# EL Development submits sole bid for Marina Gardens Lane GLS site at $1,243 psf ppr - **Source:** EdgeProp Singapore - **Published:** 2026-10-15T09:30:09.000Z - **Author:** Ashley Lo - **Original:** https://www.edgeprop.sg/property-news/el-development-submits-sole-bid-marina-gardens-lane-gls-site-1243-psf-ppr - **Topics:** Government & Policy, Transactions & Deals ## Featured rationale The subdued participation signals cautious developer sentiment toward emerging CBD precincts, while the lower land cost could provide pricing flexibility for the proposed 390-home project. ## AI summary EL Development submitted the sole $450.1 million bid for the Marina Gardens Lane GLS site at $1,243 psf ppr, 11.3% below the adjacent site’s rate. ## Original article The Government Land Sales (GLS) tender for a residential site with ground-floor commercial space at Marina Gardens Lane closed on Oct 15. EL Development was the sole bidder, offering $450.1 million, or $1,243 psf per plot ratio (ppr). That fell well short of analysts’ expectations of three to six bids and a top bid of between $1,350 and $1,650 psf ppr. “Most GLS sold recently have fetched very high pricing,” says Lim Yew Soon, managing director of EL Development. “Hopefully, with our land price for Marina Gardens Lane site, if awarded, we can create a compelling reason for purchasers to consider residing in this area despite the fact that it is not in the traditional heartland areas.” Read also: From $833 to $1,312 psf ppr: What has been driving a decade of rising GLS land prices? Lim adds that residents could also be drawn by the views from some units, the site’s proximity to Gardens by the Bay and Marina South MRT Station on the Thomson-East Coast Line, and upcoming developments in the area. Bid received for Marina Gardens Lane site Ranking | Developer(s) | Bid Price | Bid Price (psf per plot ratio) 1 | EL Development | $ 450,100,000 | $ 1,243 Source: URA | | | The tender conditions require the developer to set aside commercial space of no more than 150 sq m (1,615 sq ft) on the 1st storey for future residents. Once the development is complete, the MCST will take over and manage the space. Mark Yip, CEO of Huttons Asia, notes that the "subdued participation" reflects a recurring trend for GLS sites in the CBD. Meanwhile, Mohan Sandrasegeran, head of research and data analytics at SRI, attributes the response to the increase in residential GLS land supply, which has "provided developers with a wider range of land acquisition opportunities across different locations and market segments". Launched for tender on Aug 13, the 99-year leasehold site is the third to be released in the upcoming Marina South precinct. It spans 64,659 sq ft and has a maximum gross floor area of 362,122 sq ft. It can yield about 390 homes, with commercial space on the first storey. The site is smaller than the adjacent plot, which a Kingsford Group-led consortium won in July 2023. That tender drew four bids, and Kingsford’s top bid was $1.034 billion, or $1,402 psf ppr. Read also: Canberra Drive EC site draws most bids in eight years, sets new record land price of $825 psf ppr Tenders for GLS sites in the CBD in the last 5 years Year | Location | Number of bidders | Winner | Land Price ($ psf ppr) 2026 | Marina Gardens Lane | 1 | EL Development | $1,243 psf ppr 2024 | Marina Gardens Crescent | 1 | GuocoLand, Hong Leong Holdings and TID | $984 psf ppr (Not awarded) 2023 | Marina