Kallang Close GLS

The research read

Kallang Close GLS is an upcoming 450-unit (est.), 99-year leasehold condominium on a state land parcel at Kallang Close, District 14 (RCR, Central region), awarded to a Frasers Property Phoenix–MJR Investment (Mitsubishi Estate) joint venture. The site was awarded on 10 April 2026 at $1,415 psf ppr — $610.8 million. Preview is targeted for Q2 2027 (est.), with TOP around 2031 (est.).

Two structural facts set it apart from most of the 2026 GLS cohort. First, the parcel sits within 800m of three MRT stations across two lines — Kallang, Bendemeer and Lavender — none of them contingent on a line that has not opened. Second, the land was bought at $1,415 psf ppr against an estimated $2,564 psf ppr breakeven, which lands the indicative launch range above every nearby resale comparable we track, freehold included — a genuinely 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 immediate precinct is already printing is a separate question; and the "no school within 1km" gap looks different once the ballot data is checked rather than assumed. Those three are taken in turn below.

A near-record land bid, and what it obliges

At $1,415 psf ppr, Kallang Close was the fourth-highest of the six comparable Rest of Central Region tenders we track over the past four years — behind Arina East Residences, Tanjong Rhu Road and nothing else. Four bidders contested the tender; the runner-up, CDL, bid $1,405 psf ppr, ten dollars a square foot behind (reported by Mingtiandi). A close second-place bid on a scarce site is usually read as confirmation the winning price was not an outlier.

Land is one line of the cost stack. On our own cost model the parcel carries roughly $610.8M of land, $236.0M of construction, $96.0M of financing, $102.0M of professional fees and $63.0M of marketing — about $1.11 billion all in, on 40,099 sq m of gross floor area, for an estimated breakeven near $2,564 psf ppr. Applying the 1.15–1.30 margin band we use on every project on this site produces an indicative launch range of $2,950–$3,330 psf. The full working is set out in our pricing methodology. Cheap land lowers the floor under a launch price; expensive land raises it and removes the option to price keenly if take-up is slow — which is the real cost of a top-of-cycle bid, not 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 from our own station dataset, converted at a routed-walking allowance; treat the minutes as estimates and verify with OneMap or on foot. The honest framing: nothing here depends on a line that has not opened, which removes the slippage risk that sits under a lot of 2026-cohort launches. What three stations within 800m does not give you is a true doorstep station on either line — the nearest is still a real walk, not a two-minute stroll.

Kallang Alive: a catalyst that is 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 anchor catalyst here is unusually far along for a GLS site — most transformation stories on this site are still masterplan promises, and this one already has stadium lights on. The trade-off is that a meaningful share of that uplift is already reflected in what Arcady and Arina East are transacting at today, not still ahead of the market. This reads as an established precinct improving further, not an empty district being invented from a rendering.

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

On our own dataset, straight-line from OneMap geocodes, there is no primary school within 1km of this site. The nearest is Bendemeer Primary School at about 1.12km, followed by Hong Wen School (a SAP school) at ~1.53km, Farrer Park Primary School at ~1.88km and Geylang Methodist School (Primary) at ~1.88km. These are our own computed distances, 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 — close enough that it is worth checking again once MOE's own measurement is available, but on today's data it sits just outside it.

What the 1–2km band buys is visible in the 2025 registration record. Bendemeer's Phase 2C ballot cleared at a 0.20 applicant-to-vacancy ratio and Phase 2C(S) at 0.47 — both comfortably inside supply. Farrer Park was similar, at 0.19 and 0.62. Hong Wen, the SAP school, was the tighter draw: Phase 2A balloted at 0.61, Phase 2B at 0.82, and Phase 2C was oversubscribed and balloted among within-1km applicants at 2.47 applicants per place. Geylang Methodist's Phase 2C cleared exactly at capacity, ratio 1.00. In plain terms: three of the four schools in this band had real vacancies at every phase in 2025, and only the SAP school saw genuine competition — being inside the 1–2km band is what gets a family into these ballots, not a guarantee of a place at the more sought-after one. Our wider work on how this plays out across launches is in primary schools and new launch demand.

Day to day, the precinct is well served without needing the masterplan to finish first: Kallang Wave Mall, Kallang Leisure Park and the Old Airport Road and Upper Boon Keng food centres all exist today, and the Kallang Park Connector runs directly along the site's river frontage.

