EL Development Is the Only Bidder for the 390-Unit Marina Gardens Lane Site at S$1,242.96 Psf Ppr

Market watchers polled before the tender closed had expected up to six bidders, with top offers between S$1,350 and S$1,500 psf ppr for the prime District 1 site. The result is far from the response to the nearby One Marina Gardens site, where the 937-unit One Marina Gardens now stands: it drew four bids and a top offer of S$1,402 psf ppr from Kingsford Group in July 2023.

Just across the road, a Marina Gardens Crescent white site closed in April 2024 with a single bid of S$984 psf ppr from a consortium of GuocoLand, Hong Leong and Mitsui Fudosan. The authorities rejected it as too low, and the site was placed on the reserve list.

The site spans 6,007.4 sq m with a maximum gross floor area of 33,642 sq m. It is zoned for residential use with commercial space on the first storey and includes around 150 sq m of retail space. Analysts pointed to its location in the Central Business District fringe and strong accessibility, and to its “palatable” size as the smallest of the three parcels released in the area so far. They said the project could therefore be “relatively manageable” for developers with “less sell-down risk”.

Analysts noted that demand for homes in the area has historically been driven by foreign buyers and investors, who continue to be deterred by the additional buyer’s stamp duty (ABSD). Comparable Marina Bay projects have also had weak resale performance, with some units selling at a loss, one consultant pointed out. Marina One Residences recorded 30 unprofitable transactions in 2025, and in the second quarter of 2026 a 2,379 sq ft unit at Marina Bay Residences was among the top loss-making deals, changing hands at a 19 per cent, or S$1.4 million, loss. At the same time, there is ample supply of vacant land, with over 10,000 new homes planned for the 45ha Marina South neighbourhood.