.

What the 1–2km band buys is visible in the 2025 registration record. Bendemeer’s Phase 2C ballot cleared at 0.20 applicants per place, and Phase 2C(S) at 0.47. Phase 2C covers children who have no family link to the school. Both were comfortably inside supply. Farrer Park was similar, at 0.19 and 0.62.

Hong Wen, the Special Assistance Plan school, was the tighter draw. Phase 2A balloted at 0.61 and Phase 2B at 0.82. Phase 2C was oversubscribed, and balloted among applicants living within 1km at 2.47 applicants per place. Geylang Methodist’s Phase 2C cleared exactly at capacity, at 1.00. In plain terms, three of the four schools in this band had real vacancies at every phase in 2025. Only the Special Assistance Plan school saw genuine competition. Being inside the 1–2km band gets a family into these ballots, and no further. It will not win a place at the one everybody wants. Our wider work on this is in primary schools and new launch demand.

Day to day, the area is well served without the masterplan finishing first. Kallang Wave Mall and Kallang Leisure Park exist today. So do the Old Airport Road and Upper Boon Keng food centres. The Kallang Park Connector runs directly along the site’s river frontage.

The rental picture at this entry price

No rental deals exist yet for Kallang Close itself. The nearest reference point is Kallang Riverside, right next door. Across the 655 rental contracts lodged there in our dataset, the average rent is $5.23 psf a month. That average spans the project’s whole rental history, and it is a freehold benchmark, so treat it as a guide rather than a quote. Set that rent against our $2,960–$3,340 indicative entry range and the gross yield comes out at roughly 1.9% to 2.1% before costs. It falls again once the higher non-owner-occupied property tax, maintenance and a month of empty weeks come out.

That does not sink the project. It does mean the buying case has to rest somewhere else. Here it rests on a scarce address and on transport that waits on nothing, over a seven to ten year hold. That is about protecting capital, not collecting rent. Do not work off a corridor average. Anyone buying mainly for yield should run the numbers at their own likely entry price in our new launch ROI calculator.

Who buys here, and who should not

Three kinds of buyer fit. Dual-income upgraders from the Kallang, Whampoa and Geylang flats. They want to stay in the area, on a fresh 99-year lease rather than an ageing flat. Buyers who put transport first, and want a short city commute across two working lines without paying central-region prices. And right-sizers with cash from a larger home to move across on a long view, rather than stretch on a tight one.

It does not suit a single-income flat upgrader working from sale proceeds alone. Our indicative range implies a total price above what a typical five-room resale flat here can bridge. That is after the CPF refund and loan settlement, without a large cash top-up. Nor does it suit a family whose decision really hangs on a primary school inside 1km. Nor a buyer whose case depends on rent rather than on holding value.

Stamp duty, LTV and the cash stack

Standard private condo rules apply. There is no citizenship restriction and no minimum occupation period. Your total monthly loan repayments are capped at 55% of gross monthly income. The test uses a 4% interest rate, whatever rate you are offered on the day. So that stress rate governs how much you can borrow, not what you actually repay. You can borrow up to 75% of the price on a first housing loan, 45% with one loan outstanding and 35% with two. At least 5% of the price must be cash on the first.

Singapore Citizens pay no Additional Buyer’s Stamp Duty on a first property, 20% on a second and 30% on a third or beyond. Permanent Residents pay 5% on a first and 30% on a second. Foreign buyers pay 60% on any home. Buyer’s Stamp Duty runs on the tiered scale, about $44,600 on a $1.5M purchase before any Additional Buyer’s Stamp Duty.

Seller’s Stamp Duty is the tax for selling too soon after buying. Under the schedule effective 4 July 2025 it runs for four years. The clock starts when the option is exercised, not when you get the keys. On an estimated 2027 preview, a buyer would normally clear that window around the time the keys arrive.

Progressive payments soften the cash profile. You pay 5% on booking, then 15% plus Buyer’s Stamp Duty at exercise about three weeks later. After that, payments are staged against construction milestones, with the balance due at completion. Nothing else falls due in year one. Maintenance and property tax begin only when the building is finished.

