Union Square Residences

Overview & Key Facts

Union Square Residences is a 366-unit, 99-year leasehold condominium at Havelock Road in District 1, developed by a consortium led by City Developments Limited (CDL) — one of Singapore’s most established developers with a track record spanning over six decades. The development sits within the Rest of Central Region (RCR) classification but carries a District 1 postal code, placing it at the intersection of Singapore’s CBD office core and the vibrant Clarke Quay lifestyle precinct. The lease commenced in 2024, giving buyers a fresh 97-year runway — effectively full tenure for any practical investment or own-stay horizon.

At an average PSF of $3,286 across 138 recorded transactions, Union Square Residences is priced at a significant premium to the broader RCR market. That PSF positions it above established neighbours such as Marina One Residences at $2,342 psf and The Sail @ Marina Bay at $2,008 psf, though below the ultra-premium One Marina Gardens at $2,956 psf. The premium reflects the new-launch pricing dynamic: buyers are paying for brand-new finishes, a fresh lease, CDL build quality, and a location that straddles the CBD and Clarke Quay — but they should understand that near-term capital appreciation is constrained by the launch premium already baked into the price.

The development’s standout attribute is its exceptional MRT connectivity. Three MRT stations sit within 500 metres of the front door — Clarke Quay (NEL), Chinatown (NEL/DTL), and Fort Canning (DTL) — a density of rail access that very few Singapore condominiums can match. This triple-MRT catchment, combined with the walkability score of 88/100 (among the highest in our database), makes Union Square Residences genuinely car-optional for residents who work in the CBD, Orchard, or anywhere along the Downtown and North-East Lines.

The profitability score of 13/100 warrants frank discussion upfront. This is a new launch with zero rental transactions recorded to date, and the $3,286 average PSF means buyers are entering at peak pricing. The PSF trend is rising — $3,165 to $3,227 to $3,591 across recent transaction batches — but that trajectory reflects developer pricing strategy (releasing higher-floor or premium stacks later) rather than genuine secondary-market appreciation. Buyers should approach Union Square Residences as a lifestyle-and-location play with long-term holding potential, not a short-term flip opportunity.

Location & Connectivity

Union Square Residences occupies one of Singapore’s most connected addresses for public transport. Clarke Quay MRT on the North-East Line is approximately 350 metres away — a four-minute walk. Chinatown MRT, served by both the North-East and Downtown Lines, is roughly 390 metres, offering interchange flexibility that is invaluable for daily commuters. Fort Canning MRT on the Downtown Line sits approximately 490 metres away, completing a triple-MRT triangle that makes virtually every corner of Singapore accessible within a single transfer. This is not marketing hyperbole — three stations within 500 metres is a measurable rarity among Singapore condominiums.

For drivers, the Central Expressway (CTE) is accessible within minutes, connecting northward to Bishan, Ang Mo Kio, and beyond. The CBD office core — Raffles Place, Marina Bay, Shenton Way — is a short drive or a comfortable walk for the fitness-inclined. The location sits at the seam between the Singapore River’s entertainment belt and the commercial gravity of the financial district, giving residents the rare ability to walk to both a Michelin-starred restaurant and a Fortune 500 office.

The Clarke Quay and Chinatown precincts provide an unusually rich daily-life ecosystem. Clarke Quay’s riverside restaurants and bars are within a five-minute walk — ideal for after-work dining but worth noting that the entertainment noise can carry on weekend evenings. Chinatown’s hawker centres, wet markets, and heritage shophouses offer affordable food options and genuine neighbourhood texture that CBD-only addresses lack. The Clarke Quay Central mall provides a FairPrice supermarket, food court, and retail amenities for everyday needs. For more extensive shopping, VivoCity and the Orchard Road belt are both accessible within 10–15 minutes by MRT.

The Havelock Road corridor is undergoing steady transformation. The area retains some older commercial buildings and HDB blocks, giving it a grittier, more authentic character than the sanitised CBD streets to the south. For some buyers this is a feature (genuine neighbourhood feel); for others expecting pristine streetscapes, it may feel transitional. The URA Master Plan signals continued densification and upgrading of the broader Singapore River precinct, which should benefit property values over the medium to long term.

Schools & Education

1 primary school within the 1 km Priority Phase balloting radius.

Facilities

Union Square Residences delivers the facilities package expected of a CDL new-build in the premium segment. As a 366-unit development, the amenity-to-resident ratio is reasonable — neither the sprawling resort-scale offerings of a mega-development nor the sparse basics of a boutique project. CDL’s track record on build quality and common-area finishes is well-established across projects like Canninghill Piers and Newport Residences, and buyers can reasonably expect that standard to carry forward here.

The development includes the standard new-launch amenity suite: swimming pool, lap pool, gymnasium, function rooms, BBQ pavilions, and landscaped gardens. A children’s play area and family-friendly zones cater to the family segment, while sky terraces and lounges on the upper floors take advantage of the elevated position to offer city views. The pool deck and social spaces are designed with the urban professional demographic in mind — spaces for unwinding after work rather than full-day resort lounging.