Gardens Lane | 4 | Kingsford Group | $1,402 psf ppr 2021 | Marina View | 1 | IOI Properties Group | $1,379 psf ppr Source: URA, Huttons Data Analytics | | The consortium launched the 937-unit One Marina Gardens on that plot in April 2025. It sold 38.5% of units over its first weekend at an average of $2,953 psf. Based on caveats lodged, the project is now about 72% sold at an average of $2,971 psf. The second site, a white site at Marina Gardens Crescent – directly opposite One Marina Gardens and the current GLS site – could yield about 775 homes. When its tender closed in January 2024, it drew a sole bid of $770.46 million, or $984 psf ppr, from a joint venture of GuocoLand, Hong Leong Holdings and TID. However, URA rejected it the following month as “too low”. The land rate was nearly 30% below the $1,402 psf ppr paid for the Kingsford site. EL Development's bid of $1,243 psf ppr is also 11.3% lower than the Kingsford Group-led consortium's bid. Despite this, Huttons’ Yip notes that EL Development’s bid is 26.3% higher than the $984 psf ppr offer for the Marina Gardens Crescent site, and expects the latest site to be awarded. Recent Government Land Sale Tenders with Single Bids GLS Site | Region | District | Tender Closing Date | Sole Bidder | Top Bid | Land Rate (price psf per plot ratio) Berlayar Drive | Rest of Central Region / Berlayar Estate (Former Keppel Club) | 4 | Aug 4, 2026 | GuocoLand, Hong Leong Holdings and Hong Leong Group | $576.78 million | $1,515 psf ppr Holland Plain (Parcel B) | Core Central Region / Holland Plain Precinct | 10 | May 7, 2026 | Sim Lian Group | $454 million | $1,491 psf ppr Zion Road (Parcel A) | Rest of Central Region / River Valley | 3 | Apr 4, 2024 | City Developments Ltd and Mitsui Fudosan | $1.107 billion | $1,202 psf ppr Sources: URA, developers, EdgeProp Singapore Marcus Chu, CEO of ERA Singapore, notes that One Marina Gardens is the condo within 500m of the latest site, which is the only District 1 plot on the confirmed list for the 2H2026 GLS programme. Read also: URA launches tender for East Coast Road GLS site; opens applications for Serangoon North View plot Given the limited supply of new homes in the area, he expects the upcoming project to appeal to owner-occupiers seeking a home near the CBD, as well as investors looking to tap rental demand from expatriate professionals. SRI's Sandrasegeran adds that the sales performance at One Marina Gardens provides an "encouraging indication" of buyer demand in the emerging Marina South precinct. "If awarded the Marina Gardens Lane site, the submitted land rate of approximately $1,243 psf ppr could provide EL Development with some flexibility in positioning its eventual residential development within the Marina South precinct," he says. Against this backdrop, Sandrasegeran estimates that the future development could launch at prices averaging between $2,500 psf to $2,600 psf. Wong Siew Ying, PropNex head of research and content, says the site “has clear strengths”. It is close to the central business district, Marina Bay Financial Centre and Marina Bay Sands, with Gardens by the Bay across the road. Even so, she says a couple of factors may have weighed on developers. The Marina South precinct is still taking shape. Its MRT station (Marina South) has been built but will not open until the surrounding area is further developed. More supply is also on the way. The nearby Marina Gardens Crescent site, which can