Before preview, the concrete step is an in-principle approval with a bank, so you know which unit types you can afford instead of guessing. Work the numbers through our affordability calculator, stamp duty calculator and progressive payment calculator. Upgraders selling a flat first should start with selling an HDB to buy a new launch. Test the repayment at a rate above today’s, whatever today’s happens to be. The 4% floor exists to make you do exactly that.

What we would want a buyer to weigh

Five things would shape how we approach this launch. Each is set out with its counterweight.

• HighLand cost leaves limited room to discountAt $1,415 psf ppr against an estimated $2,572 psf ppr breakeven, the developer bid within 3% of the highest RCR land rate we track in the past four years. There is little cushion to price through weak take-up without compressing an already-committed margin. The mitigant is real absorption evidence rather than sentiment: the two nearest comparable launches, Arina East Residences and The Arcady at Boon Keng, are 79% and 62% sold respectively, both above their own land cost — a corridor that has shown it can clear a premium, not a guarantee this site will.
• ModerateNo primary school within 1kmThe nearest, Bendemeer Primary School, sits at about 1.12km on our dataset — roughly 120m outside the priority band. The mitigant is the ballot record: three of the four schools in the 1–2km band had real vacancies at every 2025 phase, and only the SAP school (Hong Wen) saw genuine competition. Confirm current bands on MOE SchoolFinder closer to registration.
• ModerateNamed competing supply nearbyTanjong Rhu Road GLS, roughly 2.2km away, was awarded in February 2026 and is tracking a similar est. Q2 2027 preview window. It sits in a different micro-precinct on a different MRT line, so it is not a direct substitute, but a buyer choosing between the two should expect both to be live options at the same time, not sequential ones.
• Low99-year leasehold against freehold immediate comparablesBoth nearby transacting projects, The Arcady at Boon Keng and Arina East Residences, are freehold, which structurally supports a higher long-run resale ceiling and typically deeper buyer and exit-liquidity pools than a leasehold equivalent. The mitigant is that a 2026-dated 99-year lease resets the decay clock decades further out than most resale alternatives a buyer in this corridor would otherwise be comparing against.
• LowFirst-time joint-venture pairingThis is Frasers Property Phoenix and MJR Investment's (Mitsubishi Estate) first joint project together, so there is no completed track record for this specific combination to point to. The mitigant is that pooled-capital joint ventures have become the standard bid structure across the 2026 GLS cycle in response to elevated construction costs, and both parents individually carry established balance sheets.

The next two data points

1. Apr 2026Site awarded$610.8M — $1,415 psf ppr — to a Frasers Property Phoenix–MJR Investment (Mitsubishi Estate) joint venture, on a four-bidder tender.
2. Late 2026 (est.)Project name and branding releasedThe first developer-confirmed signal on positioning. Until then the parcel is referred to by its site address.
3. 2027 (est.)Site plan and floor plansUnit mix, stack orientation and river-view corridors become checkable rather than inferred. Nothing stack-level on this page can be written honestly before this lands.
4. Q2 2027 (est.)Preview and price listThe moment our indicative $2,960–$3,340 psf range is either confirmed or falsified. Day-one take-up against the Arcady and Arina East benchmarks is the demand signal worth watching.
5. 2031 (est.)Estimated TOPRoughly five years after the estimated preview, on a typical BUC construction timeline.

Our read on Kallang Close

The trade is clear once stated as a trade. You pay a premium to every nearby resale comparison we track, freehold stock included. In exchange you get a fresh 99-year lease inside 800m of three MRT stations across two working lines. Next door is a sports and lifestyle district that is already built rather than promised. That suits a dual-income upgrader or right-sizer from the Kallang, Whampoa or Geylang corridor, on a seven to ten year view. They value the address and the commute over the entry price, and they are not relying on a primary school inside 1km. It does not suit a single-income flat upgrader working from sale proceeds alone. Nor a family whose decision hangs on that 1km school ring. Nor an investor buying mainly for rent.

Everything hinges on two figures. The first is the launch price against our $2,960–$3,340 indicative range. Near the bottom, the land premium is being shared with the buyer. At or above the top, the buyer is funding the bid in full. The second is how many units sell on day one. Measure that against what Arina East, at 79% sold, and The Arcady, at 62% sold, have already shown this corridor can absorb. We re-check both against the price list on the day it appears.

