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: Premium Living in Singapore's Heart

Union Square Residences stands as a residential development at 28 Havelock Road, positioning itself within one of Singapore's most vibrant and professionally significant neighbourhoods. The development capitalises on its proximity to Clarke Quay MRT station, situated just 470 metres away—a six-minute walk that places residents within easy reach of the city's transport backbone and the broader Central Business District infrastructure. This strategic location anchors the property within a district renowned for its blend of commercial activity, cultural offerings, and residential desirability.

The Havelock Road precinct has evolved significantly over recent decades, transforming from a purely industrial corridor into a mixed-use neighbourhood that attracts both working professionals and established families. Union Square Residences taps into this mature market, offering residential accommodation that serves the practical needs of Singapore's urban demographic whilst maintaining the lifestyle convenience that characterises the broader Clarke Quay area.

Location and Connectivity

The Clarke Quay MRT station, designated NE5 on the North-East Line, functions as the primary transport gateway for residents of Union Square Residences. This proximity translates into commute advantages for professionals working across the city, whether in the financial districts of Raffles Place or Marina Bay, or the employment nodes distributed throughout Singapore's broader urban landscape. The North-East Line itself provides interchange connectivity with multiple other MRT corridors, effectively multiplying the accessibility options available to residents without requiring private vehicle use.

Beyond public transport, the neighbourhood's pedestrian-friendly character enhances daily convenience. The immediate vicinity encompasses established shopping, dining, and leisure facilities that have organically developed around the Clarke Quay precinct. Residents benefit from this mature infrastructure rather than relying on speculative future developments that may not materialise as projected.

Residential Specifications and Configuration

Union Square Residences offers residential units across a spectrum of configurations, catering to diverse household compositions and lifestyle requirements. The development presents an alternative to the proliferation of ultra-compact units that dominate certain segments of Singapore's residential market, with layouts that reflect practical living standards. Unit areas and bedroom configurations vary throughout the development, enabling prospective purchasers to match their acquisition to specific household needs rather than forcing compromise on spatial standards.

The condominium format provides residents with access to shared amenity facilities and professional property management, eliminating the landlord responsibilities associated with landed property ownership. This appeal particularly resonates with working professionals, expatriate communities, and investors seeking passive real estate exposure without active management burden.

Market Position and Pricing Context

Current asking prices for units within Union Square Residences commence from S$1,800,000, reflecting the premium positioning associated with central location and established neighbourhood credentials. Purchasers evaluating this development should contextualise pricing against comparable condominium stock within the same district and transport catchment, as well as against competing projects offering similar specifications and location attributes.

The price positioning reflects multiple factors beyond mere floor area, including the maturity and reputation of the surrounding precinct, the quality of transport connectivity, and the established character of the neighbourhood as a destination for permanent residents rather than speculative investment. Properties within this locality have historically demonstrated resilience during market cycles, partly attributable to their utility for owner-occupiers who value location and convenience over speculative appreciation.

Investment Consideration and Rental Yield Potential

For investors evaluating Union Square Residences through a rental yield lens, the central location presents inherent appeal. The proximity to Clarke Quay and the broader CBD creates sustained demand for residential rental accommodation from working professionals, corporate expatriates, and visiting business personnel. However, prospective landlords should conduct thorough yield analysis specific to their target unit size and configuration, as rental market dynamics vary meaningfully across bedroom counts and floor levels.

The condominium's established infrastructure and location maturity mean it does not rely on speculative future developments to sustain rental demand. Rather, the project benefits from existing commercial and hospitality activity within the precinct, which generates ongoing demand for residential accommodation. Investors should factor in property management fees, maintenance contributions, and potential rental market volatility when projecting long-term returns.

Buyer Profile Suitability

Union Square Residences appeals to multiple distinct buyer demographics. First-time purchasers seeking entry into the central location market find the development's established character and complete infrastructure preferable to emerging projects in outer districts. Upgraders moving from older Housing and Development Board estates or smaller private residential units to larger, more amenity-rich accommodation encounter options that match their expanding space requirements and evolving lifestyle preferences.

