Kallang Close GLS site sold for $610.8 million: New waterfront condos could launch from $2,900 psf

A joint venture between Frasers Property and Mitsubishi Estate has submitted the top bid of $610.8 million for a government land sales site (GLS) in Kallang Close, District 14. The waterfront residential site is spread over 123,320 sq ft with a plot ratio of 3.5 and a maximum gross floor area (GFA) of 431,611 sq ft. The top bid translates to a land rate of Rs 1,415 psf per plot. Ratio (PPR). If the top bid submitted by the Frasers Property-Mistubishi Estate JV is accepted by the government, it is possible that the average selling price of the new development could start at S$2,900 psf and average above S$3,000 psf, says Knight Frank head of research Leonard Tai. Tai says the expected selling price of the new development will also depend on how effectively the developer capitalizes on the waterfront aspect through design, unit facing, tower layout, positioning and finishes. Based on specific development timelines and prevailing construction costs, and if…