Type

Units

Min Area

Price Range

3 BR

990 sqft

S$2.6M – S$2.7M

Property Highlights

Condo development with 2 units currently available.
Prices currently range from S$2.6M to S$2.7M.
For Singaporean second property buyers, ABSD applies at 20% of the purchase price, approximately S$518K 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: A Central Outram Sanctuary Near Clarke Quay

Union Square Residences stands as a distinguished residential address on Havelock Road, positioned within one of Singapore's most dynamic urban precincts. The development's location places it a mere 470 metres from Clarke Quay MRT Station on the North-East Line (NE5), translating to approximately six minutes on foot. This proximity to one of the island's most vibrant transport hubs ensures that residents enjoy unparalleled connectivity across Singapore without the noise and activity of the station itself dominating the residential experience.

The Outram Planning Area has emerged as a sought-after destination for both owner-occupiers and investors, combining the energy of a thriving business and entertainment district with the tranquility of established residential pockets. Havelock Road itself runs through this heart, flanked by heritage shophouses, contemporary office blocks, and an growing array of dining and leisure establishments. Union Square Residences benefits from this mixed-use urban fabric, offering occupants the rare combination of metropolitan convenience and a genuine sense of place.

Strategic Transport Links and Urban Integration

The North-East Line's Clarke Quay station serves as a major interchange point, connecting commuters directly to the wider MRT network with minimal transfers. Business professionals heading to the Central Business District benefit from direct access to Raffles Place, Marina Bay, and beyond. Those working in the eastern corridors towards Sengkang and Punggol enjoy equally straightforward connectivity. This transport advantage translates into tangible quality-of-life gains for residents, whether they commute daily or simply value the option of car-free mobility.

Beyond the MRT, the immediate surroundings feature arterial roads including Cross Street and River Valley Road, ensuring multiple traffic patterns and reducing dependency on any single route. The location thus appeals to a broad demographic: young professionals who prioritise commute efficiency, families seeking urban schooling options, and investors targeting high-turnover rental markets where transport accessibility directly influences tenant demand and rental yields.

Development Profile and Unit Diversity

Union Square Residences comprises multiple unit configurations, accommodating different household structures and investment strategies. The development offers a range of residential options from intimate two-bedroom apartments through to expansive three-bedroom layouts, with unit sizes typically ranging around 1,000 square feet depending on configuration. This diversity ensures that the project appeals to first-time buyers, upgraders, and serious real estate investors simultaneously, reducing concentration risk for the development and maintaining steady demand across market cycles.

Units are priced from approximately S$2.59 million, reflecting the premium associated with the central location, modern construction standards, and proximity to one of Singapore's highest-footfall transport nodes. The pricing structure accommodates multiple financing scenarios and buyer profiles, with competitive loan-to-value ratios typically available for residential purchases in this tier.

Amenities and Lifestyle Offerings

As a contemporary condominium development, Union Square Residences incorporates facilities designed to enhance daily living and foster community. Residents benefit from thoughtfully curated amenity spaces that complement the vibrant neighbourhood character rather than attempting to replicate it. The location itself serves as an extension of the development's recreational and social offerings, with Clarke Quay's riverside dining scene, cultural venues, and weekend markets just minutes away on foot.

The surrounding precinct hosts a comprehensive retail and food ecosystem, ranging from hawker centres serving affordable daily meals to fine dining establishments catering to more formal entertaining. Weekend leisure activities, from riverside cycling to independent boutique browsing, are integrated seamlessly into the residential experience rather than requiring dedicated trips elsewhere.

Investment Perspective and Capital Growth Trajectory

For capital appreciation, Union Square Residences benefits from several structural tailwinds. The Outram Planning Area continues to undergo gradual densification and rejuvenation, with successive enhancements to public spaces and ongoing private sector investment in the surrounding streetscape. The North-East Line's Clarke Quay station remains one of Singapore's busiest interchanges, with passenger volume and connectivity only expanding as the wider MRT network matures.

Historical precedent demonstrates that residential properties within 500 metres of major MRT stations in central Singapore consistently command premium valuations and demonstrate resilience during market downturns. The Havelock Road corridor, while historically commercial in character, has increasingly attracted private residential investment, suggesting a secular shift in neighbourhood composition that favours residential density and values.

Investors evaluating rental yields should note that the Clarke Quay precinct attracts a stable cohort of executive tenants and young professionals, supporting consistent demand for quality residential accommodation. The proximity to major employment nodes, combined with the development's central location, typically generates lease periods of twelve months or longer with minimal void periods between tenancies.

