Type

Units

Min Area

Price Range

2 BR

700 sqft

S$1.8M – S$2.2M

3 BR

990 sqft

S$2.8M

4 BR

1518 sqft

S$4.2M – S$4.2M

Property Highlights

Condo development with 10 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: Where Heritage Meets Modern Urban Living in Singapore's CBD

Union Square Residences stands as a landmark residential and mixed-use development in the heart of District 1, one of Singapore's most coveted postcodes. Situated at 28 Havelock Road, this architecturally distinguished project comprises 366 units designed to capture the essence of riverside living whilst maintaining easy access to the island's business, cultural, and entertainment epicentre. The development represents a thoughtful synthesis of heritage-informed design language and contemporary luxury, appealing to discerning homebuyers and serious investors seeking exposure to Singapore's most resilient property market.

The location itself is the primary draw for Union Square Residences. Positioned in the Boat Quay and Raffles Place precinct, residents enjoy proximity to Clarke Quay's vibrant restaurant and nightlife scene, the historical streets of Chinatown, and Singapore's financial district—all within a fifteen-minute radius. The address provides not merely a residential space but a lifestyle that balances professional ambition with leisure and cultural enrichment. Walking distance to the Singapore River affords residents daily access to riverside promenades, outdoor dining venues, and weekend entertainment whilst remaining anchored in one of the city's most established neighbourhoods.

Transport and Connectivity

Union Square Residences benefits from exceptional public transport infrastructure. Clarke Quay MRT Station (NE5) lies just six minutes away on foot—a distance of approximately 470 metres—placing residents at the convergence of the North-East Line and close to the Central Business District. Additionally, Chinatown MRT Station (NE4/DT19) and Fort Canning MRT Station (DT20) serve the development, ensuring redundancy and choice in commuting routes. This multi-station accessibility significantly enhances both daily convenience and long-term capital appreciation, as MRT proximity remains one of the most reliable drivers of sustained property value growth in Singapore's mature districts.

Educational and Cultural Institutions

Families considering Union Square Residences will find an abundance of reputable schools within reasonable distances. River Valley Primary School, St. Margaret's School (Primary), and Cantonment Primary School serve the primary education segment, whilst Outram Secondary School caters to older students. For families with creative aspirations, the School of the Arts Singapore (SOTA), LaSalle College of the Arts, and the Nanyang Academy of Fine Arts (NAFA) are all accessible. Singapore Management University (SMU) is also nearby, making the precinct attractive to younger professionals and families with secondary or tertiary education considerations.

Retail, Dining, and Lifestyle Amenities

The surrounding neighbourhood hosts established shopping destinations and supermarkets that cater to daily living needs. Clarke Quay Central, Chinatown Point, and Riverside Point offer curated retail experiences, dining venues, and cafés ranging from casual to fine dining. Sheng Siong Supermarket at Chin Swee, Cold Storage at UE Square, and NTUC FairPrice inside Chinatown Point provide accessible grocery shopping without requiring vehicular travel. This density of retail and F&B establishments creates a self-contained urban village within Singapore's CBD, a significant quality-of-life advantage for residents of all demographics.

Investment and Rental Potential

Union Square Residences appeals strongly to capital-appreciating investors, particularly those seeking institutional-grade residential assets in Singapore's most liquid submarket. The 366-unit scale provides sufficient transactional volume to support an active secondary market, while the prime District 1 location ensures consistent rental enquiry from expatriates, corporate assignees, and leisure tenants. The development's positioning near Clarke Quay and the CBD makes it particularly attractive to furnished short-let investors and corporate housing providers seeking premium accommodation with cultural and entertainment amenities on the doorstep.

Tenure and Ownership Structure

The development holds a 99-year leasehold tenure, which is characteristic of Singapore's most established and centrally-located residential addresses. Whilst a 99-year lease is considerably shorter than a 999-year or freehold equivalent, the location's premium positioning and consistent capital appreciation have historically mitigated lease decay concerns for properties in District 1. Buyers should nonetheless consider the lease term when evaluating long-term holding strategies, particularly for buy-to-hold investors with multi-generational timelines.

Suitability Across Buyer Profiles

Union Square Residences accommodates diverse buyer profiles. High-net-worth individuals seeking a prestige city address with investment credentials find compelling appeal in the location and development scale. Upgraders transitioning from suburban or fringe-CBD properties benefit from enhanced connectivity and lifestyle amenities. First-time buyers with substantial financial capacity can establish themselves in Singapore's most resilient submarket. Institutional and private investors recognise the long-term rental yield potential and capital appreciation trajectory underpinned by limited new supply in the immediate precinct.

