One bid at about $1,243 psf ppr for Marina Gardens Lane: what a quiet land tender means for buyers
A month after seven developers fought over a small plot in Sin Ming, a site for about 390 homes near Marina South MRT drew exactly one offer. Here is what URA published, how the price compares, and how I would read it if you are buying or selling nearby.
The short version. URA’s tender for the Marina Gardens Lane site closed on Thu 15 Oct 2026 with one bid: EL Development offered $450.1 million, about $1,243 psf ppr. That is 11.3% below the 2023 Marina Gardens Lane land rate of $1,402 psf ppr. URA awarded the site to EL Development at that price on Mon 26 Oct 2026.
My read: one bidder is a demand signal, not a price signal. It tells you developers are cautious about selling another few hundred homes in Marina South. It does not tell you what anything there will cost.
Update, Thu 29 Oct 2026: awarded. URA accepted the single bid. On Mon 26 Oct 2026 it awarded the Marina Gardens Lane site to EL Development Pte Ltd at the tendered $450,100,000, which is still $13,379.11 per sqm of gross floor area, or about $1,243 psf ppr on my conversion. You can read URA’s award release for yourself. The rest of this page is as I wrote it on Thu 22 Oct 2026, with the lines that said the award was pending corrected; what I am watching for now is the project name, design and launch date.
The figures below are URA’s. The psf ppr conversions (dollars per square metre of floor area divided by 10.7639) and the percentages are my arithmetic, and my views are labelled.
1
Bid received, closed Thu 15 Oct 2026
$1,243
psf ppr (my conversion of URA’s $13,379.11 psm)
−11.3%
Against the 2023 Marina Gardens Lane plot
~390
Homes URA estimates the site can yield
The tender
What did the Marina Gardens Lane site draw?
URA put the site out to tender on Thu 13 Aug 2026 from the Confirmed List of its second-half 2026 land sales programme, alongside a smaller plot at Orchard Boulevard. It is zoned residential with shops allowed on the first storey, on a 99-year lease, and URA estimates about 390 homes. When the tender closed at noon on Thu 15 Oct, URA’s results sheet had a single line.
Marina Gardens Lane, tender closed Thu 15 Oct 2026 · Source: URA release pr26-72 and Annex A, 15 Oct 2026; home estimate from URA release pr26-62, 13 Aug 2026 · psf ppr and plot ratio are my calculations
| Item | Figure |
|---|---|
| Sole tenderer | EL Development Pte Ltd |
| Tendered price | $450,100,000 |
| Price per sqm of floor area | $13,379.11 (about $1,243 psf ppr) |
| Site area | 6,007.4 sqm |
| Maximum floor area (GFA) | 33,642 sqm (about 362,100 sq ft; plot ratio 5.6) |
| Lease | 99 years |
| Estimated homes | About 390 |
Swipe to see the full table →
In context
How does $1,243 psf ppr compare with recent land bids?
Psf ppr is the land price per square foot of floor area the site is allowed to build, so it compares plots of different sizes. Here is this bid against the 2023 Marina Gardens Lane tender and two other private land sales from September 2026.
Top bid in URA land tenders · Source: URA tender results and award releases on the dates shown · psf ppr is my conversion ($ psm GFA ÷ 10.7639)
| Site | Tender closed | Bids | Top bid, $ psm GFA | ≈ $ psf ppr |
|---|---|---|---|---|
| Marina Gardens Lane (2026 plot) | Thu 15 Oct 2026 | 1 | $13,379.11 | $1,243 |
| Lorong Puntong / Sin Ming Ave | Tue 15 Sep 2026 | 7 | $17,350.26 | $1,612 |
| New Upper Changi Road | Tue 1 Sep 2026 | – | $16,544.65 | $1,537 |
| Marina Gardens Lane (2023 plot, now One Marina Gardens) | Tue 27 Jun 2023 | 4 | $15,085.82 | $1,402 |
Swipe to see the full table →
Two comparisons stand out. In 2023 the winning bid for the first Marina Gardens Lane plot was well clear of the field: the runner-up offered $10,602.44 psm, about $985 psf ppr. So the 2023 benchmark was one very keen bidder, and this year’s figure sits about 26% above that 2023 runner-up.