Buyer Considerations and Market Positioning

First-time buyers evaluating Union Square Residences should carefully assess their long-term residential intentions relative to the premium pricing. The central location and modern construction standards justify the per-square-foot cost relative to fringe developments, but ownership psychology differs markedly between investor-led and owner-occupier purchasing decisions. Those intending to occupy the property for five years or longer typically experience stronger value realisation compared to shorter holding periods.

Upgraders moving from suburban or fringe properties should factor in the tangible lifestyle transition accompanying a Havelock Road address. The shift from car-dependent transportation to walkable, transit-oriented living often requires genuine behavioural adjustment, though most upgraders report enhanced quality-of-life metrics once adapted to the urban rhythm.

High-net-worth investors evaluating Union Square Residences as part of a broader real estate portfolio should assess the correlation between Outram-area residential values and their other property holdings, ensuring sufficient diversification across planning areas and price points. The Clarke Quay catchment, whilst stable, experiences pronounced seasonal demand variation tied to corporate relocation cycles and international executive assignments.

Planning Context and Future Supply Outlook

The broader Central Region is subject to ongoing land use planning refinement, with the Urban Redevelopment Authority continuously evaluating density, conservation, and mixed-use opportunities. The Outram area, whilst largely developed, continues to experience incremental intensification rather than wholesale change. Future supply of comparable residential accommodation in the immediate vicinity remains constrained by existing shophouse conservation areas and commercial zoning, suggesting that established residential projects like Union Square Residences may experience sustained scarcity value as the planning area matures.

Long-term residents should note that the Clarke Quay precinct has demonstrated remarkable resilience in maintaining relevance despite generational shifts in dining and entertainment preferences. Unlike trendier precincts that experience marked cycles of popularity, Clarke Quay has consolidated its position as a stable, institutionally-recognised landmark with enduring appeal to both locals and international visitors.

Conclusion

Union Square Residences represents a sophisticated choice for buyers prioritising location, connectivity, and participation in one of Singapore's most established urban neighbourhoods. The development's central Havelock Road address, combined with immediate proximity to Clarke Quay MRT, delivers tangible returns in daily convenience and capital preservation. Whether evaluating the property as a primary residence, an investment vehicle, or an upgrade from existing holdings, prospective purchasers should approach Union Square Residences with clear long-term objectives and realistic assessment of the urban lifestyle transition accompanying central-area residence.

Frequently Asked Questions

What rental yield can investors realistically expect from a unit at Union Square Residences?

Rental yields for properties within 500 metres of major MRT stations in central Singapore typically range between 2.5% and 3.5% gross annual yield, depending on unit configuration, furnishing standard, and tenant profile. Union Square Residences' proximity to Clarke Quay MRT, combined with the Outram area's stable cohort of executive and young professional tenants, supports yields at the higher end of this range. The development's modern construction standards and central location attract longer-term lease agreements (typically 12 months or more) with minimal void periods, enhancing net yield realisation. Investors should note that gross yield figures require adjustment for property tax (approximately 4–6% of annual rental value for residential units), maintenance fees, and potential service charges, meaning net yields typically settle between 1.5% and 2.5% depending on operational efficiency.

How does the per-square-foot pricing at Union Square Residences compare to recent transactions in Outram?

Central Outram residential properties have traded recently in the range of S$4,500 to S$5,500 per square foot for modern condominiums, with premium pricing awarded to developments within walking distance of major MRT interchanges. Union Square Residences, positioned at approximately S$2,590 per unit for mixed configurations, translates to a competitive per-square-foot range depending on specific floor plate size and unit layout within the development. Recent comparables in the immediate vicinity—including properties on River Valley Road and adjacent Cross Street—demonstrate strong price resilience, with recent sales showing year-on-year appreciation of 3–5% for properties held beyond five years. The Clarke Quay MRT proximity justifies pricing at the premium end of the Outram spectrum, as transport-proximate properties consistently outperform fringe alternatives in both capital appreciation and rental demand.

What is the Additional Buyer's Stamp Duty (ABSD) impact for a Singapore Citizen purchasing a second property at Union Square Residences?

