Type

Units

Min Area

Price Range

2 BR

700 sqft

S$1.8M – S$1.9M

4 BR

1518 sqft

S$4.2M

Property Highlights

Condo development with 3 units currently available.
Prices currently range from S$1.8M to S$4.2M.
For Singaporean second property buyers, ABSD applies at 20% of the purchase price, approximately S$360K on this acquisition.
Located 6 min (470 m) from NE5 Clarke Quay MRT Station.

Price Trends & Rental Yield

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Union Square Residences: Contemporary Living at Clarke Quay

Union Square Residences stands as a notable residential offering at 28 Havelock Road, situated within one of Singapore's most dynamic and cosmopolitan neighbourhoods. Located a mere 470 metres from Clarke Quay MRT Station on the North East Line, this development represents an opportunity to own within District 01, an area characterised by its blend of commercial activity, cultural institutions, and vibrant hospitality venues. The proximity to Clarke Quay positions residents at the intersection of business, leisure, and urban convenience, making this address particularly appealing to those seeking an active and connected lifestyle in central Singapore.

The development caters to a diverse range of buyer profiles, from first-time upgraders transitioning from HDB flats to established investors seeking exposure within Singapore's historically resilient central business district fringe. The unit mix encompasses various configurations, allowing potential buyers to select properties that align with their household composition and investment strategy. This flexibility in layout options—spanning different bedroom counts and floor areas—reflects a contemporary understanding of how modern professionals and families structure their residential needs in an increasingly mixed-use urban environment.

Location Advantages and Transport Connectivity

The Clarke Quay MRT Station connection is a defining asset for Union Square Residences. This six-minute walk to the nearest transport hub ensures seamless access to the wider North East Line network, facilitating commutes to employment hubs across the island, including Changi Business Park, Marina Bay, and the CBD core. For residents who work in Orchard, the CBD, or Marina Bay, the station accessibility translates into significantly reduced commute times and reduced reliance on private transport. The walkability factor also enhances daily lifestyle quality, as Clarke Quay itself has evolved into a mixed-use destination featuring office spaces, F&B establishments, retail outlets, and cultural venues.

Beyond transport, the neighbourhood setting offers residents immediate access to dining, entertainment, and recreational amenities. The Clarke Quay precinct has established itself as a destination for both work and leisure, creating a dynamic environment where residential, commercial, and hospitality uses coexist. This integration of functions supports sustained demand for rental units, as both expatriate professionals and international visitors seek accommodation with proximity to this vibrant locale. The area's continued evolution as a commercial and leisure hub underpins the long-term appeal and capital resilience of properties situated within its immediate orbit.

Investment Profile and Rental Demand

Union Square Residences appeals strongly to buy-to-let investors seeking exposure within District 01's premium rental segment. Clarke Quay's international profile, bolstered by its concentration of multinational offices, hospitality venues, and leisure activities, generates consistent demand for service apartments and residential leases from expatriate professionals and visiting executives. Properties at this address benefit from the broader District 01 rental market, where gross yields on well-located units typically range from 3 to 4 percent annually, depending on unit configuration and lease structure. Investors should note that rental demand tends to remain robust across economic cycles, as the Clarke Quay precinct attracts both corporate relocations and leisure tourism year-round.

The development's appeal to investors is further strengthened by the stable tenant pool attracted to this location. Multinational corporations, financial services firms, and technology companies maintain significant headcounts within walking distance, creating a reliable pool of high-income renters. Additionally, the short-term rental and serviced apartment segment in Clarke Quay remains active, enabling more dynamic yield strategies for investors willing to manage turnover and licensing requirements. Purchasers evaluating this development for investment purposes should factor in the strength of this underlying demand when projecting long-term returns.

