{"id":98659,"date":"2026-10-15T20:51:14","date_gmt":"2026-10-15T12:51:14","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=98659"},"modified":"2026-10-15T20:51:15","modified_gmt":"2026-10-15T12:51:15","slug":"marina-gardens-lane-gls-tender-results","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/marina-gardens-lane-gls-tender-results\/","title":{"rendered":"Marina Gardens Lane draws sole S$450.1M bid from EL Development"},"content":{"rendered":"
<\/div>\n

The Marina Gardens Lane Government Land Sales (GLS) site attracted a single bid of S$450.1 million from EL Development when its tender closed on 15 October 2026. The offer works out to approximately S$1,243 per square foot per plot ratio (psf ppr).<\/span><\/p>\n\n\n\n

The result came in below market expectations, both in participation and price. It also places the proposed land rate around 11.3% below the S$1,402 psf ppr paid for the neighbouring site that became <\/span>One Marina Gardens<\/b><\/a>.<\/span><\/p>\n\n\n\n

Be the first to know about the upcoming Marina Gardens Lane development!<\/strong><\/p>\n\n\n\n\n

\n
\n Get Exclusive Updates<\/a>\n<\/div>\n<\/div>\n\n\n\n\n

Marina Gardens Lane tender submission<\/b><\/h2>\n\n\n\n
Tenderer<\/b><\/td>Tender price<\/b><\/td>Land rate per sqm of GFA<\/b><\/td>Approximate land rate<\/b><\/td><\/tr>
EL Development Pte Ltd<\/span><\/td>S$450,100,000<\/span><\/td>S$13,379.11<\/span><\/td>S$1,243 psf ppr<\/span><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Provisional tender result for Marina Gardens Lane. <\/span><\/i><\/p>\n\n\n\n

EL Development was the only tenderer for the 99-year leasehold plot, which was launched on 13 August 2026<\/a>.<\/span><\/p>\n\n\n\n

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How did the sole bid compare with expectations?<\/b><\/h2>\n\n\n\n

When the site launched, market watchers offered a fairly wide range of forecasts. More cautious estimates put the top bid at S$1,350 to S$1,450 psf ppr, with no more than three bidders. More optimistic forecasts anticipated four to six bids, with the highest offer around S$1,550 to S$1,650 psf ppr.<\/span><\/p>\n\n\n\n

EL Development\u2019s offer fell below even the lower end of those price expectations.<\/span><\/p>\n\n\n\n

Pre-tender land-rate benchmark<\/b><\/td>How the sole bid compares<\/b><\/td><\/tr>
S$1,350 psf ppr<\/span><\/td>About 7.9% lower<\/span><\/td><\/tr>
S$1,450 psf ppr<\/span><\/td>About 14.3% lower<\/span><\/td><\/tr>
S$1,630 psf ppr<\/span><\/td>About 23.7% lower<\/span><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Some expectations ahead of the closing were around S$590 million to S$600 million, supported by a land-rate assumption of roughly S$1,630 psf ppr. Against that total-price range, the actual offer was approximately S$140 million to S$150 million lower.<\/span><\/p>\n\n\n\n

The single bid also fell short of expectations that the plot\u2019s smaller development scale and evidence of buyer demand at One Marina Gardens would encourage several developers to participate.<\/span><\/p>\n\n\n\n

Market watchers estimate that the future project could achieve<\/span> an average selling price above S$2,900 psf<\/b>, if URA awards the site at the submitted price.<\/span><\/p>\n\n\n\n

How does it compare with earlier Marina South land tenders?<\/b><\/h2>\n\n\n\n

This is the third GLS site tendered in Marina South. <\/span><\/p>\n\n\n\n

Site<\/b><\/td>Tender closed<\/b><\/td>Award outcome<\/b><\/td>Number of bids<\/b><\/td>Top land rate<\/b><\/td>Housing yield<\/b><\/td><\/tr>
Latest Marina Gardens Lane site<\/span><\/td>15 October 2026<\/span><\/td>Pending<\/span><\/td>1<\/span><\/td>About S$1,243 psf ppr<\/span><\/td>About 390 homes<\/span><\/td><\/tr>
Marina Gardens Crescent white site<\/span><\/td>18 January 2024<\/span><\/td>Bid rejected<\/span><\/td>1<\/span><\/td>S$984 psf ppr<\/span><\/td>About 775 homes<\/span><\/td><\/tr>
First Marina Gardens Lane site, now One Marina Gardens<\/span><\/td>27 June 2023<\/span><\/td>Awarded on 11 July 2023<\/span><\/td>4<\/span><\/td>S$1,402 psf ppr<\/span><\/td>937 homes*<\/span><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

