A slight modification to Sven's answer did the trick:
<label>
<span>Layout</span>
<select class="layout-option m-wrap small">
<xp:text escape="true" tagName="option" value="Fluid">
<xp:this.attrs>
<xp:attr name="value" value="fluid" />
<xp:attr name="selected" minimized="true" value="" />
</xp:this.attrs>
</xp:text>
<option value="boxed">Boxed</option>
</select>
</label>
Generates the HTML:
<label>
<span>Layout</span>
<select class="layout-option m-wrap small">
<option value="fluid" selected>Fluid</option>
<option value="boxed">Boxed</option>
</select>
</label>