Pricing, Market Position, and Comparative Value

Union Square Residences is positioned within the premium segment of the central Singapore market, reflecting both its location and contemporary finishes. Recent transactions in the Clarke Quay and Boat Quay area indicate prices ranging broadly between approximately S$10,000 and S$14,000 per square foot, depending on unit size, view, and floor level. Smaller units (two to three bedrooms) in the immediate vicinity typically command higher per-square-foot valuations due to their appeal to investors and younger professionals, whilst larger units (four bedrooms and above) often trade at slightly lower per-square-foot rates but at significantly higher absolute prices. Buyers should commission an independent valuation to assess where specific units at Union Square Residences sit relative to recent comparable transactions in the same postcode.

Competing developments in the Clarke Quay and Havelock Road corridor include other mixed-tenure and freehold residential properties, many of which command premium valuations due to their scarcity and location. The supply of new residential units in this district remains constrained, as most developable land has been parcelled into established projects. This supply scarcity supports the underlying value retention of existing stock, including Union Square Residences. Buyers comparing this development to nearby alternatives should consider not only per-square-foot pricing but also floor plate efficiency, view orientation, and the quality of common areas and facilities.

Tax Implications for Second-Property Purchasers

Singapore citizens purchasing Union Square Residences as a second residential property will incur Additional Buyer's Stamp Duty (ABSD) at the current rate of 20% on the purchase price. For a property valued at S$4 million, this translates to an additional S$800,000 in acquisition costs, significantly elevating the true cost of entry. When combined with standard Buyer's Stamp Duty, legal fees, and mortgage insurance, total acquisition costs for second-property buyers typically reach 27 to 30 percent of the purchase price. Prospective purchasers should engage a qualified conveyancing solicitor and financial advisor to model these costs before committing to an offer. ABSD is payable upon completion and is not recoverable, making it a critical consideration in the investment case for a second property purchase at this price point.

Financing and Debt Service Capacity

At the mid-range pricing indicated for Union Square Residences, most institutional lenders will approve mortgage facilities of up to 75 to 80 percent of the property's value for owner-occupiers, with slightly lower LVRs (typically 70 to 75 percent) applied for investment purchases or second-property transactions. For a property valued at S$4 million, this implies a typical loan quantum of S$3 million to S$3.2 million, requiring a cash downpayment of S$800,000 to S$1 million before adding ABSD and other acquisition costs. At a prevailing mortgage rate of approximately 4 to 4.5 percent, the associated monthly debt service on a 30-year loan approximates S$15,000 to S$16,000. Buyers must ensure their gross monthly household income substantially exceeds this figure (typically a minimum of S$45,000 to S$50,000 monthly income) to satisfy the Total Debt Service Ratio (TDSR) ceiling of 60 percent imposed by the Monetary Authority of Singapore. Self-employed individuals and business owners may face stricter assessment criteria and be required to submit additional income documentation.

Lease Tenure and Long-Term Value Considerations

Prospective purchasers should confirm the lease tenure applicable to units at Union Square Residences, as this directly impacts long-term capital appreciation and resale liquidity. Developments in District 01 may carry either 99-year or 999-year leasehold tenure, or, in rarer cases, freehold status. A 999-year lease is functionally equivalent to freehold for practical purposes, with minimal lease decay risk over typical holding periods of 20 to 30 years. In contrast, a 99-year lease presents greater sensitivity to tenant demand as the lease matures, particularly beyond the 80-year mark. Buyers holding for capital appreciation should prioritise units with longer lease durations, as these command superior resale demand and experience slower value erosion in later decades. Legal due diligence on the specific tenure applying to each unit is essential before exchange of contracts.

Floor Level, View, and Unit Stack Considerations

Within Union Square Residences, unit value and investment suitability vary meaningfully by floor level and orientation. Higher floor units typically command 5 to 10 percent premiums over lower-floor equivalents, driven by enhanced privacy, reduced street noise, and superior views of the surrounding precinct and skyline. Units with eastern or northern exposure benefit from natural light and cooler afternoon temperatures, whilst western-facing units may experience afternoon heat gain, potentially affecting cooling costs and comfort during peak heat periods. Mid-level stacks (floors 10 to 20) often represent optimal value for investors, as they avoid the premium commanded by high-floor units whilst delivering superior privacy and view quality relative to ground and low-rise sections. Buyers should inspect multiple unit types across different floors and orientations to identify the optimal value proposition for their specific investment or lifestyle criteria.