The latest offer sits between the two earlier benchmarks. However, a closer look at the 2023 tender shows that developers\u2019 assessments of Marina South were already far apart.<\/span><\/p>\n\n\n\n

The winning offer for the first Marina Gardens Lane site was approximately <\/span>42% above the second-highest bid of S$985 psf ppr<\/b>. The sole offer for Marina Gardens Crescent the following year was almost identical to that runner-up rate, and URA rejected it as too low.<\/span><\/p>\n\n\n\n

One Marina Gardens has sold about 72% of its homes<\/b><\/h3>\n\n\n\n

Based on URA Realis caveats lodged up to 4 October 2026, One Marina Gardens had sold 672 of its 937 homes, or approximately 72%, at an average price of around S$2,970 psf since its April 2025 launch.<\/span><\/p>\n\n\n\n

Its sales progress indicates that buyers are willing to consider the emerging precinct. <\/span>The latest tender therefore points to measured land acquisition interest even as the precinct\u2019s first residential project continues to find buyers.<\/span><\/p>\n\n\n\n

Be the first to know about the upcoming Marina Gardens Lane development!<\/strong><\/p>\n\n\n\n\n

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What could have contributed to the cautious turnout?<\/b><\/h2>\n\n\n\n

Marina South offers proximity to the CBD, Gardens by the Bay and the waterfront, but it is still developing into a residential neighbourhood. The timing of transport access, amenities and surrounding projects may have influenced how developers assessed this site.<\/span><\/p>\n\n\n\n

Marina South MRT station has been built but is not yet operational.<\/b> Its opening is tied to development in the surrounding area. That means developers must consider how the precinct\u2019s accessibility and everyday convenience will evolve by the time their homes reach the market and are completed.<\/span><\/p>\n\n\n\n

Future housing supply is another possible consideration. The nearby <\/span>Marina Gardens Crescent site, which could yield about 775 homes, remains on the Reserve List<\/b>. Its eventual release would depend on the Reserve List process, so these homes should not be treated as a confirmed near-term launch.<\/span><\/p>\n\n\n\n

Over the longer term, Marina South is planned to accommodate <\/span>more than 10,000 homes, including private and public housing<\/b>. That scale could support a broader range of shops, services and community facilities as the neighbourhood grows. It also gives developers a substantial future housing pipeline to consider when planning prices and sales timelines.<\/span><\/p>\n\n\n\n

What could be built on the site?<\/b><\/h2>\n\n\n\n

The plot is designated for residential development with commercial use on the first storey, potentially bringing approximately 390 homes to Marina South.<\/span><\/p>\n\n\n\n

Site detail<\/b><\/td>Marina Gardens Lane<\/b><\/td><\/tr>
Site area<\/span><\/td>6,007.4 sqm<\/span><\/td><\/tr>
Maximum permissible gross floor area<\/span><\/td>33,642 sqm<\/span><\/td><\/tr>
Gross plot ratio<\/span><\/td>5.6<\/span><\/td><\/tr>
Estimated housing yield<\/span><\/td>About 390 homes<\/span><\/td><\/tr>
Required commercial space<\/span><\/td>135 to 150 sqm on the first storey<\/span><\/td><\/tr>
Building height limits<\/span><\/td>Up to 30 storeys in the high-rise zone; 10 storeys in the low-rise zone<\/span><\/td><\/tr>
Lease<\/span><\/td>99 years<\/span><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

A 30-storey high-rise zone and two sky terraces<\/b><\/h3>\n\n\n\n

The building height plan divides the site into a high-rise zone capped at 30 storeys and a low-rise zone capped at 10 storeys. The taller component\u2019s frontage cannot occupy more than half the allowable development frontage along Marina Gardens Drive.<\/span><\/p>\n\n\n\n

The high-rise residential building must incorporate two double-volume sky terraces: one within the 10th to 19th storeys and another within the 20th to 30th storeys. Their exact positions and design remain subject to the eventual proposal.<\/span><\/p>\n\n\n\n

A courtyard layout and a minimum 10m-wide wind corridor are also required to support airflow. These controls give buyers a clearer sense of the intended development form, while leaving the detailed architecture to the developer.<\/span><\/p>\n\n\n\n

Greenery equivalent to the site area<\/b><\/h3>\n\n\n\n

The development must provide landscape replacement areas totalling the site\u2019s approximately 6,007 sqm land area, with at least 40% of those areas devoted to permanent planting. Landscaping can be integrated across the development rather than occupying the entire ground level.<\/span><\/p>\n\n\n\n

