Kallang Shut GLS Website Offered For $610.8 Million: New Waterfront Rental Might Launch From $2,900 PSF

A three way partnership comprising Frasers Property and Mitsubishi Property have submitted the highest bid of $610.8 million for a authorities land sale web site (GLS) at Kallang Shut in District 14.

The waterfront residential web site spans 123,320 sq ft with a plot ratio of three.5, and a most gross ground space (GFA) of 431,611 sq ft. The highest bid interprets to a land charge of $1,415 psf per plot ratio (ppr).

If the highest bid submitted by the Frasers Property-Mistubishi Property JV is accepted by the federal government, it’s potential that the typical promoting value of the brand new improvement may begin from S$2,900 psf and common above S$3,000 psf, says Leonard Tay, head of analysis at Knight Frank.

The anticipated promoting value of the brand new improvement will even depend upon how successfully the developer capitalises on the waterfront facet by design, unit dealing with, tower format, positioning and finishes, says Tay.

Primarily based on typical improvement timelines and prevailing building prices, and if…