High-net-worth individuals and international purchasers value the prestige of a Clarke Quay address combined with the security and convenience of professional condominium management. Investors seeking yield-bearing assets in established precincts with proven rental demand recognise the location's stable income-generation potential. Notably, the development does not position itself as aspirational trophy real estate; rather, it serves practical residential needs for those who prioritise convenience and location over architectural novelty.

Financing and Buyer Obligations

Purchasers contemplating acquisition of residential property at Union Square Residences should familiarise themselves with the Total Debt Servicing Ratio (TDSR) framework administered by Singapore's banking regulator. This mechanism constrains the proportion of monthly income that financial institutions will lend against, typically capping loan quantum at a level that requires TDSR not to exceed 60% of gross monthly income. At the development's current pricing, prospective buyers should verify their financing headroom with lending institutions before proceeding with formal offers.

Singapore Citizens acquiring a second residential property incur Additional Buyer's Stamp Duty at the current rate of 20%, substantially elevating the total acquisition cost beyond the stated purchase price. A buyer planning to retain an existing residential property whilst acquiring at Union Square Residences must budget for this 20% ABSD liability when calculating total capital outlay. This consideration materially affects purchase affordability and should feature prominently in buyer decision-making processes.

Neighbourhood and Competitive Context

The Clarke Quay precinct hosts competing residential developments that serve similar demographic and geographic markets. Prospective purchasers should conduct comparative analysis across projects offering analogous specifications, configurations, and amenities to ensure Union Square Residences represents optimal value relative to alternatives. The maturity of the neighbourhood means competing developments benefit from identical transport connectivity and precinct characteristics, placing greater emphasis on individual project quality, unit layout efficiency, and amenity differentiation.

Union Square Residences competes not only against contemporary project launches but also against resale stock within the same precinct. Purchasers should evaluate the development's value proposition against secondary-market offerings from established neighbouring developments, recognising that price advantages in the resale market sometimes offset the contemporary condition and warranties associated with new acquisitions.

Forward-Looking Considerations

The Clarke Quay locality has reached infrastructure maturity, with major transport connections already established and unlikely to be materially enhanced. This stability creates predictability regarding future commute times and connectivity, contrasting with emerging districts where infrastructure promises remain subject to implementation delays or modification. Residents can confidently project that transport accessibility five or ten years forward will closely match current experience.

Union Square Residences positions itself within an established residential market rather than pioneering new neighbourhoods. This characteristic appeals to purchasers prioritising certainty, established social infrastructure, and proven desirability over speculative appreciation premiums associated with developing precincts. The development serves those seeking reliable, central residential accommodation in a neighbourhood whose character and trajectory are well-defined.

Frequently Asked Questions

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

Rental yield at Union Square Residences depends significantly on unit configuration, floor level, and market timing, but properties in this central location typically generate gross yields ranging between 3% and 4.5% when analysed across current market rates for comparable units. The Clarke Quay precinct maintains sustained rental demand from working professionals, expatriates, and corporate housing seekers, providing a stable tenant pool that supports consistent income generation without requiring speculative market appreciation. Investors must factor in property management fees (typically 5-6% of rental revenue), condominium maintenance contributions, and the potential for rental market softening during economic downturns before finalising return projections. The established neighbourhood character means rental demand relies on existing commercial activity rather than speculative future developments, offering greater confidence in yield stability compared to emerging precincts.

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

Union Square Residences pricing must be contextualised against recent per-square-foot transactions of comparable condominium stock within the Clarke Quay catchment and the broader Havelock Road precinct. The development's current pricing from S$1,800,000 reflects the central location premium and established neighbourhood credentials, but prospective purchasers should commission detailed comparative market analysis to establish whether per-square-foot pricing represents fair value relative to recent secondary-market transactions and competing new project launches. Market pricing in this locality has historically reflected the maturity of the precinct and consistency of demand, meaning dramatic price discrepancies between new launches and resale stock suggest either exceptional value or potentially optimistic new project pricing. Professional valuation of comparable recent sales will clarify the development's positioning within the current competitive landscape.

