Marina South’s residential market has a new land-price benchmark.
On 26 October 2026, the Urban Redevelopment Authority (URA) awarded a Government Land Sales (GLS) site at Marina Gardens Lane to EL Development for S$450.1 million, equivalent to approximately S$1,243 per square foot per plot ratio (psf ppr).
The land rate is approximately 11.3% below the S$1,402 psf ppr paid in 2023 for the neighbouring site now being developed as One Marina Gardens.
For buyers watching the precinct, this raises two questions: could the lower land cost translate into more competitive home prices, and how should the future project be compared with One Marina Gardens?
How Do the Two Sites Compare?
The newly awarded site measures approximately 64,659 sq ft, with a maximum gross floor area of 362,119 sq ft. It could accommodate around 390 homes, alongside up to 1,615 sq ft of first-storey commercial space.
The clearest differences between the two developments are their land acquisition costs, scale and stage of development.
| Comparison | EL Development’s New Site | One Marina Gardens |
|---|---|---|
| Developer | EL Development | Kingsford Group |
| Land acquisition year | 2026 | 2023 |
| Land rate | Approximately S$1,243 psf ppr | Approximately S$1,402 psf ppr |
| Residential units | Approximately 390, subject to final plans | 937 |
| Development stage | Site recently awarded | Launched in April 2025 |
| Residential price reference | Analysts’ projected average launch price of S$2,500–S$2,900 psf | Historical launch-weekend average of S$2,953 psf |
The residential price references above represent different measures and dates. Neither is a current unit quotation.
It is important to distinguish land rate in psf ppr from residential selling price in psf. They use different measurement bases and cannot simply be subtracted to calculate a developer’s profit.
Residential pricing must also account for construction, financing, professional fees, marketing and other development costs, alongside the project’s positioning and market conditions at launch.
Does an 11.3% Lower Land Rate Mean Homes Will Cost 11.3% Less?
A lower land acquisition cost can give a developer greater financial flexibility. It does not determine how that flexibility will be used.
EL Development could adopt competitive pricing to attract buyers, invest in a different product specification, or set prices according to demand when the project is ready for sale.
Lower land cost creates room for pricing decisions; it is not a commitment to lower home prices.
Analysts cited in the original report estimate that the future development could launch at average prices ranging from S$2,500 to around S$2,900 psf. This remains a market projection, rather than pricing announced by EL Development.
For historical context, One Marina Gardens sold 353 units, or approximately 38% of its 937 homes, during its first launch weekend in April 2025, at an average price of S$2,953 psf. That figure should not be treated as the current price of every remaining unit.
If the future project launches near the lower end of the projected range, its pricing could become a significant point of comparison. If it launches closer to the upper end, buyers will need to examine the differences between specific units more closely.
At this stage, there is a basis for discussing potential competition, but not for concluding that the new development will necessarily be cheaper than One Marina Gardens.
What Does the Single Bid Tell Us?
EL Development was the sole bidder for the site. This fell below analysts’ expectations of three to six bids and a top land rate of between S$1,350 and S$1,650 psf ppr.
One interpretation is that developers were cautious about the costs and sales risks associated with this particular opportunity.
However, a single tender result cannot establish that demand across Marina South is weak, or that future residential prices will fall.
A land bid reflects a developer’s assessment of funding requirements, development timelines, sales prospects and risk at a particular point in time. Homebuyers make their decisions later, based on the product and prices offered.
There is also a nearby precedent: in 2024, a sole bid of approximately S$984 psf ppr for the Marina Gardens Crescent white site was rejected as too low.
That outcome provides context, but should not be interpreted as establishing a fixed government land-price floor for Marina South. The sites differ in their development conditions, scale and tender timing.
What Could This Mean for One Marina Gardens?
The award does not, by itself, mean One Marina Gardens needs to adjust its prices. Its more immediate significance is that buyers following Marina South now have another future development to monitor — you can follow it on our upcoming launch pipeline.
A New Point of Comparison
Once EL Development releases its plans and prices, buyers will be able to compare another developer’s offering within the same precinct.
If a particular One Marina Gardens unit carries a premium, buyers can assess what that premium buys: whether it relates to its layout, outlook, project characteristics or purchase and delivery timeline.
The comparison will be most useful when it involves actual units, rather than broad project averages. Our project comparison tool can help line up the details side by side.
Different Development Scales
One Marina Gardens comprises 937 homes, while the new site is expected to yield approximately 390.
This difference may influence facilities, communal spaces and management arrangements. However, a larger project does not automatically offer better facilities, just as a smaller development does not automatically provide greater privacy.
The final design, facilities and unit mix will matter more than unit count alone.
More Choice, More Competition
Additional residential development can broaden buyers’ options. It can also create more alternatives for purchasers to consider when existing homes are eventually offered for sale or rent.
These effects can coexist. Further development of the precinct does not guarantee the same price performance for every property.
Buy One Marina Gardens or Wait for the New Project?
Land cost alone cannot answer that question.
If an available One Marina Gardens unit meets a buyer’s budget, space requirements and timeline, it should be assessed on its current quotation and individual merits. Our property calculators can help check affordability, stamp duty and loan limits.
Buyers with more flexible timelines may prefer to wait for EL Development to release further details. However, waiting brings uncertainty: the future project’s layouts, prices, launch date and available choices have yet to be confirmed.
For now, it helps to separate the information into three categories:
| Information status | What buyers know |
|---|---|
| Confirmed | Site award, successful bid, 99-year lease tenure and estimated housing yield |
| Market forecast | Potential average launch pricing of S$2,500–S$2,900 psf |
| Awaiting announcement | Project name, final design, layouts, official prices and sales schedule |
For One Marina Gardens, obtain an updated quotation for the specific unit under consideration. Comparing the lowest end of a future project’s projected average price range with an existing project’s historical average can produce a misleading conclusion.
The key development is that Marina South now has a lower land-cost reference for its next residential project. Whether that advantage translates into more attractive prices for buyers will become clearer when the development’s plans and official pricing are released. Browse other Singapore new launches in the meantime.
Considering One Marina Gardens or following upcoming projects in Marina South? Contact us for current project information and a comparison based on your budget, preferred layout and purchase timeline.
Based on the reported Marina Gardens Lane tender award and historical One Marina Gardens launch information. All amounts are in Singapore dollars. Projected prices are analysts’ estimates, not developer quotations. This article provides market commentary and does not predict future property performance.