Frasers Property, controlled by Thai billionaire Charoen Sirivadhanabhakdi, and its joint venture partner Japan’s Mitsubishi Estate submitted the highest offer of S$610.8 million ($479 million) for a rare riverfront residential site in Singapore (08/04).

Project Details: Homes, Size, and Leasehold Terms

The 11,456.3 square meter (123,315 square feet) plot along the Kallang River will accommodate about 470 homes. Overlooking the Singapore National Stadium, the site has a 99-year leasehold and is the first government land sale in Boon Keng, Kallang Bahru, and Kampong Bugis in 12 years.

“We are pleased to be the top bidder for the Kallang Close site, which enjoys great connectivity to the city centre,” said Soon Su Lin, CEO of Frasers Property Singapore.

“This presents a rare opportunity to deliver a top-quality waterfront residential development with a first-mover advantage.”

The S$610.8 million bid equals S$1,415 per square foot per plot ratio, higher than offers from billionaire Kwek Leng Beng’s City Developments and two other bidders.

Earlier in February, Frasers Property acquired part of The Centrepoint shopping mall for $310 million, preparing the property for future redevelopment.

Connectivity and Lifestyle Features

The site is a short walk from Kallang and Bendemeer MRT stations, with extensive bus services and strong road links to the central business district and Orchard Road.

The development will include a childcare center and publicly accessible features such as a riverfront promenade.

Soon highlighted that the project will benefit from the long-term transformation of Kampong Bugis and Kallang Alive precincts, as well as the Kallang River corridor rejuvenation.

Market Context: Residential Demand in Singapore

Developers are seeking land to meet strong residential demand in Singapore, one of the world’s most expensive property markets.

“The healthy response to the tender was not surprising,” said Justin Quek, Deputy Group CEO of Realion Group. “The future development here will enjoy waterfront living close to MRT stations, strengthened by its role in the area’s revitalization.”

Charoen Sirivadhanabhakdi and his family are among Thailand’s wealthiest, with an estimated fortune of $11 billion.

In addition to Frasers Property, he has interests in Thai Beverages, Berli Jucker, and Asset World.

PHOTO: FRASERS PROPERTY

This article was created with AI assistance.

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