Singapore Citizens purchasing a second residential property incur Additional Buyer's Stamp Duty at a rate of 20% on the purchase price, effective immediately upon exchange of contracts. For a property priced at S$2.59 million, ABSD liability therefore amounts to approximately S$518,000, substantially increasing the true acquisition cost beyond the advertised price. This duty applies in addition to standard Buyer's Stamp Duty (which ranges from 1–4% depending on property value) and all legal and valuation fees. First-time buyers—defined as individuals with no prior residential property ownership anywhere globally—are exempt from ABSD entirely, making Union Square Residences potentially more attractive for upgraders from their first residential purchase than for investors holding existing property. Purchasers should factor ABSD into cashflow modelling and engage conveyancing counsel early to understand timing of payment obligations and potential tax planning strategies.

Are there lease decay risks affecting Union Square Residences' long-term resale value?

Union Square Residences operates as a freehold or 999-year leasehold property depending on the specific land tenure underpinning the development. Freehold properties face no lease decay whatsoever, providing indefinite ownership security and consistent asset valuations across generational holdings. Should the development be structured on a 999-year lease (which, for practical purposes, remains equivalent to perpetual ownership in Singapore market terms), residual lease length poses negligible resale risk for purchasers with a holding period of 20–30 years. Singapore's Housing and Development Board policies and residential property market conventions treat 999-year leases identically to freehold for financing, valuation, and capital gains purposes. Purchasers should verify the exact land tenure through the conveyancing lawyer, but lease decay concerns are essentially immaterial for Union Square Residences given the substantial remaining lease term. The development's central location and modern construction standards ensure that land value—rather than building value depreciation—dominates long-term price appreciation, further mitigating any theoretical tenure-related risks.

How does Clarke Quay MRT Station proximity influence capital appreciation and tenant demand?

Properties within 500 metres of major MRT interchanges in central Singapore demonstrate measurably stronger capital appreciation than comparable properties at greater distances, typically appreciating 0.5–1.5% annually faster over ten-year periods. Clarke Quay MRT's status as a primary interchange point—serving the North-East Line with direct connections to Raffles Place, Marina Bay, and eastern corridors—ensures consistent, rising ridership as Singapore's resident population expands and work patterns shift. For rental demand, transport proximity directly correlates with tenant pool depth and lease stability; executive assignees and young professionals prioritise MRT-proximate accommodation, supporting premium rental rates and minimal void periods. Union Square Residences benefits from this structural advantage: the development's 470-metre walk to Clarke Quay places it within the optimal 'transit-oriented development' zone where transport convenience directly translates to willingness-to-pay premiums. As Singapore progressively shifts from car-dependent to transit-dependent commuting patterns, this geographic advantage compounds, suggesting that central MRT-proximate properties will experience sustained relative outperformance versus suburban alternatives.

Which buyer profiles—HNW investors, upgraders, first-timers—find Union Square Residences most suitable?

First-time buyers constitute an ideal purchaser profile for Union Square Residences, particularly young professionals or couples commencing homeownership within the central region. First-timers benefit from ABSD exemption (saving 20% on acquisition costs), and the development's modern construction standards, professional management, and established amenities reduce ownership friction. Upgraders transitioning from suburban or fringe properties form a second strong cohort, given that the urban walkability and public transport integration at Havelock Road typically enhance perceived quality-of-life despite higher absolute purchase prices compared to outlying alternatives. High-net-worth investors evaluating Union Square Residences should assess correlation with broader property portfolios; the development suits investors seeking stable, income-generative assets in Singapore's most liquid real estate micromarket rather than speculative appreciation plays. Upgraders with existing property holdings and substantial equity should carefully evaluate their ABSD liability (20% for a second property) relative to the capital gains realisation from their existing asset, as ABSD can occasionally render upgrading economically suboptimal in certain interest-rate or market-timing scenarios. Retirees and empty-nesters occasionally acquire units for their investment cash-flow potential or simplified metropolitan living, though the Havelock Road locale's evening vibrancy and mixed-use character may appeal less to those seeking quiet residential enclaves.

What Total Debt Service Ratio (TDSR) and financing headroom apply at Union Square Residences' typical price points?

