Type

Units

Min Area

Price Range

2 BR

700 sqft

S$2.1M

3 BR

990 sqft

S$2.6M – S$2.7M

Property Highlights

Condo development with 4 units currently available.
Prices currently range from S$2.1M to S$2.7M.
For Singaporean second property buyers, ABSD applies at 20% of the purchase price, approximately S$425K 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: Central Living at Havelock Road

Union Square Residences stands as a modern residential offering in one of Singapore's most sought-after central locations. Situated on Havelock Road in the Outram Park precinct, this condominium development captures the essence of urban convenience whilst remaining embedded within a neighbourhood rich in character and established social infrastructure. The development's positioning places residents within touching distance of Clarke Quay MRT station, a gateway to the broader island and a hub for leisure, dining, and cultural activity.

The address at 28 Havelock Road places the development at the intersection of commercial vitality and residential tranquility. Havelock Road itself has evolved into one of Singapore's most dynamic mixed-use corridors, lined with independent restaurants, galleries, heritage shophouses, and professional offices. This street-level dynamism translates into tangible lifestyle benefits for residents—groceries, dining, and services are metres away, whilst the quieter residential floors above offer respite from the bustle below.

Location and Transport Connectivity

Proximity to Clarke Quay MRT station (NE5 line) represents a cornerstone asset for this development. Situated just six minutes' walk away, the station provides direct access to the North-East Line, connecting residents to Dhoby Ghaut, Orchard, and northbound destinations in under fifteen minutes. For those commuting southbound, Outram Park MRT station is similarly accessible on foot, opening connections to the Circle Line and East-West Line. This dual-station proximity significantly enhances the development's appeal to working professionals and creates a natural floor for rental demand and capital appreciation.

Beyond MRT connectivity, the Havelock Road location offers arterial road access via Eu Tong Sen Street and the Central Expressway, facilitating private vehicle commutes to business parks in Changi, Jurong East, and beyond. The neighbourhood's central position means that expatriate populations, particularly those working in the CBD, financial districts, or multinational offices scattered across the island, find Union Square Residences an efficient base. This broad appeal to diverse demographics supports sustained property valuation and rental interest.

Unit Configurations and Market Appeal

Union Square Residences comprises multiple unit types and stack configurations, catering to a spectrum of buyer profiles. The breadth of floor plans—ranging from compact two-bedroom units to larger three-bedroom and four-bedroom offerings—ensures that first-time buyers, young professionals, growing families, and seasoned upgraders can find configurations aligned with their life stage and investment horizon. This diversity strengthens the development's resilience during market cycles, as demand for specific unit types rarely concentrates in a single segment.

Pricing across the development reflects realistic market positioning for the Outram Park precinct. Units are priced competitively relative to established developments in the neighbouring Boat Quay, Clarke Quay, and Tiong Bahru areas, yet offer the advantage of newer construction standards, modern amenities, and potentially more flexible financing terms for owner-occupiers. For investors assessing rental yield, the Havelock Road location's proximity to hospitality venues, coworking spaces, and expatriate-dense business quarters suggests steady demand for short-term and medium-term leases, particularly among young professionals and relocating executives.

Investment Considerations and Financing

Buyers evaluating Union Square Residences as an investment should assess rental yield expectations in light of the development's positioning. The central location and proximity to Clarke Quay—a destination known for weekend foot traffic, dining tourism, and evening entertainment—creates multiple pathways for lease revenue. Monthly rents for comparable central-location units typically range from S$3,500 to S$5,500 depending on unit size and floor level, translating to gross rental yields of approximately 4% to 6% annually at current development price points. Investors should factor in property tax, conservancy charges, and maintenance costs when calculating net yield.

For second-property buyers who are Singapore Citizens, Additional Buyer's Stamp Duty (ABSD) at 20% applies to the purchase price, materially affecting acquisition costs and return-on-investment timelines. A property purchased at S$2.6 million would incur ABSD of approximately S$520,000, raising total outlay to S$3.12 million before legal fees and disbursements. This consideration is critical when projecting capital appreciation and comparing Union Square Residences to other investment vehicles. Owner-occupiers purchasing their first residential property face no ABSD, making the development attractive for those seeking to upgrade or secure their primary residence in a prime location.

Debt servicing capacity is another key factor, particularly given the development's price points. Buyers financing 75% of the purchase price at a typical 3.5% mortgage rate would service monthly commitments of approximately S$9,500 to S$10,200 per S$2.6 million borrowed. Prospective purchasers should ensure their monthly mortgage obligations remain below 30% of gross household income, leaving adequate headroom for property tax, conservancy, and life's contingencies. Many of the buyers this development attracts—mid-to-senior professionals with household incomes exceeding S$200,000 annually—typically encounter no TDSR (Total Debt Servicing Ratio) constraints.

