Marina Gardens Lane Land Sold 12% Cheaper: What It Means for One Marina Gardens

Short answer: on 26 October 2026, URA awarded the second Marina Gardens Lane site to EL Development for $450.1 million, about $1,243 psf ppr. That's about 11% to 12% below the $1,402 psf ppr paid in 2023 for the One Marina Gardens site next door. EL Development was the only bidder. A cheaper land price could mean a new project nearby priced a little lower than One Marina Gardens, but it is still a few years away, and land price is only one part of a launch price.

The two land sales side by side

Psf ppr is URA's price per square metre of floor area, converted to square feet (1 sqm = 10.7639 sqft).

Sources: URA, tender award, 26 Oct 2026; URA, tender award, 11 Jul 2023; CBRE commentary on the tender close.

Why it went for less

Only one developer bid. Analysts had expected three to six bids and around $1,350 to $1,650 psf ppr (EdgeProp), so $1,243 psf ppr came in below what most people predicted. With one bid, there was no competition to push the price up.

What it means if you bought at One Marina Gardens

I can see why owners might feel uneasy: the land next door was sold for less, so will the new project undercut them?

Here's how I see it:

• The new project is still years away. EL Development now has to design it, get approvals and launch it. One Marina Gardens is already selling and being built, with keys expected in 2029.
• Land is only part of the price. Construction costs, the developer's finance costs and the market at launch time all count. Analysts expect the new site to launch at roughly $2,500 to $2,900 psf on average (EdgeProp). One Marina Gardens' current list prices start from about $2,780 psf.
• More homes nearby can help the area grow. About 390 more homes means more residents, shops and life around Marina South.

So if you already own here, I wouldn't panic. If you are planning to sell around the time the new project launches, plan your timing and price carefully, because buyers will compare the two.

What it means if you are buying now

You have two choices:

1. Buy at One Marina Gardens now: you know the price, the layout and the timeline, and you can choose from the units still available. As of 4 November 2026, 249 of 937 homes were left, with 2-bedrooms from $1,879,900.
2. Wait for the new project: it may come in a little cheaper per square foot, but nobody knows the launch price or timing yet, and prices could move before then.

The right answer depends on when you need to move and how much your plans can wait. Waiting a few years for a possible small saving only makes sense if you don't need the home sooner.

Frequently asked questions

Who won the Marina Gardens Lane land tender? EL Development Pte Ltd, awarded by URA on 26 October 2026 for $450,100,000. It was the only bid.

How much was the land price per square foot? $13,379.11 per square metre of floor area, which is about $1,243 psf ppr.

How does it compare with One Marina Gardens? The One Marina Gardens site was sold in July 2023 at $15,085.82 psm, about $1,402 psf ppr. The new site is about 11% to 12% cheaper.

How many homes will the new site have? About 390, with shops on the first storey, according to URA's estimate.

When will the new project launch? No date has been announced. A new launch normally takes a year or more after the land award.

Want to compare before you decide?

I'll send you the latest One Marina Gardens prices and units left, and what I'd watch for at the new site, so you can decide whether to buy now or wait.

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Velisa Leong, ERA Division Director, CEA R053331B. ERA Realty Network Pte Ltd, licence L3002382K.