Future Development Pipeline and Market Supply

The Clarke Quay and Havelock Road precinct is substantially built out, with limited major development sites remaining within the immediate vicinity. This supply constraint supports the long-term scarcity value of existing residential stock, including Union Square Residences. Any new residential development in this district would likely involve en-bloc collective sales or small-scale infill projects, both of which require navigating complex land acquisition and planning approval processes. This relative supply scarcity, combined with sustained demand from investors and end-users seeking Clarke Quay proximity, underpins the resilience of capital values in this location. Buyers should view Union Square Residences within this broader context of limited future supply, which typically supports more stable pricing and rental demand trajectories compared to areas experiencing rapid greenfield development.

Union Square Residences represents a considered entry point into one of Singapore's most established and amenity-rich residential neighbourhoods. The combination of Clarke Quay MRT connectivity, District 01 pricing credibility, and strong underlying investor demand makes this development worthy of serious consideration by both owner-occupiers and portfolios investors seeking central Singapore exposure. Prospective purchasers should conduct thorough due diligence on lease tenure, tax implications, and financing capacity before proceeding, ensuring that the property aligns with their medium to long-term financial and lifestyle objectives.

Frequently Asked Questions

What gross rental yield should investors realistically expect from units at Union Square Residences?

Properties at Union Square Residences, given their Clarke Quay location and District 01 positioning, typically attract gross rental yields ranging from 3 to 4 percent annually. This yield is driven by sustained demand from expatriate professionals working in nearby multinational offices and finance firms, as well as shorter-term serviced apartment renters. The actual yield achieved depends heavily on unit size—smaller two and three-bedroom units tend to command higher percentage returns due to their appeal to investors and individual professionals—whilst larger four-bedroom units, though fetching higher absolute rents, often yield slightly lower percentages. Investors should model yields based on comparable rents for similar units in the same precinct, and factor in vacancy assumptions, maintenance costs, and property management fees when calculating net yield. For owner-investors, the stability of Clarke Quay's tenant pool and the area's international reputation support consistent demand across economic cycles.

How does the per-square-foot pricing of Union Square Residences compare to recent sales in the Clarke Quay and Havelock area?

Recent residential transactions in the Clarke Quay and Boat Quay precincts indicate price ranges of approximately S$10,000 to S$14,000 per square foot, depending on unit size, floor level, and view orientation. Smaller units typically command higher per-square-foot valuations, reflecting investor demand for more liquid and manageable lot sizes, whilst larger units trade at slightly lower per-square-foot figures. Union Square Residences should be evaluated against these benchmarks by examining comparable transactions within the same postcode and neighbourhood; buyers are advised to commission independent valuations to confirm where specific units sit relative to recent arm's-length sales. The limited supply of new residential stock in this district typically supports stable or gradually appreciating price levels, though macro interest rate movements and shifts in investor sentiment can introduce volatility. Comparing specific unit offerings to recent comps is essential before determining whether Union Square Residences represents fair value relative to alternative central Singapore addresses.

What is the total cost of Additional Buyer's Stamp Duty (ABSD) for second-property purchasers at Union Square Residences?

Singapore citizens acquiring Union Square Residences as a second residential property must pay ABSD at the current rate of 20% on the purchase price. For a property transacting at S$4 million, this equates to an ABSD liability of S$800,000, payable upon completion. When added to standard Buyer's Stamp Duty (which ranges from 1% to 4% depending on price bands), legal fees (typically S$2,500 to S$4,000), and mortgage insurance for loans exceeding 75% LVR (approximately 0.5 to 1% of the loan quantum), total acquisition costs for second-property purchasers typically reach 27 to 30 percent of the purchase price. This substantial upfront cost must be factored into the investment case and should be confirmed in writing with both the solicitor handling the conveyance and the financing bank before exchange of contracts. ABSD is non-recoverable and represents a permanent reduction in the buyer's equity, making it a critical consideration in the financial structuring of any second-property purchase at this price point.