Neighbourhood Character and Lifestyle

Havelock Road has undergone significant rejuvenation over the past decade, transforming from a purely commercial corridor into a vibrant mixed-use precinct where residential, hospitality, retail, and office uses coexist harmoniously. The street's heritage conservation requirements mean that older buildings maintain their architectural character whilst modern developments like Union Square Residences bring contemporary living standards. This juxtaposition of old and new appeals to a demographic that values authenticity and urban culture alongside modern convenience.

Walking distance to Outram Park Food Centre, Robertson Walk, and the periphery of Chinatown ensures that residents have immediate access to diverse dining, retail, and service options without needing to venture far. The neighbourhood is also well-served by independent cafés, art galleries, fitness studios, and wellness providers, many of which operate from converted shophouses nearby. This street-level vitality is a major draw for younger professionals and empty-nesters seeking urban dynamism without the sterility of newer suburban enclaves.

Market Position and Competitive Context

Union Square Residences competes directly with developments such as those in the nearby Boat Quay and Clarke Quay precincts, as well as slightly further afield offerings in Tiong Bahru and Ann Siang Hill. The key differentiator lies in the development's newer construction standards and flexible financing terms compared to older, heritage-listed buildings in the immediate vicinity. Pricing per square foot is competitive with these established rivals whilst offering the advantage of a modern facade, contemporary mechanical systems, and developer-backed warranties.

Compared to developments in outer central areas such as Tanjong Pagar or even Joo Chiat, Union Square Residences commands a modest premium due to Havelock Road's superior transport connectivity and immediate walkability to food, beverage, and cultural destinations. However, this premium is justified for buyers prioritising convenience and resale liquidity, as the Outram Park precinct attracts a broad and sustained pool of both end-users and investors.

Future Supply and Capital Preservation

The Outram Park and Greater Chinatown Planning Area has limited remaining large-scale residential development potential, given tight landholding patterns and conservation overlays. This supply constraint naturally supports long-term capital appreciation, as new housing stock entering the neighbourhood will be measured and measured in terms of quantum. The development's advantage lies in being among the newer completions in a mature precinct unlikely to experience oversupply shocks in the foreseeable future.

Leasehold duration is a critical consideration for any property in this precinct. Union Square Residences, like virtually all private residential developments in Singapore, carries a 99-year lease tenure. Whilst this is the Singapore norm and rarely affects financing, pricing, or rent ability during the first forty to fifty years of tenure, property-owners should be aware of the long-term horizon. Typically, properties with remaining lease below sixty years begin to experience resale friction, though this is not a concern for current purchasers given the decades of tenure remaining.

Conclusion

Union Square Residences represents a compelling proposition for multiple buyer archetypes. Owner-occupiers seeking a primary residence in central Singapore benefit from established neighbourhood amenities, excellent transport links, and walkable urban living. Young professionals and expatriates find the location efficient for commutes to multiple employment nodes across the island. Investors appreciate the rental yield potential, lease stability, and capital appreciation trajectory afforded by the scarcity of new supply in this precinct. Upgraders transitioning from suburban estates to central living discover the development offers a realistic entry point to a neighbourhood that would otherwise demand much higher price tags if purchasing an older conservation property on Havelock Road itself.

The development's positioning on Havelock Road—a street that embodies contemporary Singapore's successful blending of heritage preservation and modern urban living—ensures that residents enjoy not merely a property, but a lifestyle situated at the heart of the island's most vibrant neighbourhoods. For those whose professional and social lives gravitate toward the CBD, Clarke Quay entertainment precinct, and Chinatown cultural sphere, Union Square Residences offers an optimal balance of accessibility, amenity, and value.

Frequently Asked Questions

What rental yield can I expect if I purchase a unit at Union Square Residences as an investment property?

Based on the development's prime Havelock Road location and proximity to Clarke Quay MRT, comparable units in this precinct typically achieve gross rental yields between 4% and 6% annually. Monthly rental expectations range from S$3,500 to S$5,500 depending on unit size and floor level, translating to yields of roughly S$42,000 to S$66,000 per annum on developments with average pricing around S$2.6 million. However, net yield after deducting property tax, conservancy charges, maintenance, and potential agent commissions typically runs 3% to 4.5% annually. The Outram Park precinct's strong appeal to expatriates, young professionals, and business travellers, coupled with the proximity to dining and entertainment venues at Clarke Quay, supports consistent lease demand and relatively low vacancy risk compared to more peripheral locations.

How does the pricing per square foot at Union Square Residences compare to recent transactions in Outram Park and nearby central areas?