The rental picture at this entry price

No rental transactions exist yet for Kallang Close itself. The nearest reference point is Kallang Riverside, immediately adjacent, where EdgeProp's trailing 12-month data shows an average asking rent of roughly $5.90 psf/month across a $3.60–$8.30 range — a freehold precinct benchmark, not our own dataset, and worth treating with that caveat. Against our $2,950–$3,330 indicative entry range, that corridor rent implies a gross yield plausibly in the low-2% range before costs, and lower again once non-owner-occupier property tax, maintenance and a vacancy allowance are deducted.

That does not sink the project. It does mean the buying case has to rest somewhere else. The case here is scarcity of address and connectivity that does not depend on anything unopened, over a seven-to-ten-year hold — capital preservation, not running income. Anyone buying primarily for yield should run the numbers at their own likely entry price in our new launch ROI calculator rather than on a corridor average.

Who buys here, and who should not

The buyers who fit are dual-income upgraders from the Kallang, Whampoa and Geylang HDB estates who want to stay rooted in the neighbourhood on a fresh 99-year lease rather than an ageing flat; connectivity-first buyers who want a short CBD commute across two operational lines without paying City Fringe or CCR prices; and right-sizers with equity from a larger home to redeploy on a long horizon rather than stretch on a tight one. It does not suit a single-income HDB upgrader working from flat-sale proceeds alone — the entry quantum implied by our indicative range outruns what a typical five-room resale flat in the immediate area bridges after CPF refund and loan settlement, without a substantial cash top-up. Nor does it suit a family whose decision is genuinely anchored on a primary school inside 1km, or a buyer whose case depends on yield rather than capital preservation.

Stamp duty, LTV and the cash stack

Standard private condominium rules apply: no citizenship restriction and no MOP. TDSR is capped at 55% of gross monthly income and stress-tested at 4% regardless of the rate actually offered on the day, so the stress rate governs how much can be borrowed, not what gets repaid. LTV runs up to 75% on a first housing loan, 45% with one loan outstanding and 35% with two, with a minimum 5% cash component on the first. Singapore Citizens pay no ABSD 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; foreigners pay 60% on any residential purchase. Buyer's Stamp Duty runs on the tiered residential scale — illustratively $44,600 on a $1.5M purchase, before any ABSD. Under the schedule effective 4 July 2025, Seller's Stamp Duty runs for four years from the date the option is exercised, not from TOP, on an est. 2027 preview, a buyer would normally clear the SSD window around the time keys are collected, not four years after.

Progressive payments soften the cash profile: 5% on booking, 15% plus BSD at exercise roughly three weeks later, then staged draws against construction milestones, with the balance due at TOP and CSC. Nothing else falls due in year one, maintenance and property tax begin only at TOP. Before preview, the concrete step is an in-principle approval with a bank, so the affordable unit types are known rather than guessed. 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. Stress-test at a rate above today's, whatever today's happens to be — that is what the 4% floor exists to make you do.

What we would want a buyer to weigh

Five considerations would shape how we would approach this launch, set out with their counterweights.

• HighLand cost leaves limited room to discountAt $1,415 psf ppr against an estimated $2,564 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 $2,950–$3,330 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 comparable we track, freehold stock included, for a fresh 99-year lease inside 800m of three MRT stations across two operational lines, next to a sports and lifestyle precinct that is already built rather than promised. That suits a dual-income upgrader or right-sizer from the immediate Kallang, Whampoa or Geylang corridor with a seven-to-ten-year horizon, who values the address and the commute over the entry price and is not relying on a primary school inside 1km. It does not suit a single-income HDB upgrader working from flat-sale proceeds alone, a family whose decision hinges on that 1km school ring, or an investor buying primarily for yield.

Everything hinges on two figures. The first is the launch psf against our $2,950–$3,330 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 day-one take-up measured against what Arina East (79% sold) and The Arcady (62% sold) have already shown this corridor can absorb. Both get re-checked against the price list on the day it appears. Wider context sits in our 1H 2026 GLS mid-year review and GLS pipeline tracker. The Kallang Close GLS project site carries launch updates, the project name and floor plan releases as the developer confirms them; this page stays the yardstick those releases get measured against.

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; EdgeProp rental transaction data for Kallang Riverside; 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 market this project or take developer fees — see our editorial policy.

Page history

• 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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