What is the Additional Buyer's Stamp Duty impact for Singapore Citizens buying a second residential property at Union Square Residences?

Singapore Citizens acquiring a second residential property incur Additional Buyer's Stamp Duty at the current rate of 20%, calculated on the purchase price. For a buyer acquiring a unit at Union Square Residences for S$1,800,000, the ABSD liability would total S$360,000, substantially elevating the total acquisition cost beyond the stated purchase price and materially affecting financing requirements and cash flow planning. This 20% ABSD rate applies specifically when the purchaser retains ownership of an existing residential property; first-time buyers and subsequent acquisitions after disposal of prior residential property are subject to different duty regimes. The ABSD obligation must feature prominently in financial planning, as many buyers insufficiently budget for this liability, discovering only late in the purchase process that their available capital falls short of total acquisition cost including ABSD, legal fees, and survey charges.

Does Union Square Residences carry lease decay risk, and how might this impact long-term resale value?

Union Square Residences carries no lease decay risk if the property holds Freehold title, as Singapore properties are marketed as either 99-year lease, 999-year lease, or Freehold. Prospective purchasers must confirm the specific lease tenure offered at this development, as this fundamentally affects long-term value retention and resale feasibility. Properties with 99-year leases begin experiencing measurable resale value decline as the remaining lease tenure falls below 60-70 years, a phenomenon that typically becomes acute when leases approach 40-50 years remaining. For Union Square Residences, if the property holds Freehold status or a 999-year lease (both offering effectively indefinite tenure), lease decay poses no risk. However, if the property holds a 99-year lease, prospective purchasers should calculate the remaining tenure at purchase and project forward to understand potential value erosion trajectories over their anticipated ownership period.

How does proximity to Clarke Quay MRT station (NE5) influence demand and capital appreciation potential?

Proximity to Clarke Quay MRT station (NE5) represents the primary driver of Union Square Residences' capital appreciation potential and sustained demand characteristics. Located just 470 metres away, the station provides immediate connectivity to the North-East Line and critical interchange points with the broader MRT network, creating commute advantages that command persistent market premium. Residential properties within similar walk distances to established MRT stations have historically demonstrated superior capital retention and appreciation compared to properties in equivalent neighbourhoods lacking direct transport access. The MRT connectivity attracts working professionals, young families seeking convenience, and investors capitalising on rental demand from transit-dependent demographics, creating a robust underlying demand base unlikely to erode. Conversely, should alternative transport developments or significant retail or employment shifts occur elsewhere in Singapore, the development's transport connectivity provides a stability buffer, ensuring residential utility even if relative desirability shifts within the broader market.

Which buyer profiles are best suited to Union Square Residences, and which should consider alternatives?

Union Square Residences appeals strongly to professionals working within the central business district who prioritise commute convenience over aspirational trophy properties or maximum space allocation. Upgraders transitioning from HDB estates or smaller private residences to larger, better-amenitied accommodation find the development's established infrastructure and mature precinct character particularly appealing, as these factors create stable value environments without speculative volatility. Buy-to-let investors seeking yield-bearing assets in established precincts with proven rental demand benefit from the location's consistent occupancy patterns and professional tenant quality. However, buyers seeking dramatic capital appreciation through emerging neighbourhood evolution, ultra-large estates, or aspirational trophy addresses may find superior alternatives in other precincts. First-time buyers with constrained budgets might discover better value in developing areas with lower entry prices, though they forfeit the immediate convenience and established amenity infrastructure that characterise Havelock Road. Expatriates and international purchasers value the security and professional management of established condominium properties, making Union Square Residences a natural fit.

What TDSR impact should potential buyers anticipate when financing at typical Union Square Residences price points?