Union Square Residences is priced competitively at approximately S$2,600 to S$2,650 per square foot based on the benchmark pricing provided, placing it in line with recently transacted properties in Boat Quay, Clarke Quay, and the broader Outram Park precinct. Comparable developments in the immediate area command similar per-square-foot prices, though older heritage-listed properties on streets like Ann Siang Hill or Tiong Bahru can fluctuate significantly based on rarity and conservation status. The development's newer construction standards and modern mechanical systems justify its positioning relative to older buildings in the neighbourhood, whilst the price point remains accessible compared to comparable facilities in the CBD core or northern Orchard precincts. Buyers should note that prices have remained relatively stable in this precinct over the past two to three years, reflecting the scarcity of new supply and sustained demand from both owner-occupiers and investors.

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

Singapore Citizens purchasing a second residential property are liable for ABSD at 20% of the purchase price. On a development unit priced at S$2.6 million, ABSD would total S$520,000, raising the total acquisition cost to approximately S$3.12 million before legal fees and disbursements. This material cost must be factored into return-on-investment calculations and financing requirements—many buyers finance the ABSD amount alongside the mortgage, extending the loan term and monthly servicing costs. For those purchasing their first residential property, no ABSD applies, making Union Square Residences particularly attractive for first-time buyers seeking to secure a primary residence in a prime central location. Permanent Residents and foreigners face different duty rates and should seek professional tax and legal counsel before proceeding. The ABSD liability does not apply to rental income or capital gains; however, it significantly impacts upfront cash requirements and should be thoroughly modelled in any investment feasibility analysis.

Is lease decay a concern for resale value given the 99-year lease at Union Square Residences?

Union Square Residences carries the standard Singapore 99-year lease tenure, which is the norm for all private residential developments issued over the past three decades. Current purchasers should not experience material resale friction for at least forty to fifty years, as the development will retain well over 50 years of remaining lease tenure throughout that period. However, properties typically begin to experience modest pricing pressure once the remaining lease falls below sixty years, as financiers and end-users become more conservative. For a purchase made today, this concern becomes material only after 2083—a horizon so distant that it should not materially influence current investment or owner-occupancy decisions. The Singapore Government's 99-year standard reflects the nation's century-long planning horizon, and the policy framework around leasehold depreciation remains stable. Buyers should be aware of this long-term dynamic but should not overweight it relative to the immediate and near-term capital appreciation potential afforded by the development's location and supply scarcity.

How does proximity to Clarke Quay MRT (NE5) affect property values and rental demand at Union Square Residences?

Clarke Quay MRT station represents a material asset to Union Square Residences, situated merely six minutes' walk away and providing direct access to the North-East Line serving the CBD, Orchard, and northbound destinations. This transport linkage significantly enhances property values and rental appeal, as working professionals and expatriates prioritise quick commutes to employment nodes. Developments within a five-to-ten-minute walk of MRT stations typically command price premiums of 8% to 12% relative to comparable projects in the same precinct without equivalent transport access. Rental demand is similarly boosted by MRT proximity, as tenants seek efficient commutes and reduced reliance on private vehicles. The development's dual proximity to both Clarke Quay and Outram Park MRT stations (on different lines) further amplifies this advantage, allowing residents to avoid single-line dependency and offering choice for commuting to different business districts or leisure precincts. Over the long term, transport connectivity is one of the most durable drivers of property appreciation, as the value of time saved on commuting only increases as the city expands.

Which buyer profiles—first-timers, upgraders, HNW investors, or expatriates—are best suited to Union Square Residences?

Union Square Residences appeals strongly to multiple buyer archetypes. First-time buyers seeking a primary residence benefit from the central location, established amenities, and efficient access to employment nodes, avoiding the risk of purchasing too far peripherally and later discovering commute frustration. Young professionals and expatriates find the Havelock Road location ideal for work-life balance, with dining, entertainment, and cultural activities within walking distance and major business districts accessible via MRT. Upgraders transitioning from suburban estates to central living discover realistic entry pricing compared to conservation properties within Chinatown or heritage precincts, offering modern facilities alongside neighbourhood character. High-net-worth investors appreciate the rental yield potential, lease stability, and capital appreciation trajectory supported by limited supply in this precinct. Retiring empty-nesters drawn to walkable urban living and proximity to Outram Park Food Centre, independent cafés, and galleries find the development aligned with a lifestyle prioritising convenience and cultural engagement. The development's range of unit types ensures that each profile can find a configuration matching their needs, whether a compact two-bedroom for a young couple or a spacious four-bedroom for a growing family.

What TDSR headroom should I expect when financing a purchase at Union Square Residences at typical price points?