The Monetary Authority of Singapore imposes a Total Debt Service Ratio ceiling of 60% for residential mortgage lending, meaning that prospective purchasers' monthly debt obligations (including the new mortgage, existing personal loans, car loans, and credit card commitments) cannot exceed 60% of gross monthly income. At Union Square Residences' typical price point of S$2.59 million, assuming a 90% loan-to-value mortgage (S$2.331 million financed over 30 years at approximately 3.5% interest), monthly mortgage servicing costs approximately S$10,400. A buyer would therefore require gross monthly income of at least S$17,333 to satisfy TDSR requirements, translating to approximately S$208,000 annual salary—this calculation assumes zero other debt. In practice, TDSR constraints rarely bind at Union Square Residences' price point, as purchasers capable of acquiring a S$2.59 million property typically carry sufficient income headroom. Purchasers should engage mortgage brokers or banking partners early to model specific TDSR positions, as bonus structures, commission income, and self-employment earnings face heightened scrutiny compared to salary income. First-time buyers accessing Development Bank of Singapore or other government-linked lender schemes may encounter favourable TDSR treatment or interest rate subsidies not available through private banking channels.

How does Union Square Residences compare to competing developments in nearby Outram and River Valley?

The Outram and River Valley precincts host several competing residential developments across diverse price tiers and configurations. Comparable contemporary projects include developments on nearby River Valley Road and Cross Street, which typically command similar per-square-foot valuations (S$4,500–S$5,500) but with greater variability in design quality, construction vintage, and MRT proximity. Union Square Residences distinguishes itself through its direct Havelock Road frontage and 470-metre Clarke Quay MRT walk distance, outperforming many competing properties that require 1–2 kilometre walks to alternative stations. Unlike developments further into the Outram heartland, which may enjoy lower absolute pricing, Union Square Residences' central positioning supports superior rental liquidity and more consistent capital appreciation trajectories. The development's modern construction standards and professional management place it competitively against newer developments in the broader Central Region, whilst its established position (if the development is completed and stabilised) provides greater occupancy certainty and amenity maturity compared to off-plan alternatives. Purchasers evaluating Union Square Residences against competing developments should prioritise MRT distance, unit configuration diversity, and management track record over headline price comparisons, as these factors more reliably correlate with long-term value realisation.

Which unit stacks or floor levels offer the best long-term value at Union Square Residences?

Mid-level units (typically floors 5–15) offer superior long-term value compared to ground-floor or penthouses at Union Square Residences, balancing capital appreciation potential with acquisition cost efficiency. Ground-floor units, whilst commanding initial discounts of 5–10%, often experience impaired rental demand due to reduced privacy and street-level noise from the bustling Havelock Road precinct; this discount typically fails to reverse across holding periods, meaning ground-floor buyers rarely recover their valuation disadvantage even after years of appreciation. Conversely, penthouses and upper-floor units (typically floors 20+) attract substantial premiums of 10–15% relative to comparable mid-level units, premiums that often fail to justify capital outlay given the diminishing marginal returns from height and views in Singapore's dense urban context. Mid-level units optimally balance accessibility for potential tenants and owner-occupiers with cost-effectiveness; these units attract stable rental demand and experience consistent capital appreciation in line with development-wide performance. Investors should prioritise mid-level unit stacks with unobstructed views toward the Clarke Quay precinct, as these configurations command rental premiums of 3–5% over comparable internal-facing layouts. Corner units and those benefiting from cross-ventilation typically outperform internal layouts by similar magnitudes, justifying slightly higher acquisition costs through superior long-term realisation.

What is the future supply pipeline for residential developments in the Outram planning area?

The Outram Planning Area, whilst centrally located, faces constrained future residential supply due to existing conservation designations, mixed commercial zoning, and limited remaining undeveloped land suitable for residential redevelopment. The Urban Redevelopment Authority's planning strategy for the central region emphasises gradual intensification and mixed-use integration rather than wholesale residential development, suggesting that large-scale new supply will remain limited over the medium term (next 10–15 years). Established residential developments like Union Square Residences benefit structurally from this supply constraint, as limited new competing inventory supports sustained rental demand and capital appreciation potential. Some pipeline projects may emerge through collective sale or en-bloc redevelopment of older residential blocks within Outram, potentially adding 200–400 units across multiple new developments over the next decade, but such supply remains fragmented and distributed across diverse locations within the planning area. The broader Central Region remains Singapore's highest-demand micromarket, and demographic trends (rising working-age population, international assignee inflows) continue to outpace residential supply generation, suggesting that scarcity value—and therefore property appreciation premiums—will persist for established developments in proven locations like Havelock Road. Purchasers should evaluate Union Square Residences with confidence that the development's location and forward supply constraints position it favourably relative to emerging competitor properties launched across the next 5–10 years.

[For Sale] Union Square Residences, 28 Havelock Road — From S$2.6M