The price works out to S$1,415 per square foot (US$11,950 per square meter) per plot ratio for the 123,320 square-foot (11,456.8 square-meter) parcel located next to the Kallang River.
The 99-year leasehold site can yield around 470 homes and marks the first private residential government land sale launch in the Boon Keng, Kallang Bahru and Kampong Bugis precincts in 12 years, according to Frasers Property and its joint venture partner, Japanese developer Mitsubishi Estate.
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The Kallang Close land parcel as seen on Google Maps. Photo from Frasers Property’s press release |
The consortium’s offer was just 0.7% higher than the next-highest bid of S$1,405 psf ppr from City Developments, controlled by Singapore’s second-richest billionaire Kwek Leng Beng.
“If awarded, the consortium intends to deliver a waterfront residential development that enhances the Kallang River frontage, with publicly accessible features such as a riverfront promenade to foster connectivity, community engagement and vibrancy,” Frasers Property said in a press release on Tuesday.
The site is within walking distance of Kallang and Bendemeer MRT stations and has extensive bus services and road connectivity linking it to the city-state’s central business district and Orchard Road shopping strip. Amenities in the vicinity include Upper Boon Keng Market and Food Centre.
The nearby industrial buildings and a lack of popular primary schools within a kilometer of the site are some drawbacks, according to The Business Times.
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View of private residential buildings along the Kallang River in Singapore, Aug. 23, 2003. Photo by AFP |
The site is poised to benefit from Kampong Bugis’s wider transformation and the Kallang Alive Masterplan, which outlines a long-term plan to turn the Kallang precinct into a destination for sports, entertainment, recreation and lifestyle activities.
“As the maiden project along the Kallang River Identity Corridor, the joint developers could benefit from a first-mover advantage in the area,” Tricia Song, head of research for Singapore and Southeast Asia at property consultancy CBRE, said, as quoted by EdgeProp Singapore.
Charoen is Thailand’s third-wealthiest individual with a net worth of US$11.1 billion as of April 8, according to Forbes.
He has a controlling stake in Frasers Property and also owns Thai Beverages, the maker of Chang beer, and Bangkok-based developer Asset World Corp.
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