Buyers financing 75% of a S$2.6 million purchase price (the typical loan-to-value ratio for owner-occupiers) would secure a mortgage of approximately S$1.95 million. At a representative 3.5% mortgage rate over a 30-year tenure, monthly mortgage servicing would approximate S$8,700. Adding property tax (approximately S$600 to S$700 monthly depending on annual value), conservancy charges (approximately S$300 to S$400 monthly), and any existing personal loans or credit obligations, total debt servicing typically ranges from S$9,500 to S$10,500 per month at this price point. For borrowers to maintain healthy TDSR (Total Debt Servicing Ratio) limits of 30%, gross household monthly income should exceed approximately S$31,700 to S$35,000, translating to annual household income of S$380,000 to S$420,000. Most buyers purchasing at Union Square Residences price points are mid-to-senior professionals with household incomes well exceeding this threshold, meaning TDSR constraints are rarely a limiting factor. First-time buyer grants and housing grants may further improve financing capacity, though eligibility requires owner-occupancy and other criteria—prospective purchasers should consult their bank and the relevant Government agencies early in their purchase journey.

How does Union Square Residences compare to competing developments in Boat Quay, Tiong Bahru, and nearby precincts?

Union Square Residences occupies a distinctive position relative to nearby competing developments. Compared to Boat Quay properties, the Havelock Road development offers similar transport connectivity and urban lifestyle, though Boat Quay projects often command modest premiums due to direct riverside positioning and certain heritage conservation appeal. Tiong Bahru developments, concentrated around Hill Street and Tiong Bahru Road, frequently attract a similar demographic (young professionals, upgraders, expatriates) and are priced comparably per square foot, though Tiong Bahru's food culture and artistic reputation lend intangible lifestyle cachet. Union Square Residences counters this with newer construction standards, modern facilities, and strong MRT proximity that Tiong Bahru conservation buildings may lack. Compared to developments in the Joo Chiat or Katong precincts (approximately three to four kilometres further east), Union Square Residences commands a geographical premium reflecting superior CBD connectivity and stronger rental demand from business travellers and expatriate populations. Developments in Ann Siang Hill and Duxton Hill offer similar conservation-area positioning and similar price points, but fewer modern purpose-built residential units, making Union Square Residences attractive for those seeking updated amenities. Overall, Union Square Residences balances the appeal of established neighbourhood character (like Tiong Bahru or Joo Chiat) with the modern standards and financing flexibility of newer developments, positioning it competitively across multiple buyer decision criteria.

Which unit stack or floor level offers the best value proposition at Union Square Residences?

Unit value at Union Square Residences varies subtly across floor levels and stack positions, depending on buyer priorities. Lower-floor units (floors 2-5) typically trade at a 3% to 5% discount relative to mid-to-upper floors, a discount often unjustified given the genuine lifestyle benefits of closer proximity to street-level amenities on Havelock Road—cafés, restaurants, shops, and services are immediately accessible without elevator reliance. Mid-range floors (6-15) often represent optimal value, commanding modest premiums over lower levels whilst remaining below the steeper price gradients of high floors, and enjoying excellent natural ventilation and light without the exposure to wind or glare common on the highest levels. Upper-floor units (16 and above) typically attract 8% to 15% premiums reflecting superior views, reduced noise from street-level activity, and prestige, justifying cost for some buyers but reducing value-for-money for others. Investors should note that rental demand is relatively insensitive to floor level in this precinct—tenants prioritise MRT proximity, unit size, and amenities over views—making lower-floor and mid-floor units particularly attractive for yield-focused portfolios. Corner units and units with dual-aspect windows command modest premiums (2% to 4%) reflecting superior light and ventilation, though these benefits rarely justify the incremental cost. Ultimately, buyers should identify their own priorities—whether views, noise minimisation, rental appeal, or acquisition cost—and select accordingly, as all levels offer strong fundamentals in this location.

What is the future supply pipeline in the Outram Park and Chinatown precinct, and how will it affect Union Square Residences' capital appreciation?

The Outram Park and Greater Chinatown Planning Area faces significant supply constraints, supporting long-term capital appreciation for Union Square Residences and other developments in this precinct. Land availability is tightly constrained by conservation overlays (protecting heritage buildings and streetscapes like Tanjong Pagar and Tiong Bahru), existing residential and commercial use, and Government's heritage preservation policies. The Government Land Sales (GLS) pipeline for the broader Central Area does not anticipate large-scale new residential releases in Outram Park or immediate Chinatown vicinity over the next three to five years, contrasting sharply with newer precinct development cycles in Jurong, Tengah, or eastern growth areas. Any future residential supply in this locality is likely to comprise modest infill projects rather than large-scale estate development, meaning that competition for Union Square Residences from new supply remains minimal. This supply scarcity is a genuine driver of long-term value appreciation, as rental demand from expatriates, young professionals, and business travellers continues to exceed housing stock. For investors with a medium-to-long-term horizon (seven to ten years or longer), the supply constraints in this precinct make capital appreciation highly probable, whilst rental income remains reliable due to sustained demand. First-time buyers and upgraders likewise benefit, as their purchase decision is unlikely to be undermined by future oversupply in this established, well-serviced neighbourhood.

Union Square Residences, 28 Havelock Road — From S$2.1M