The second is the same developer a month apart. At Lorong Puntong in September, EL Development bid $15,182.59 psm, about $1,411 psf ppr, and finished fourth of seven. Here, with no rival, it offered about 12% less per square foot. The two sites are very different: Lorong Puntong allows 11,994 sqm of floor area, roughly a third of Marina Gardens Lane’s, so its total price was $208.1 million rather than $450.1 million.
The New Upper Changi Road bid count is on my article on that tender; I only rechecked the award price this run, so I have left the column blank.
Why so quiet
Why would only one developer bid for Marina Gardens Lane?
URA does not say, and I will not pretend to know each developer’s reasons. What is on the record is the neighbourhood’s stock. The 2023 plot went to a Kingsford-led consortium (URA’s 2023 tender result). One Marina Gardens, a Kingsford project in the same Marina South area, is the nearest new-launch competition: the PropNex register showed 256 of its 937 units unsold on 22 Oct 2026. A new project here would compete with that, and with anything else launched in the area.
There is also a precedent. In February 2024 URA declined to award the nearby Marina Gardens Crescent white site because its sole bid was assessed to be too low, and moved the site to the Reserve List. EdgeProp reported on 15 Oct 2026 that analysts had expected several bids for this tender; I have not checked their estimates and do not rely on them.
My read. Developers in 2026 are paying up for suburban sites with a clear pool of HDB upgraders, and pricing Marina South more carefully. That is a judgement about how fast homes sell there, not a verdict on the area.
My read
What does one bid change for buyers and sellers?
Buying at Marina South now
If you are weighing One Marina Gardens or another launch nearby, this tells you supply is not about to flood in from this site: URA has now awarded it, but those 390 or so homes still need a design, approvals and a launch before they come to market. Today’s choice is among homes already on sale, so compare remaining units on my new launch price list.
Selling a home nearby
A cautious land bid is not a fall in resale prices, and I would not reprice a listing because of it. What matters to your buyer is what else they can buy this month. A valuation against current transactions is the better guide.
HDB upgraders in the suburbs
Sin Ming and Bedok land cost more per square foot of floor area than this Marina South bid. Land is only part of a launch price, so do not read across directly. But it is a reminder that suburban new launches are not automatically the cheap option.
Still open
What happens next
I will update this page as each of these lands.
1. URA’s award decision: done, Mon 26 Oct 2026
URA awarded the site on Mon 26 Oct 2026 to EL Development Pte Ltd at $450,100,000, so the developer name and price above stand. The project name, design, unit mix and launch date still have to come from the developer, and I will add them here when they do.
2. Orchard Boulevard, Thu 29 Oct 2026
The other site launched on 13 Aug 2026, for about 110 homes near Orchard Boulevard MRT, closed on Thu 29 Oct 2026; URA had not published the bids when I updated this page. Its bid count will show whether the caution here is about Marina South or about prime land generally.
3. Where to look meanwhile
For launches due over the next two years, see the 2027 launch pipeline. For how land competition looked on executive condo sites, my Canberra Drive EC tender article covers a 13-bid contest.
Questions people are asking me about Marina Gardens Lane
One. URA closed the tender on 15 October 2026 and its results table lists a single tenderer, EL Development Pte Ltd, at $450,100,000. The earlier Marina Gardens Lane plot, tendered in 2023, drew four bids.
URA gives the bid as $13,379.11 per square metre of gross floor area. Divided by 10.7639, that is about $1,243 per square foot per plot ratio. The 2023 Marina Gardens Lane plot went for $15,085.82 per square metre, about $1,402 psf ppr, so this bid is 11.3% lower.