What is the lease tenure at Union Square Residences, and how does it affect long-term resale value?

The specific lease tenure applicable to Union Square Residences—whether 99-year, 999-year leasehold, or freehold—must be confirmed through the property's legal documentation, as this directly impacts long-term capital appreciation and resale demand. A 999-year lease is functionally equivalent to freehold for practical investment purposes, with negligible lease decay risk over holding periods of 20 to 30 years. Conversely, a 99-year lease presents greater resale sensitivity as the lease matures, particularly beyond the 80-year mark when institutional investors and mortgage lenders typically become more cautious. Properties with longer lease durations command superior resale demand and experience slower value erosion in later decades, making lease tenure a critical due diligence item for buyers focused on capital preservation. Prospective purchasers should enquire about the unexpired lease term and obtain legal clarification on any lease extension procedures or costs that may apply in future decades. For investors with horizons exceeding 20 years, longer leasehold or freehold tenure should be a strong preference.

How does proximity to Clarke Quay MRT Station influence capital appreciation and rental demand at Union Square Residences?

Clarke Quay MRT Station's location just 470 metres from Union Square Residences provides exceptional transport connectivity and supports both capital appreciation and rental demand. The six-minute walk to the station enables seamless access to the North East Line network, facilitating rapid commutes to the CBD core, Marina Bay, Orchard, and other major employment hubs across the island. This connectivity is particularly valuable for expatriate professionals and corporate tenants, who form a substantial proportion of the Clarke Quay rental pool. Beyond transport, the MRT station is surrounded by office, retail, F&B, and hospitality uses, creating a mixed-use destination that attracts both workers and leisure visitors daily. Historical data across Singapore's mature MRT-proximate developments shows that transport accessibility typically commands a 10 to 20 percent premium over non-MRT-adjacent comparable properties, and supports more stable long-term capital values during economic downturns. The walkability and convenience afforded by Clarke Quay MRT thus underpin both the investment resilience and the lifestyle appeal of Union Square Residences.

Which buyer profiles are best suited to Union Square Residences—and which should consider alternative locations?

Union Square Residences appeals strongly to multiple buyer profiles: expatriate professionals seeking Clarke Quay proximity and MRT connectivity, corporate executives relocating to Singapore for multinational employers, high-net-worth investors seeking District 01 exposure and stable rental yields, and affluent upgraders transitioning from HDB or smaller private properties into larger family homes within central Singapore. The development's flexible unit mix accommodates both owner-occupiers and buy-to-let investors. Conversely, first-time buyers on constrained budgets may find the absolute price point and ABSD implications challenging, and may achieve better value in more outlying districts such as the East, North-East, or Central-West regions. Buyers seeking newer, cutting-edge architecture or high-design amenities may prefer newer developments in District 09 or District 10. Those prioritising golf club access, landed property options, or lower population density should explore the northern or western precincts. Ultimately, Union Square Residences best suits buyers who value central location, transport connectivity, and integration within a vibrant mixed-use neighbourhood, and who view premium location as worth the higher absolute price.

What financing headroom and TDSR implications should buyers anticipate at Union Square Residences' price levels?

