EL Development Wins Marina South Site with S$450.1 Million Sole Bid

The Urban Redevelopment Authority has awarded a 390-home residential site at Marina Gardens Lane to EL Development for S$450.1 million. The sole bid was 11.3 per cent below the price paid for an adjoining site in 2023, and comes after the URA rejected a sole bid for a nearby plot in 2024.

The Urban Redevelopment Authority (URA) has awarded a residential site at Marina Gardens Lane near the Marina Bay financial district to EL Development for S$450.1 million (US$351.4 million). The privately held builder submitted the only bid for the 390-home plot, which fell short of market expectations.

EL Development purchased the site for the equivalent of S$1,243 per square foot of floor area, 11.3 per cent below the price that an adjoining site fetched in 2023. The URA had previously rejected a sole bid for a nearby Marina Gardens Crescent site in 2024.

The Marina Gardens Lane site is a 99-year leasehold plot. EL Development’s winning bid was the sole offer received by the URA.