Market Position and Competitive Context

Union Square Residences occupies a distinctive position within District 1's residential landscape. The development's scale, mixed-use character, and strategic riverside location differentiate it from smaller luxury enclaves whilst maintaining the exclusivity expected of CBD-located residential property. Recent comparable transactions in the Boat Quay, Raffles Place, and Clarke Quay precincts have supported price growth, reflecting strong institutional and individual demand for prime residential space in Singapore's financial and cultural heart.

Future Outlook and District Supply Dynamics

The District 1 residential market remains characterised by limited new supply and high barriers to entry, with few large-scale development sites remaining available for residential conversion. This supply constraint, combined with the area's established infrastructure, global city status, and ongoing urban renewal initiatives, provides a supportive backdrop for long-term value retention at Union Square Residences. As Singapore's population continues to urbanise and international demand for CBD-proximate residential space persists, developments positioned within walking distance of Raffles Place and the river are likely to maintain their premium positioning.

Frequently Asked Questions

What is the estimated rental yield for an investment property at Union Square Residences?

Rental yield at Union Square Residences typically ranges from 2.5% to 3.5% gross annually, depending on unit size, floor level, and lease duration, with particularly strong demand from corporate assignees and furnished short-let operators seeking Clarke Quay-proximate accommodation. The CBD location and proximity to premium F&B and entertainment venues support both long-term tenancy and premium nightly rates for furnished units, particularly during business travel peaks. Investors should model yields conservatively at 2.5–3% to account for management costs, maintenance reserves, and transactional vacancies, though demonstrated demand from Expat communities and serviced apartment operators suggests upside potential in strong rental market cycles.

How does Union Square Residences compare on a price-per-square-foot basis to recent transactions in the same precinct?

Recent transactional comps in the Boat Quay and Raffles Place precincts have traded in the range of S$1,400 to S$1,650 per square foot for similar-quality residential product, with prime river-facing or high-floor units commanding premiums towards the upper band. Union Square Residences, as an established 366-unit development with mixed-use amenities and institutional market presence, typically trades within this range, reflecting fair value relative to competing District 1 residential assets. Price variation within the development reflects floor level, unit orientation, and view premium, rather than quality differences between Union Square and comparable alternatives in the immediate precinct.

What is the Additional Buyer's Stamp Duty (ABSD) impact if I purchase at Union Square Residences as a second property?

A Singapore Citizen purchasing Union Square Residences as a second residential property is liable for Additional Buyer's Stamp Duty (ABSD) at a rate of 20% on the purchase price, in addition to the standard stamp duty payable. This means on a purchase price of S$4.15 million, the ABSD payable would be approximately S$830,000, substantially increasing total acquisition costs and requiring careful cash-flow modelling to assess total investment outlay and return horizon. First-time buyer status, spouse's ownership history, and consideration of Property Tax relief mechanisms become critical in evaluating net-of-tax returns; buyers should consult a property tax adviser to optimise transaction structure prior to commitment.

How does the 99-year lease tenure affect long-term resale value and should I be concerned about lease decay?

The 99-year leasehold tenure at Union Square Residences is characteristic of Singapore's most established CBD addresses and has not historically impeded capital appreciation or transactional demand, as the prime location and institutional investor participation support continuous wealth accumulation even through lease cycles. However, lease decay becomes a material consideration for buyers with 40+ year holding horizons; properties approaching the 80-year mark typically see accelerating value erosion unless the government intervenes with en bloc collective sales or lease-refresh schemes, which have occurred in similar precincts historically. Conservative buyers focusing on rental income and medium-term (10–20 year) capital appreciation should model lease decay as a minor drag on terminal value, whilst recognising that the development's sub-5km distance from Raffles Place and strategic location make it a candidate for future government-led rejuvenation initiatives.

How does proximity to Clarke Quay MRT (NE5) affect demand and capital appreciation at Union Square Residences?

Proximity to Clarke Quay MRT—merely 470 metres or six minutes walking distance—is one of the most material value drivers for Union Square Residences, as MRT accessibility consistently correlates with sustained rental demand, price premiums, and resilience during market downturns in Singapore's residential market. The North-East Line connection provides direct access to the CBD, Orchard district, and northern residential precincts, creating diverse commuting options that appeal to working professionals, families, and transient corporate assignees. Developments within 500 metres of established MRT stations typically command 10–15% price premiums over non-MRT-adjacent comparables in the same district, and this premium has widened in recent years as remote work flexibility drives demand for transit-oriented living in CBDs; Clarke Quay's role as a regional transport interchange further reinforces long-term capital appreciation prospects.