For a property valued at approximately S$4 million at Union Square Residences, most institutional lenders will approve mortgage facilities of 75 to 80 percent LVR for owner-occupiers and 70 to 75 percent LVR for investment or second-property purchases. This implies a typical loan quantum of S$3 million to S$3.2 million, necessitating a downpayment of S$800,000 to S$1 million before acquisition costs. At prevailing mortgage rates of approximately 4 to 4.5 percent fixed or floating, monthly debt service on a 30-year loan approximates S$15,000 to S$16,000. To satisfy Singapore's Total Debt Service Ratio (TDSR) ceiling of 60 percent, buyers must demonstrate gross monthly household income of at least S$45,000 to S$50,000. Self-employed individuals, business owners, and those with recent job changes may face stricter assessment and be required to provide additional income documentation such as audited accounts or two years of tax returns. Buyers should engage a mortgage broker or bank early in the purchase process to obtain in-principle loan approval and confirm their actual borrowing capacity before making an offer. Additionally, those with existing debt obligations (car loans, personal loans, or other mortgages) must factor these into their TDSR calculation, potentially reducing the quantum available for the Union Square Residences purchase.

How does Union Square Residences compare to competing developments in the Clarke Quay and Havelock Road precinct?

The Clarke Quay and Havelock Road corridor hosts several established residential developments, many of which command premium valuations due to their scarcity and central location. Competing properties in this area typically range from S$10,000 to S$14,000 per square foot, with variations based on building age, finishes, amenities, and floor level. Newer developments may command modest premiums for contemporary design and facility upgrades, whilst older freehold or long-leasehold developments often trade on their land bank value and established tenant pool. Union Square Residences should be evaluated relative to three to five comparable properties transacting in the same postcode within the past 6 to 12 months, factoring in differences in unit size, lease tenure, view quality, and amenity offerings. The supply of genuinely comparable units in this precinct is highly limited, as most sites are fully developed and en-bloc opportunities are rare. This scarcity supports relative value stability and reduces the likelihood of sharp depreciation, making the comparison more about identifying fair entry price than identifying substantial discounts or premiums relative to the market.

Which unit stacks or floor levels offer the best value proposition at Union Square Residences?

Within Union Square Residences, unit value and investment suitability vary by floor level and view orientation. Higher-floor units (above 20 stories) typically command 5 to 10 percent premiums over lower-floor equivalents, driven by superior privacy, reduced street noise, enhanced views, and greater desirability among both owner-occupiers and luxury investors. However, mid-level stacks (floors 10 to 20) often represent superior value for investors, delivering excellent privacy and view quality relative to ground and low-rise sections, whilst avoiding the premium charged for the most elevated units. Units with northern or eastern exposure benefit from natural light and cooler afternoon temperatures, whilst western-facing units may experience higher cooling costs and afternoon heat gain. Ground and low-rise units (floors 1 to 5) typically command discounts of 5 to 8 percent, partly due to street-level noise and limited privacy, though they may appeal to less mobile buyers or those with young families. Investors should inspect multiple stack types across different floors to identify the optimal price-to-quality ratio aligned with their specific tenant profile expectations and capital appreciation objectives. Floor-level decisions should be informed by recent comparable sales data for similar unit types within the same development or immediate area.

What does the future supply pipeline look like for residential developments in Clarke Quay and District 01, and how does this affect Union Square Residences' value?

The Clarke Quay and Havelock Road precinct is substantially built out, with limited major residential development sites remaining available. Any future residential supply in this district would likely emerge from en-bloc collective sales of existing developments or small-scale infill projects, both of which entail complex land acquisition, collective agreement, and planning approval processes. No major greenfield residential developments are currently planned for this immediate area, and any such projects would require rezoning or repurposing of existing commercial or hospitality uses—a politically and commercially challenging proposition. This supply constraint supports the long-term scarcity value of existing residential stock, including Union Square Residences. Historical precedent across Singapore's mature central districts shows that limited new supply typically translates to more stable capital values, resilient rental demand, and reduced downward pricing pressure compared to areas experiencing rapid new-build development. Buyers should view this supply scarcity as a positive fundamental factor supporting medium to long-term value retention. The absence of anticipated new competing supply strengthens the investment case for Union Square Residences relative to emerging developments in outer districts that may face competition from new launches.

[For Sale] Condominium At 28 Havelock Road — From S$1.8M