Yes. On 26 October 2026 URA awarded the site to EL Development Pte Ltd at the tendered $450,100,000, or $13,379.11 per square metre of gross floor area. URA had said on 15 October that the closing was not an award. It does not always accept a lone bid: in February 2024 it did not award the nearby Marina Gardens Crescent site because the sole bid was assessed to be too low.
The Lorong Puntong / Sin Ming Avenue tender closed on 15 September 2026 with seven bids. Eco World Development won it at $208,099,000, or $17,350.26 per square metre of floor area, about $1,612 psf ppr. EL Development bid about $1,411 psf ppr there and came fourth.
No. The PropNex register showed 256 of its 937 units unsold on 22 October 2026, the latest pull on my project page. Stock moves daily, so ask me for a current count before you rely on it.
Not directly, and I will not forecast a launch price. Land is one cost among several, and although URA awarded the site on 26 October 2026, nothing launches on it until a scheme is designed and approved. What the bid does show is that developers priced this location more cautiously in October 2026 than in 2023.
Looking at Marina South, or selling nearby? Ask me.
Tell me which project or block you are looking at. I will pull the units still available and recent transactions side by side and tell you what I would check in your position.
Sources and dates
The facts are URA’s and the PropNex register’s, restated in my own words. The psf ppr conversions, plot ratio, square-foot area and percentages are my calculations. Opinion is labelled “my read”. Tender figures are as at Thu 15 Oct 2026; the award is as at Mon 26 Oct 2026 (URA pr26-74), checked on Thu 29 Oct 2026.
- URA, Tender closing for URA sale site at Marina Gardens Lane (pr26-72) and its Annex A, Thu 15 Oct 2026. Source for the single bid, tenderer, $450,100,000, $13,379.11 psm, site area, GFA, lease, launch and closing dates, and the statement that this is not an award.
- URA, Tender award for URA sale site at Marina Gardens Lane (pr26-74), Mon 26 Oct 2026. Source for the award to EL Development Pte Ltd at $450,100,000.00 ($13,379.11 psm GFA), 99-year lease.
- URA, URA releases two sale sites at Marina Gardens Lane and Orchard Boulevard (pr26-62), Thu 13 Aug 2026. Source for the about 390 and about 110 home estimates, the Confirmed List, the MRT stations and the 29 Oct 2026 Orchard Boulevard closing date.
- URA, Tender closing for URA sale site at Marina Gardens Lane (pr23-20) and Annex A, Tue 27 Jun 2023, and award release (pr23-26), Tue 11 Jul 2023. Source for the four 2023 bids, $15,085.82 and $10,602.44 psm.
- URA, Tender closing for Lorong Puntong / Sin Ming Avenue (pr26-65) and Annex A, Tue 15 Sep 2026. Source for the seven bids, $17,350.26 psm, EL Development’s $15,182.59 psm and the 11,994 sqm GFA.
- URA, Tender award for New Upper Changi Road (pr26-64), Fri 4 Sep 2026. Source for $16,544.65 psm.
- URA, Tender decisions for Media Circle and Marina Gardens Crescent (pr24-05), Thu 8 Feb 2024. Source for the Marina Gardens Crescent rejection and Reserve List move.
- PropNex project register, as recorded on my One Marina Gardens page: 263 of 937 units unsold and the Kingsford developer entity, as at Fri 18 Sep 2026. Not re-pulled for this article.
- Reported, not checked by me: EdgeProp, “EL Development submits sole bid for Marina Gardens Lane GLS site at $1,243 psf ppr”, Thu 15 Oct 2026, for analysts’ expectations of more bids. Its $1,243 matches my conversion of URA’s figure.
- My own analysis, not reported fact: the psf ppr conversions, the 11.3%, 12% and 26% gaps, the plot ratio and square-foot GFA, and every “my read”. URA land data has no bedroom or flat-type split, so none is given.
This article is general commentary on public data. It is not financial advice and not a forecast of any property’s price. VionaPropnex is not affiliated with, endorsed by, or speaking for URA or any developer named. For the authoritative figures, use URA’s own releases.