At Union Square Residences' current price entry point of S$1,800,000, prospective buyers should anticipate mortgage quantum constrained by the Total Debt Servicing Ratio framework, which typically caps loan amounts at levels requiring TDSR not to exceed 60% of gross monthly income. Using standard banking assumptions (70% loan-to-value ratio, 3.5% interest rates), a buyer financing S$1,260,000 would require gross monthly income of approximately S$18,000 to meet TDSR requirements, translating to annual income around S$216,000. Buyers with existing debt obligations (car loans, credit card commitments, other mortgages) will experience further compression of available mortgage capacity, potentially requiring materially larger cash deposits than 30% to proceed with purchase. The 20% ABSD liability for second-property buyers adds further cash requirement pressure, meaning a buyer with existing residential property must budget total cash outlay of approximately S$720,000 (comprising S$540,000 down payment plus S$180,000 ABSD) before accounting for legal fees, survey charges, and contingency reserves. Professional mortgage pre-qualification is essential before initiating offer discussions.

How does Union Square Residences compare to competing nearby developments offering similar specifications?

The Clarke Quay precinct hosts multiple established residential developments competing for the same buyer demographic, making comparative analysis essential for informed decision-making. Prospective purchasers should evaluate Union Square Residences against competing projects within the same locality, assessing differentiation factors including unit layout efficiency, amenity quality, maintenance contribution levels, and management reputation rather than focusing exclusively on headline pricing. Some competing developments within the Clarke Quay catchment may offer marginally lower per-square-foot pricing but reflect older construction, potentially higher maintenance costs, or less extensive amenities, creating total cost-of-ownership scenarios where Union Square Residences represents superior value despite higher headline prices. Conversely, certain competing projects may command premium pricing without corresponding amenity or specification advantages, effectively pricing themselves out of value-conscious buyer considerations. Secondary-market resale stock from neighbouring developments often provides alternative entry points at lower absolute prices, though these units sacrifice the contemporary condition, warranties, and first-owner advantages associated with new project acquisitions.

Which unit stack or floor levels at Union Square Residences offer optimal value relative to market pricing?

Unit stack and floor level positioning significantly influence pricing and value perception within Union Square Residences, though optimal value depends on individual buyer preferences and investment objectives. Lower-floor units typically trade at discounts relative to mid-to-upper-floor equivalents due to reduced privacy, view quality, and less prestigious positioning, yet these discounts often exceed genuine utility differences, creating value opportunities for price-conscious buyers unconcerned with prestige positioning. Mid-level floors (approximately 10-25 storeys) balance reasonable pricing against acceptable view and light quality, representing the sweet spot for many investors and upgraders seeking efficient value deployment. High-floor units command material premiums reflecting panoramic views and prestige positioning, justifying higher per-square-foot pricing for buyers valuing these amenities. For buy-to-let investors prioritising rental yield over capital appreciation, mid-to-lower-floor units frequently represent optimal value, as rental markets place less emphasis on prestige positioning than owner-occupier markets. Specific floor-level analysis requires detailed price-level review of current available inventory to identify particular units or stacks where asking prices appear disconnected from comparable unit specifications.

What future supply pipeline exists in the Clarke Quay district, and could this affect Union Square Residences' long-term value?

The Clarke Quay precinct has reached infrastructure maturity, with most buildable land already developed or locked into existing use, suggesting that dramatic new supply introductions are unlikely in the near-to-medium term. Unlike emerging districts where speculative new projects may fundamentally alter neighbourhood character or rental market dynamics, Clarke Quay's established development pattern provides predictability regarding future competitive supply pressures. The locality's predominantly commercial and heritage-preserved character means large-scale residential redevelopment schemes are unlikely, effectively capping supply growth and supporting long-term scarcity value for existing residential stock. Urban renewal initiatives may introduce incremental additional residential supply through mixed-use regeneration projects, but these are typically spaced across extended timescales rather than arriving simultaneously as supply shocks. For Union Square Residences purchasers, this supply stability represents a material advantage compared to properties in speculative emerging precincts where anticipated supply pipelines may depress values or rental rates. However, macroeconomic cycles and broader property market sentiment will continue influencing resale values and rental rates regardless of local supply constraints, meaning Union Square Residences remains subject to cyclical market forces affecting all Singapore residential property.

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