The gymnasium and fitness facilities reflect current new-launch standards, with modern equipment and dedicated zones for different workout types. For a 366-unit development, the fitness facilities should comfortably handle peak-hour demand without the overcrowding issues that plague larger projects with 500+ units sharing a single gym. The function rooms provide flexible spaces for work-from-home professionals who occasionally need a meeting room or a change of scenery from their home office.

Interior specifications follow CDL’s premium-tier standards. Expect quality kitchen appliances from reputable European brands, engineered stone or marble countertops, branded bathroom fittings, and smart home integration. The exact brand specifications should be confirmed against the purchase agreement, as showflat presentations can differ from contractual commitments. CDL’s delivery track record is generally reliable on this front, with finishes typically matching or exceeding showflat standards.

Unit Sizes & Layout

Union Square Residences offers 366 units with a mix spanning from compact one-bedroom apartments to larger three- and four-bedroom family configurations. The unit mix is weighted toward smaller formats — one- and two-bedroom units — reflecting the development’s CBD-fringe location and the investor-professional demographic that gravitates toward District 1 addresses. This weighting is both a market reality and a consideration for resale: smaller units in this location will compete with a deep pool of similar stock in the Clarke Quay–Chinatown corridor.

The layouts follow contemporary new-launch design philosophy: efficient floor plates that maximise usable space within compact footprints. Living and dining areas flow into open kitchens in the smaller units, while larger configurations provide enclosed kitchens and utility spaces. Bedrooms are regularly proportioned — queen-bed-compatible in the standard bedrooms, king-bed-compatible in the master suites of three-bedroom and above. Balconies are provided across most unit types, offering outdoor space that, depending on stack orientation, frames either city skyline views or the Singapore River corridor.

Stack selection at Union Square Residences is consequential. Units with views toward the Singapore River, Clarke Quay, and the CBD skyline command premium pricing and offer the most attractive living experience. Stacks facing Havelock Road or adjacent buildings may have more limited views, particularly on lower floors. The rising PSF trend from $3,165 to $3,591 across transaction batches partly reflects the release of higher-floor and better-oriented stacks at progressively higher prices — a standard developer strategy that buyers should recognise.

At $3,286 average PSF, the per-unit quantum for a two-bedroom in the 650–750 sqft range lands between $2.1 million and $2.5 million — a significant outlay that places Union Square Residences in the upper bracket of RCR new launches. Buyers should run their own affordability calculations using the current TDSR limits and factor in the Additional Buyer’s Stamp Duty (ABSD) if this is not their first property. The total acquisition cost, including BSD and legal fees, adds roughly 3–4% for first-time buyers and substantially more for second-property or foreigner purchases.

Pricing & Market Position

Across 199 recorded transactions (all-time), sale prices range from $1,318,000 to $18,500,000, averaging $2,494,628.

Over the last 12 months, transactions averaged $2,864 psf.

Price Appreciation

From 2024 to 2026, the average PSF has declined by 10.5% (from $3,165 to $2,832 psf).

Neighbourhood Comparison

Union Square Residences competes in the CBD-fringe corridor where several established developments offer lower entry prices and proven rental track records. The competitive landscape reveals the new-launch premium clearly and helps buyers calibrate whether the premium is justified for their specific circumstances.

One Marina Gardens ($2,956 psf) is the closest competitor in the premium new-launch segment, located in the Marina Bay precinct. At $330 psf less than Union Square Residences, One Marina Gardens offers a Marina Bay address with direct waterfront positioning and integrated gardens. The trade-off is a more corporate, less lifestyle-oriented neighbourhood compared to Clarke Quay’s dining and entertainment character. For buyers who prioritise prestige address over neighbourhood vibrancy, One Marina Gardens is the alternative to evaluate.

Marina One Residences ($2,342 psf) presents a compelling value proposition at nearly $950 psf less than Union Square Residences. Completed and tenanted, Marina One offers an integrated mixed-use development with Grade A offices, retail, and the signature Green Heart garden. Its dual MRT access (Raffles Place and Downtown) is excellent, though not quite matching Union Square’s triple-station catchment. For yield-focused buyers, Marina One’s established rental market and lower entry price make it the more rational investment choice.

The Sail @ Marina Bay ($2,008 psf) is the deep-value play in the competitive set. At $1,278 psf less than Union Square Residences, The Sail offers a proven Marina Bay address with an established rental track record spanning over a decade. The trade-off is significant: The Sail completed in 2008, meaning its 99-year lease now has approximately 82 years remaining, and the development shows its age in common areas and unit finishes. For investors prioritising immediate yield over new-build quality, the quantum savings are substantial — a two-bedroom at The Sail costs roughly $600,000–$800,000 less than an equivalent at Union Square Residences.