yield about 775 homes, is on the Reserve List. Under URA’s Master Plan 2025, the precinct is slated to deliver more than 10,000 private and public homes over the long term. “As the precinct is built out and amenities come on stream, we expect developer interest to firm up,” says Wong. The location may not appeal to local buyers, as there is no primary school within 1km, says Tricia Song, CBRE head of research for Singapore and Southeast Asia. Foreign buyers, meanwhile, face a 60% additional buyer’s stamp duty (ABSD). “It is also in a relatively new location with limited amenities and a limited pool of upgrader buyers,” she says. Nearby 99y-leasehold comparables Project | No. of units sold in 2026 YTD | Median price sold in 2026 YTD | Tenure | Year completed | Total no. of units in project MARINA ONE RESIDENCES | 37 | $1,889 | 99 yrs from 01/07/2011 | 2017 | 1,042 V ON SHENTON | 13 | $1,829 | 99 yrs from 29/11/2011 | 2017 | 510 ONE SHENTON | 6 | $1,865 | 99 yrs from 14/10/2005 | 2011 | 341 MARINA BAY RESIDENCES | 9 | $2,480 | 99 yrs from 14/07/2005 | 2010 | 428 THE SAIL @ MARINA BAY | 24 | $2,100 | 99 yrs from 12/08/2002 | 2008 | 1,111 W RESIDENCES MARINA VIEW | 11 | $2,646 | 99 yrs from 25/06/2025 | Uncompleted | 515 ONE MARINA GARDENS | 115 | $3,009 | 99 yrs from 09/10/2023 | Uncompleted | 937 Source: CBRE Research, realis, data downloaded as of 14 Oct 2026. We only include projects with at least 5 transactions in 2026. If the site is awarded at EL Development’s top bid of $1,243 psf ppr, Song expects the developer could launch the project at an average of $2,850 to $2,950 psf. That would put it just below One Marina Gardens, the nearest comparable. Based on CBRE’s analysis of caveats lodged, the 937-unit project is now 72% sold, with a median transacted price of $3,009 psf so far this year. Nearby, W Residences Marina View, the branded residence on the Marina View white site, has sold 15 units since its July 2025 launch, with a median of $2,660 psf, notes CBRE. Older 99-year leasehold condos in the Marina Bay and Shenton Way area have changed hands at median prices of $1,829 psf to $2,480 psf, Song observes. They range from The Sail @ Marina Bay, completed in 2008, to Marina One Residences and V on Shenton, both completed in 2017. ## Chinese translation > Translation model: grok_cli ### EL Development以每平方英尺容积率新币1,243元就Marina Gardens Lane政府售地地段提交唯一标书 Marina Gardens的政府售地地段是即将成形的滨海南（Marina South）新镇区第三幅推出的地段。最高出价为每平方英尺容积率新币1,243元，较Kingsford Group牵头财团对毗邻地段的中标价低11.3%。 位于Marina Gardens Lane、含底层商业空间的住宅地段政府售地（GLS）招标于10月15日截止。EL Development为唯一投标者，出价新币4.501亿元，即每平方英尺容积率（psf ppr）新币1,243元。 这远低于分析师预期的三至六个标书，以及每平方英尺容积率新币1,350元至1,650元的最高出价。 EL Development董事经理Lim Yew Soon表示：“近期售出的多数政府售地都拿到了很高的地价。”“希望凭借我们为Marina Gardens Lane地段给出的地价，若成功中标，即便这里不在传统组屋区腹地，也能为买家考虑在此居住创造有说服力的理由。” 延伸阅读：从每平方英尺容积率新币833元到1,312元：是什么推动了政府售地地价十年上涨？ Lim补充说，部分单位的景观、地段邻近滨海湾花园（Gardens by the Bay）以及汤申-东海岸线的滨海南（Marina South）地铁站，加上该区即将推出的发展项目，也可能吸引住户。 Marina Gardens Lane地段所收标书 排名 | 发展商 | 出价 | 出价（每平方英尺容积率） 1 | EL Development | 新币450,100,000元 | 新币1,243元 来源：市区重建局（URA） | | | 招标条件要求发展商在一楼预留不超过150平方米（1,615平方英尺）的商业空间，供未来住户使用。项目竣工后，管理委员会（MCST）将接管并管理该空间。 Huttons Asia首席执行官Mark Yip指出，“投标反应偏淡”反映了中央商务区政府售地地段反复出现的趋势。 与此同时，SRI研究与数据分析主管Mohan Sandrasegeran将这一反应归因于住宅政府售地供应增加，这“为发展商提供了更广泛的土地收购机会，覆盖不同地点与市场细分”。 该99年地契地段于8月13日推出招标，是即将成形的滨海南（Marina South）新镇区第三幅推出的地段。占地64,659平方英尺，最高总楼面面积为362,122平方英尺。可建约390个住宅单位，一楼设有商业空间。 该地段小于毗邻地块，后者由Kingsford Group牵头的财团于2023年7月中标。