Is Union Square Residences suitable for first-time homebuyers, and what financing considerations apply?

Union Square Residences is better suited to first-time buyers with substantial equity (down-payment) capacity rather than credit-dependent purchasers, given price points from S$4 million upwards place the development well above the median HDB upgrade trajectory and typical first-time buyer price bands. First-time buyers remain eligible for ABSD exemption (avoiding the 20% surcharge applied to second-property purchasers), but must demonstrate sufficient financial capacity to service a mortgage covering 80% of the purchase price at prevailing interest rates; on a S$4.15 million purchase, monthly debt-servicing obligations typically exceed S$20,000 at standard bank rates, requiring documented household income of S$60,000+ monthly. For first-time buyers within this income bracket and seeking a prestige CBD address, Union Square Residences offers an entry point into Singapore's most resilient property submarket, though conservative affordability ratios recommend careful stress-testing of financing assumptions against interest rate volatility.

What is my Total Debt Service Ratio (TDSR) headroom likely to be when financing a property at Union Square Residences?

Banks typically limit TDSR to 60% of documented monthly income for residential mortgages; on a S$4.15 million property with an 80% loan quantum (S$3.32 million), monthly mortgage payments at 3.5% interest rates approximate S$15,000–S$17,000, requiring minimum household income of S$25,000–S$28,000 monthly to remain comfortably within TDSR guidelines and retain headroom for other debt obligations. Buyers with existing car loans, credit commitments, or dependents should model their full liability portfolio against this ceiling, as compliance failures can result in loan rejection or unfavourable terms; high-net-worth buyers utilising larger down-payments or cash purchasing avoid TDSR constraints entirely. The development's premium positioning and buyer profile typically comprise investors and high-income professionals with substantial equity capacity, reducing TDSR concerns for the core market segment.

How does Union Square Residences compare to competing District 1 developments in terms of value and positioning?

Union Square Residences distinguishes itself through its 366-unit scale, mixed-use programming, and institutional-grade asset quality, positioning it as a flagship offering within District 1 rather than competing with smaller boutique or bespoke developments in adjacent precincts. Comparable alternatives such as established properties in the Raffles Place and Chinatown corridors offer similar CBD proximity but typically feature smaller per-development unit counts, less integrated amenity programming, or significantly elevated price-per-square-foot metrics reflective of ultra-luxury positioning. Union Square's advantage lies in its balance of prestige location, scale-driven transactional liquidity, and relatively competitive price positioning within the District 1 matrix, making it attractive to investors prioritising both capital growth and rental yield potential over purely aspirational brand positioning.

Are there specific floor levels or unit stacks within Union Square Residences that offer better value or investment returns?

Mid-to-high floor units (typically floors 15–30) within Union Square Residences command moderate premiums for light, air, and river or CBD skyline views whilst avoiding the additional premiums commanded by penthouse or peak-prestige upper floors; these mid-zone units often deliver the optimal risk-adjusted return for investors, as pricing premiums remain proportionate to amenity gains without the distortive effects of trophy-tier scarcity. Lower floors (5–10) may offer modest discounts reflecting street-level noise and reduced view premiums, but proximity to lobby, retail, and community spaces can enhance short-let attractiveness for furnished rental operators and family occupants. Buyers should prioritise unit orientation and view quality over floor level alone, as corner units or river-facing exposures command consistent premiums regardless of height, and these premium orientations typically sustain stronger rental enquiry and capital appreciation than internally-facing units at equivalent heights.

What is the near-term supply outlook for residential units in District 1, and does this support Union Square Residences' long-term value proposition?

District 1 (Boat Quay, Raffles Place, Marina Bay) faces structural supply constraints, with few remaining development sites of material scale available for residential conversion and planning restrictions limiting new density in heritage precincts; the government's focus on city rejuvenation favours preservation and retrofitting over greenfield development. This limited new supply environment provides a supportive structural backdrop for Union Square Residences and comparable existing assets, as demand from Singapore's resident population, expatriate workers, and global capital continues to push pricing upwards against fixed supply. Forward-looking buyers should recognise that Union Square Residences' position as an established 366-unit development within Singapore's most supply-constrained district provides meaningful downside protection and long-term capital appreciation support, particularly as competing new supply remains absent and institutional demand for CBD-proximate residential assets persists.

Condominium At 28 Havelock Road — From S$1.8M