Wider context sits in our 1H 2026 GLS mid-year review and GLS pipeline tracker. For the official name, floor plans and showflat bookings, interested buyers should visit the Kallang Close GLS appointed developer sales website, where you can also register interest and get the latest e-brochure. Use this page as the yardstick to measure those releases against.

Kallang Close in brief

• The land was awarded in April 2026 at $1,415 psf ppr, the fourth-highest of six comparable central-region tenders in four years.
• The runner-up bid was $1,405, ten dollars behind. Four bidders broadly agreed on the value.
• Our indicative launch range is $2,960–$3,340 psf. It is our estimate, not a developer figure.
• That range sits above both nearby freehold projects, which print $2,546–$2,904 psf. A premium, on a shorter lease.
• Three MRT stations across two working lines sit within 800m. None is at the doorstep.
• No primary school falls inside 1km. Bendemeer misses by about 120 metres.
• Three of the four schools in the 1–2km band had spare places at every phase in 2025.
• Rental yield would sit in the low 2% range before costs (est.).

So what should you do with this? Decide whether you will pay more than nearby freehold stock for a 99-year lease, because that is the whole trade here. If a school inside 1km is the reason you are looking, this site does not have one. Check Bendemeer’s exact distance on MOE SchoolFinder before going further. And when the price list lands, compare it with The Arcady’s $2,546–$2,675 and Arina East’s $2,643–$2,904 rather than with our range alone.

Sources: URA land sales records and tender award notices; our own land-cost and cost-stack datasets; LTA station and network records; MOE school data and 2025 P1 balloting releases compiled in our own schools dataset; URA lodged rental contracts for Kallang Riverside, compiled in our own resale and rental dataset; Mingtiandi reporting on the April 2026 tender result. Figures marked (est.) are estimates and subject to change at preview. Past performance of comparable projects is not indicative of future results. This page is research, not financial advice. PropertyInsider.sg is an independent research publication and does not take developer fees for its research. The publisher’s agency is part of the developer’s appointed sales team for this project; that work sits outside the research desk and does not change our figures or verdict. See our editorial policy.

Page history

• 3 Oct 2026 — Wording pass. Several phrases were simplified for first-read clarity. No figure, date or source changed.
• 2 Oct 2026 — Link to the project’s appointed developer sales website reworded, so readers can see where to register interest, get the e-brochure and book a showflat viewing. Disclosure line updated to state that the publisher’s agency is part of the appointed sales team. No figure, table, source or FAQ answer changed.
• 30 Sep 2026 — Estimated breakeven restated on the PropertyInsider.sg cost model, which replaces the third-party cost stack used before: $2,572 psf ppr; indicative range now $2,960–$3,340 psf. Cost lines quoted in the text updated to match.
• 29 Sep 2026 — Rent benchmark for Kallang Riverside re-sourced to the lodged rental contracts in our own dataset ($5.23 psf a month across 655 contracts, replacing a third-party asking-rent figure). Gross yield at our entry range restated to roughly 1.9% to 2.1%.
• 9 Sep 2026 — Plain-English pass. Prose rewritten for shorter sentences and first-read clarity, jargon explained at first use, a short-version summary added before the FAQ, and em dashes removed from body prose. No figure, date, table row, source, link or FAQ answer was changed in substance.
• 20 Aug 2026 — First research read published. Pricing walked from the $1,415 psf ppr land cost through a $2,564 psf ppr breakeven to the $2,950–$3,330 indicative range, cross-checked against The Arcady at Boon Keng and Arina East Residences resale prints; connectivity restated at three stations across two lines within 800m; school distances and 2025 ballot ratios restated from our own dataset, with the no-primary-within-1km position stated explicitly. Two data points were reconciled against an internal agent briefing during drafting: the briefing's District 12 reference was corrected to D14 to match our own tracked record, and its ~470-unit and 3.5 plot ratio figures were checked against our 450-unit and (corrected) 3.5 plot ratio dataset entries — the plot ratio field itself was found to disagree internally with our own GFA and site-area figures and has been corrected site-wide, not just on this page.
• Next scheduled update — the day the developer releases the project name, and again when a price list is published, at which point the indicative range is replaced with actual pricing and stack-level analysis is added.

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