当时招标收到四份标书，Kingsford的最高出价为新币10.34亿元，即每平方英尺容积率新币1,402元。 延伸阅读：Canberra Drive执行共管公寓（EC）地段八年内收到最多标书，创下每平方英尺容积率新币825元的新地价纪录 过去五年中央商务区政府售地招标 年份 | 地点 | 投标者数量 | 中标者 | 地价（每平方英尺容积率，新币） 2026 | Marina Gardens Lane | 1 | EL Development | 每平方英尺容积率新币1,243元 2024 | Marina Gardens Crescent | 1 | GuocoLand、Hong Leong Holdings及TID | 每平方英尺容积率新币984元（未授标） 2023 | Marina Gardens Lane | 4 | Kingsford Group | 每平方英尺容积率新币1,402元 2021 | Marina View | 1 | IOI Properties Group | 每平方英尺容积率新币1,379元 来源：市区重建局（URA）、Huttons Data Analytics | | 该财团于2025年4月在该地块推出937个单位的One Marina Gardens。开盘首个周末售出38.5%的单位，均价为每平方英尺新币2,953元。根据已递交的买卖契约，该项目目前约售出72%，均价为每平方英尺新币2,971元。 第二幅地段是位于Marina Gardens Crescent的白地——正对One Marina Gardens及本次政府售地地段——可建约775个住宅单位。招标于2024年1月截止时，仅收到GuocoLand、Hong Leong Holdings与TID合资公司一份标书，出价新币7.7046亿元，即每平方英尺容积率新币984元。 不过，市区重建局（URA）于次月以“过低”为由拒绝该标。该地价较Kingsford地段所付的每平方英尺容积率新币1,402元低近30%。 EL Development每平方英尺容积率新币1,243元的出价，也较Kingsford Group牵头财团的出价低11.3%。 尽管如此，Huttons的Yip指出，EL Development的出价仍比Marina Gardens Crescent地段每平方英尺容积率新币984元的报价高26.3%，并预计最新地段将获授标。 近期仅有单一标书的政府售地招标 政府售地地段 | 区域 | 区 | 招标截止日期 | 唯一投标者 | 最高出价 | 地价（每平方英尺容积率价格） Berlayar Drive | 中央区其他地区（RCR）/ Berlayar Estate（前吉宝俱乐部） | 4 | 2026年8月4日 | GuocoLand、Hong Leong Holdings及Hong Leong Group | 新币5.7678亿元 | 每平方英尺容积率新币1,515元 Holland Plain（地块B） | 核心中央区（CCR）/ Holland Plain Precinct | 10 | 2026年5月7日 | Sim Lian Group | 新币4.54亿元 | 每平方英尺容积率新币1,491元 Zion Road（地块A） | 中央区其他地区（RCR）/ River Valley | 3 | 2024年4月4日 | City Developments Ltd与Mitsui Fudosan | 新币11.07亿元 | 每平方英尺容积率新币1,202元 来源：市区重建局（URA）、发展商、EdgeProp Singapore ERA Singapore首席执行官Marcus Chu指出，One Marina Gardens是距最新地段500米内的公寓项目，而该地段是2026年下半年政府售地计划确认名单上唯一的第一区地块。 延伸阅读：市区重建局推出East Coast Road政府售地招标；开放Serangoon North View地块申请 鉴于该区新房供应有限，他预计即将推出的项目将吸引寻求靠近中央商务区住所的自住买家，以及希望把握外籍专业人士租赁需求的投资者。 SRI的Sandrasegeran补充说，One Marina Gardens的销售表现，为新兴滨海南（Marina South）镇区的买家需求提供了“令人鼓舞的信号”。 他表示：“若获授Marina Gardens Lane地段，所提交约每平方英尺容积率新币1,243元的地价，可为EL Development在滨海南镇区定位其最终住宅项目提供一定灵活性。” 在此背景下，Sandrasegeran估计，未来项目开盘均价可能在每平方英尺新币2,500元至2,600元之间。 PropNex研究与内容主管Wong Siew Ying表示，该地段“优势明确”。它靠近中央商务区、滨海湾金融中心（Marina Bay Financial Centre）和滨海湾金沙（Marina Bay Sands），马路对面就是滨海湾花园。 即便如此，她表示有几个因素可能令发展商有所顾虑。滨海南镇区仍在成形中。其地铁站（Marina South）已经建成，但要等到周边进一步发展后才会启用。 更多供应也在路上。附近可建约775个住宅单位的Marina Gardens Crescent地段列于储备名单。根据市区重建局《总体规划2025》，该镇区长期计划将供应逾10,000个私宅与公共住宅。 Wong表示：“随着该镇区逐步建成、配套设施陆续到位，我们预计发展商兴趣将趋于稳固。” CBRE新加坡及东南亚研究主管Tricia Song表示，该地点可能不太吸引本地买家，因为1公里内没有小学。与此同时，外籍买家须缴纳60%的额外买方印花税（ABSD）。 她说：“这里也是相对较新的地点，配套有限，升格买家群体也有限。” 附近99年地契可比项目 项目 | 2026年迄今售出单位数 | 2026年迄今成交中位价 | 地契年限 | 竣工年份 | 项目总单位数 MARINA ONE RESIDENCES | 37 | 新币1,889元 | 自2011年7月1日起99年 | 2017 | 1,042 V ON SHENTON | 13 | 新币1,829元 | 自2011年11月29日起99年 | 2017 | 510 ONE SHENTON | 6 | 新币1,865元 | 自2005年10月14日起99年 | 2011 | 341 MARINA BAY RESIDENCES | 9 | 新币2,480元 | 自2005年7月14日起99年 | 2010 | 428 THE SAIL @ MARINA BAY | 24 | 新币2,100元 | 自2002年8月12日起99年 | 2008 | 1,111 W RESIDENCES MARINA VIEW | 11 | 新币2,646元 | 自2025年6月25日起99年 | 未竣工 | 515 ONE MARINA GARDENS | 115 | 新币3,009元 | 自2023年10月9日起99年 | 未竣工 | 937 来源：CBRE Research、realis，数据下载截至2026年10月14日。我们仅纳入2026年至少有5笔交易的项目。 若该地段以EL Development每平方英尺容积率新币1,243元的最高出价授标，Song预计发展商可能以每平方英尺新币2,850元至2,950元的均价开盘。 这将使其略低于最近的可比项目One Marina Gardens。根据CBRE对已递交买卖契约的分析，这个937个单位的项目目前已售出72%，今年迄今成交中位价为每平方英尺新币3,009元。 CBRE指出，附近位于Marina View白地的品牌住宅W Residences Marina View，自2025年7月开盘以来已售出15个单位，中位价为每平方英尺新币2,660元。 Song观察到，滨海湾与珊顿道一带较旧的99年地契公寓，成交中位价为每平方英尺新币1,829元至2,480元。项目范围从2008年竣工的The Sail @ Marina Bay，到均于2017年竣工的Marina One Residences和V on Shenton。