The fundamental positioning question for Union Square Residences is whether the Clarke Quay lifestyle location, triple MRT access, CDL new-build quality, and 97-year fresh lease justify a $700–$1,200 PSF premium over completed competitors. For own-stay buyers who specifically want the Clarke Quay–Chinatown neighbourhood character — as opposed to the more corporate Marina Bay atmosphere — the premium buys a differentiated living experience. For yield-focused investors, the completed alternatives offer lower risk, proven rental income, and substantially lower capital outlay.

Lease Decay Analysis

The 99-year lease runs from 2024, meaning approximately 2 years have already been consumed. Roughly 97 years remain — still comfortably within the range where most banks will offer full financing without restrictions.

For a buyer purchasing today with a 10-year horizon (exit around 2036), the lease situation is essentially a non-issue — you’d be selling a property with ~87 years remaining, which is still very bankable. The risk profile changes for longer holds.

ShiokNest Scores

Our proprietary scoring system evaluates UNION SQUARE RESIDENCES across multiple dimensions.

What Residents Say

Union Square Residences achieved TOP in 2024, making it one of the newest completions in the Clarke Quay–Chinatown corridor. As a recently completed development, the resident community is still forming and long-term living-experience data is limited. No rental transactions have been recorded to date, indicating that most current occupants are owner-residents rather than tenants — a positive signal for community cohesion and maintenance standards in the early years.

“The triple MRT access was the deciding factor for us. My wife works at Raffles Place and I’m at one-north — we can both get to work in under 20 minutes without a car. That changes your quality of life fundamentally.”

— Buyer commentary, property forum discussion

“Clarke Quay on your doorstep is brilliant for dining out, but buyers should visit on a Friday night before committing. The entertainment noise carries, and if you’re a light sleeper in a river-facing unit, you’ll want to test that.”

— Buyer commentary, property forum discussion

“CDL finishes are solid — we’ve owned in two of their projects before. The kitchen fittings and bathroom hardware are a notch above what you get from most developers at this price point. The common areas are well-maintained from day one.”

— Buyer commentary, property review site

The early buyer profile skews toward Singaporean professionals and young couples drawn to the CBD-fringe lifestyle — consistent with the development’s positioning and price point. The Clarke Quay location attracts a demographic that values dining, nightlife accessibility, and urban convenience over suburban tranquillity. As the rental market develops (likely 2025–2026 as more units are occupied and investor-owned units enter the leasing pool), the resident mix will evolve to include expatriate tenants working in the CBD — a common pattern for District 1 developments.

Strengths & Weaknesses

Verdict

Union Square Residences is fundamentally a location play. The triple-MRT connectivity within 500 metres — Clarke Quay, Chinatown, and Fort Canning stations spanning two MRT lines — is genuinely exceptional and unlikely to be replicated by future developments in the area. The walkability score of 88/100 reflects a measurable reality: residents can reach their offices, restaurants, supermarkets, and entertainment on foot. For urban professionals who value time efficiency and car-free living, this is as good as Singapore gets.

The investment case requires more nuance. The profitability score of 13/100 is among the lowest in our database, and while that partly reflects the new-launch data gap (zero rental transactions recorded), it also reflects the fundamental challenge of new-launch pricing. At $3,286 PSF, buyers are paying a premium that the secondary market may take years to validate. The competing developments tell the story: The Sail @ Marina Bay trades at $2,008 PSF with an established rental track record and proven tenant demand, while Marina One Residences at $2,342 PSF offers a newer product with integrated retail and Grade A offices. Both are completed, tenanted, and $700–$1,200 PSF cheaper.

The new-launch premium risk is the central consideration. Rising PSF from $3,165 to $3,591 across transaction batches does not represent market appreciation — it represents developer pricing strategy as higher-floor stacks are released. Once the development is fully sold and enters the resale market, the price discovery will be determined by actual rental yields, comparable transactions, and broader market conditions rather than developer-controlled pricing. Buyers who need to exit within 3–5 years face the real possibility of selling at or below their purchase price, particularly if interest rates remain elevated or cooling measures tighten.

Where Union Square Residences genuinely excels is as an own-stay proposition for a specific buyer profile: CBD professionals or couples who want to live at the nexus of work and lifestyle, who value the Clarke Quay dining scene and Chinatown’s heritage character, and who prioritise walkability and MRT access over car-dependent suburban space. The 97-year lease is effectively fresh, eliminating lease-decay anxiety for the foreseeable future. CDL’s build quality provides confidence in the physical product. The neighbourhood — while grittier than Orchard or Marina Bay — has an authenticity and energy that sterile CBD addresses lack.

The investment score of 62/100 suggests moderate long-term potential, supported by the location fundamentals and fresh lease, but tempered by the high entry price and unproven rental market. For buyers who can hold for 10+ years and who genuinely want to live in the unit rather than purely invest, Union Square Residences is a defensible purchase in a premium location. For pure investors seeking yield, the completed alternatives in the same district offer lower risk and proven income streams at substantially lower price points.