SingHaiyi clinched the Kallang Close government‑land sale, paying S$610.75 million for a 123,320‑sq‑ft parcel that could host roughly 470 private homes, a deal that sets the stage for a new waterfront condominium priced around S$2,900 psf and potentially topping S$3,000 psf for premium units. The transaction, which represents a land rate of S$1,415 psf per plot ratio, is the highest‑priced sale for a government‑land site in the area this year, and it follows a competitive bidding process that saw four offers on the table. The second‑place bid, submitted by City Developments Ltd, was only 0.7 % lower at S$606.42 million, highlighting the tight margins that often characterize prime land auctions in Singapore.
SingHaiyi secured Kallang Close for S$610.75 million, setting a record land rate of S$1,415 psf in Singapore.
With a maximum gross floor area of 431,611 sq ft, the site’s plot ratio of 3.5 allows developers to build a high‑density residential tower or a cluster of towers, a configuration that maximizes the waterfront frontage along the Kallang River. The river view, combined with easy access to Kallang MRT station—just four stops from the Central Business District—adds a premium edge that developers expect to translate into higher unit prices. Industry observers such as Leonard Tay of Knight Frank have noted that unit orientation and tower layout will be pivotal in capturing the full price uplift, especially for units that can command view of the water.
The broader market context adds both opportunities and challenges. While the median new sale price for private homes in the second quarter of 2025 to the first quarter of 2026 sits at S$2,758 psf, the Kallang project aims to start at S$2,900 psf, with premium units potentially exceeding S$3,000 psf. This target is ambitious but plausible, given the limited supply of private residential government‑land sites in neighboring precincts such as Boon Keng and Kampong Bugis, and the continued resilience of buyer demand despite geopolitical uncertainty and rising construction costs. Notably, SingHaiyi’s recent winning bid for the Bayshore Road GLS site at S$1,388 psf ppr demonstrated the group’s sustained appetite for competitively priced land acquisitions across Singapore’s residential market.
Developers also anticipate that a riverfront promenade and public amenities, as outlined in the planning statements, will enhance lifestyle appeal and justify higher pricing.
Infrastructure connectivity further strengthens the site’s attractiveness. Proximity to the PIE, CTE, and KPE expressways guarantees regional accessibility, while the upcoming HDB catchment area of roughly 1,000 four‑room flats will create a mixed‑income environment that can support retail and service demand. However, the absence of a primary school within a one‑kilometre radius has been flagged as a potential downside, a factor that may influence family buyers.
Stakeholder comments underline a cautious optimism. Wong Shanting of Newmark points to Middle‑East conflicts and energy price volatility as bid‑moderating influences, whereas Frasers Property‑Mitsubishi’s joint venture stresses the first‑mover advantage of securing a waterfront precinct before rivals move in. Huttons Asia’s CEO notes that developer appetite remains strong for well‑located emerging sites, a sentiment reflected in the robust competition for Kallang Close.
As the project moves toward a projected launch in the second quarter of 2027, the market will watch closely to see whether the anticipated price premium materializes and how the new condominium reshapes the Kallang River skyline. The site’s proximity to the Kallang River and industrial estate provides a unique waterfront setting, but the industrial adjacency may deter some residential buyers.
The site’s 99‑year leasehold tenure adds long‑term security for investors.
