The Urban Renewal Authority (URA) has awarded the development contract for a dual-use site at Marina Garden Lane to the consortium with the highest bid.

The authority unveiled the lot on Dec. 5 last year, marking the start of the development of the new Marina South residential area.

The tender attracted four bidders, with the highest bid of $1,034.48 million coming from a consortium comprising Kingsford Huray, Obsidian Development and Polarix Cultural & Science Park Investment, all of which are part of Xinfeng Real Estate.

The lot, which is on the government's list for the second half of the land sale program, will allow for the construction of about 790 residential units, with the first floor being used for the development of commercial space, and the land lease is for 99 years.