URA has awarded the Marina Gardens Lane site to EL Development for S$450.1 million after a single bid, about 11% below the price paid for the neighbouring plot in 2023.

In short: On 26 October 2026, the Urban Redevelopment Authority (URA), Singapore's land-use planning agency, awarded the Marina Gardens Lane site to EL Development Pte Ltd at S$13,379.11 per square metre of gross floor area, or about S$1,243 per square foot of potential gross floor area (psf ppr). It was the only bid received when the tender closed on 15 October.

TL;DR

  • EL Development won the 99-year leasehold site with the only bid, S$450.1 million, roughly S$1,243 psf ppr.
  • Analysts had expected three to six bids and a top bid of S$1,350 to S$1,650 psf ppr, according to EdgeProp.
  • The site can yield about 390 homes, according to EdgeProp. Analysts quoted expect launch prices from about S$2,500 to S$2,950 psf, which are forecasts, not confirmed prices.

What did URA actually award, and to whom?

According to URA's 26 October 2026 release, the site sits on Marina Gardens Lane, allows residential use with commercial space on the first storey, covers 6,007.4 square metres and has a maximum permissible gross floor area of 33,642 square metres. It was launched for tender on 13 August 2026 on a 99-year lease. The successful tenderer is EL Development Pte Ltd, at S$450,100,000. EdgeProp reports the sole bidder's managing director, Lim Yew Soon, said recent land sales sites have fetched high prices and he hopes the project can draw buyers to the area. The parent company of EL Development is not named in the sources reviewed.

How does a sole bid compare with earlier Marina Gardens sites?

The neighbouring Marina Gardens Lane plot went to a Kingsford Group-led consortium in 2023 at S$1,402 psf ppr from four bids, so this award is about 11.3% lower, per EdgeProp. In January 2024 a single bid of S$984 psf ppr for the Marina Gardens Crescent site was rejected by URA as too low, and that site is now on the Reserve List. Stacked Homes notes most government land sales tenders this year drew four to seven bids, and that other 2026 city-fringe sites were awarded between S$1,415 and S$1,612 psf ppr.

Why did developers hold back?

Analysts quoted by EdgeProp and Stacked Homes point to a rising supply of residential land sites, a precinct that is still developing, and the Marina South MRT station not yet being open. CBRE's Tricia Song also noted that foreign buyers pay 60% Additional Buyer's Stamp Duty, which dampens demand in the central business district. Knight Frank's Leonard Tay said most developers prefer sites in established neighbourhoods with upgrader demand. These are analyst opinions, not URA statements.

Why it matters for buyers, investors and landowners

Land price sets the floor for future launch prices, so a lower land bid can signal softer pricing ahead, though forecasts vary widely: SRI's Mohan Sandrasegeran estimates S$2,500 to S$2,600 psf, while CBRE expects S$2,850 to S$2,950 psf. For comparison, EdgeProp cites One Marina Gardens at a median of S$3,009 psf in 2026 so far, per CBRE. Not confirmed: the final launch date, unit mix, and pricing. Readers tracking the wider market can also see our coverage of private home prices at https://propertynewsasia.com/ura-q3-2026-singapore-private-home-prices-rise-1-4-as-developer-sales-fall-to-1-183-units-and-completions-hit-a-two-year-high/ , the Jurong Lake District white site tender at https://propertynewsasia.com/ura-launches-town-hall-link-white-site-in-jurong-lake-district-tender-for-up-to-1-200-homes-closes-17-november/ and the Thomson Reserve launch at https://propertynewsasia.com/thomson-reserve-launches-in-q4-what-the-1-268-unit-upper-thomson-condo-means-for-singapore-buyers/ . This article is information only and is not property or investment advice.

Frequently Asked Questions

Who won the Marina Gardens Lane tender?

EL Development Pte Ltd, with a bid of S$450.1 million, announced by URA on 26 October 2026.

How many bids did the Marina Gardens Lane site receive?

One. EdgeProp and Stacked Homes both report EL Development as the sole bidder when the tender closed on 15 October 2026.

How many homes could be built on the site?

About 390 homes, with a small first-storey commercial component, according to EdgeProp. URA's release gives the permitted gross floor area of 33,642 square metres but not a unit count.

Sources and Method

Prepared from the URA media release "Tender award for URA sale site at Marina Gardens Lane" (26 October 2026) at https://www.ura.gov.sg/news/media/pr26-74/ ; EdgeProp Singapore, Ashley Lo (15 October 2026) at https://www.edgeprop.sg/property-news/el-development-submits-sole-bid-marina-gardens-lane-gls-site-1243-psf-ppr ; and Stacked Homes, Sabrina Lee (15 October 2026) at https://stackedhomes.com/marina-gardens-lane-sale-draws-just-one-bid/ . The psf ppr figure is URA's per square metre price converted by Dachex and matches the S$1,243 reported by EdgeProp. Cover photo: Marina Bay skyline at dusk by William Cho, via Wikimedia Commons, CC BY-SA 2.0.