The project must also achieve BCA Green Mark Platinum Super Low Energy certification, together with the specified sustainability badges. A development-level centralised cooling system is strongly encouraged, but is not stated as compulsory.<\/span><\/p>\n\n\n\n

A small commercial component serving residents<\/b><\/h3>\n\n\n\n

Between 135 and 150 sqm of first-storey commercial space must be provided. Permitted uses include shops and restaurants, with other complementary services subject to approval.<\/span><\/p>\n\n\n\n

This could accommodate a small amount of everyday retail, such as a bakery or grocery outlet, although no tenants have been announced. The commercial areas must form part of the development\u2019s common property, rather than separate commercial strata lots.<\/span><\/p>\n\n\n\n

Their scale is modest, so residents will still depend on the wider precinct for a fuller range of amenities.<\/span><\/p>\n\n\n\n

Road, cycling and bus infrastructure obligations<\/b><\/h3>\n\n\n\n

The successful developer must construct the planned section of Marina Gardens Crescent, including associated walking, cycling and planting infrastructure. The required road must be completed and opened for use before the project can obtain its Temporary Occupation Permit.<\/span><\/p>\n\n\n\n

The developer must also build two bus stops along Marina Gardens Drive, with a covered linkway connecting the development to the adjacent planned stop, and undertake surrounding roadside improvements.<\/span><\/p>\n\n\n\n

In addition, it must contribute S$403,704, plus applicable GST, towards an electrical substation at Marina Bay. <\/span><\/p>\n\n\n\n

Gardens, waterfront outlooks and access to the city<\/b><\/h2>\n\n\n\n

The site\u2019s appeal extends beyond its potential unit count. Its position beside Gardens by the Bay places future residents close to a major green attraction, while Marina Bay Sands, the Marina Bay Financial Centre and the CBD are within the wider surrounding area.<\/span><\/p>\n\n\n\n

Depending on the eventual building design, floor and facing, some homes could enjoy views towards Gardens by the Bay, Marina Bay Sands or the sea. These potential outlooks could become a distinguishing feature of the project.<\/span><\/p>\n\n\n\n

Connectivity is another attraction. The site is near Marina South MRT station on the Thomson-East Coast Line. URA\u2019s broader precinct plan includes an underground pedestrian network between Marina South and Gardens by the Bay stations, alongside surface and elevated pedestrian connections. The supplied site plans do not establish a direct underground link from this particular development to the station.<\/span><\/p>\n\n\n\n

However, Marina South station is not yet operational. LTA states that it will open in tandem with surrounding developments, with the opening date still to be advised. Once operational, the station would provide access along the TEL to destinations such as Shenton Way, Maxwell and Orchard.<\/span><\/p>\n\n\n\n

What would living in an emerging precinct involve?<\/b><\/h2>\n\n\n\n

URA envisions the 45-hectare Marina South precinct as a sustainable, car-lite neighbourhood where residents can reach everyday amenities and recreational spaces within a 10-minute walk.<\/span><\/p>\n\n\n\n

For buyers, the appeal is the combination of city access, greenery and a neighbourhood that will gain more homes and facilities over time. The practical consideration is how much of that wider plan will be ready when they move in.<\/span><\/p>\n\n\n\n

The tender conditions also make the car-lite approach concrete: reduced car parking provision applies, and first-storey car parking is prohibited. <\/span><\/p>\n\n\n\n

The small commercial component within this site could help with daily convenience, while the broader range of shops and services will depend on surrounding developments. Families with school-going children should also consider the limited school options in the immediate vicinity and their likely daily travel arrangements.<\/span><\/p>\n\n\n\n

These factors make the eventual project\u2019s layouts, facilities, connections and completion timetable as relevant as its Marina South address.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Marina Gardens Lane Government Land Sales (GLS) site attracted a single bid of S$450.1 million from EL Development when its tender closed on 15 October 2026. The offer works out to approximately S$1,243 per square foot per plot ratio (psf ppr). The result came in below market expectations, both in participation and price. It…<\/p>\n","protected":false},"author":141,"featured_media":98661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"59689,84485,95968,89369,74794,42996","_relevanssi_noindex_reason":"","_lmt_disableupdate":"no","_lmt_disable":"no","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53601,53738,57131],"tags":[54582,59644,59829,59828],"persona":[57127],"class_list":{"2":"type-post","15":"entry","16":"has-post-thumbnail"},"acf":[],"yoast_head":"\nMarina Gardens Lane draws sole S$450.1M bid from EL Development - 99.co<\/title>\n<meta name=\"description\" content=\"Marina Gardens Lane GLS draws a sole S$450.1 million bid from EL Development. 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