Summary

The Urban Redevelopment Authority (URA) awarded the 99-year residential site at Marina Gardens Lane to EL Development Pte Ltd on 26 Oct 2026, accepting the only bid it received. EL Development's tendered price is S$450.1 million, according to URA's award release. The tender closed on 15 Oct 2026 with that single bid. The price works out to about S$1,243 per sq ft per plot ratio (psf ppr), or S$13,379 per sq m of gross floor area (GFA). That is about 11% below the S$1,402 psf ppr that a Kingsford-led consortium paid in 2023 for the earlier Marina Gardens Lane site, now the One Marina Gardens condominium, according to EdgeProp and Stacked Homes. URA's 2023 award release puts that price at S$15,085.82 per sq m of GFA. The award contrasts with the nearby Marina Gardens Crescent site: in February 2024 URA did not award it, after its sole bid in January 2024 was assessed to be "too low".

What this means for Singapore buyers and developers

A small site in a precinct still taking shape

URA launched the site for tender on 13 Aug 2026 from the Confirmed List of its second-half 2026 Government Land Sales (GLS) programme, describing it as near Marina South MRT station and able to yield about 390 homes. URA's annex lists a site area of 6,007.4 sq m (about 64,660 sq ft) and a maximum permissible GFA of 33,642 sq m (about 362,120 sq ft), for residential use with commercial space at the first storey on a 99-year lease.

Marina Gardens siteTender closedBidsTop bid (psf ppr)Outcome
Marina Gardens Lane (now One Marina Gardens)Jun 20234S$1,402Awarded, Jul 2023
Marina Gardens CrescentJan 20241S$984Not awarded, "too low", Feb 2024
Marina Gardens Lane (2026 site)15 Oct 20261S$1,243Awarded to EL Development, 26 Oct 2026

Source: URA tender results.

The bid came in under forecasts

Analysts had expected three to six bids and a top price of S$1,350 to S$1,650 psf ppr, EdgeProp reported. Leonard Tay, head of research at Knight Frank Singapore, had expected S$1,400 to S$1,500 psf ppr, according to Stacked Homes. Before the award, Mark Yip, chief executive of Huttons Asia, said he expected the site to be awarded because the bid was 26.3% above the 2024 offer for Marina Gardens Crescent. Three reasons recur in the commentary. The first is supply: URA's two Confirmed Lists for 2026 carry 9,320 units, which URA says is more than 50% above the 10-year annual average. Mohan Sandrasegeran, head of research and data analytics at SRI, linked the muted response to that wider choice of land. The second is the location, which still lacks amenities. Tricia Song, head of research for Singapore and Southeast Asia at CBRE, pointed to the absence of a primary school within 1 km and to the 60% additional buyer's stamp duty (ABSD) that foreign buyers pay. The third is that single bids have happened before this year: EdgeProp lists one each for Berlayar Drive in August, at S$1,515 psf ppr, and Holland Plain (Parcel B) in May, at S$1,491 psf ppr. Most GLS tenders this year still drew four to seven bids, Stacked Homes noted.

New-home sales remain low

The result follows a quiet year for launches. EdgeProp, citing URA developer sales data released on 15 Oct 2026, reported that developers sold 296 new private homes, excluding executive condominiums, in September, after 153 in August.

What launch prices could look like

With the site now awarded at this price, analysts' launch price estimates still diverge. Ms Song expects about S$2,850 to S$2,950 psf, Mr Tay S$2,700 to S$2,900 psf and Mr Sandrasegeran S$2,500 to S$2,600 psf. These are forecasts, not prices, and no launch date has been set.

Dates to watch

  • Orchard Boulevard, a site for about 110 homes: tender closes on 29 Oct 2026.

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