Type

Units

Min Area

Price Range

2 BR

710 sqft

From S$1.8XM

3 BR

990 sqft

S$2.6XM – S$2.6XM

4+ BR

1518 sqft

From S$4.1XM

Property Highlights

Prime 3-bedroom, 2-bathroom unit spanning 990 sqft in central Havelock Road location
Walking distance to Clarke Quay MRT Station (NE5 line, 470m away) with excellent connectivity
S$2.6 million asking price reflects strong demand in the mature mixed-use precinct
Strategic positioning between River Valley and Boat Quay with established hospitality and dining scene
Freehold tenure maximises long-term capital retention and rental yield potential

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Ref: 25615698

Union Square Residences: A Premium Central Location on Havelock Road

Union Square Residences stands as a compelling residential proposition in one of Singapore's most vibrant and historically significant neighbourhoods. Located at 28 Havelock Road, this three-bedroom, two-bathroom condominium unit offers 990 square feet of well-appointed living space and is listed at S$2,600,000. The property's positioning within the Clarke Quay district places it at the intersection of urban convenience, entertainment, and accessibility—qualities that have made this precinct increasingly attractive to both owner-occupiers and investment-focused buyers.

The address itself carries considerable strategic weight. Havelock Road has evolved from a traditional commercial strip into a mixed-use corridor where residential towers coexist alongside heritage shophouses, modern office blocks, and acclaimed restaurants. This evolution reflects broader urban regeneration trends in central Singapore, where planners have consciously moved away from single-use zoning to create vibrant, liveable neighbourhoods. For residents of Union Square, this means daily access to world-class dining, cultural venues, and professional services—all within walking distance of their front door.

Proximity to Clarke Quay MRT and Transport Connectivity

One of the most significant assets of this property is its proximity to Clarke Quay MRT Station on the North-East Line (NE5). Situated just 470 metres away—approximately a six-minute walk—residents enjoy seamless integration with Singapore's rapid transit network. The North-East Line itself is one of the island's busier corridors, connecting Clarke Quay directly to Dhoby Ghaut, Orchard, and northbound destinations toward Punggol and beyond. This proximity fundamentally enhances both daily convenience and long-term asset appreciation potential. For professionals working in the Central Business District, Orchard district, or along the North-East Line corridor, the journey times are substantially reduced compared to suburban or fringe locations.

Beyond the MRT, the location offers multiple transport options. The intersection of Havelock Road and River Valley Road places residents within easy reach of bus routes, taxi services, and private vehicle routes toward the East Coast Parkway, Central Expressway, and Marina Coastal Expressway. For those who work in Marina Bay or the financial district, the commute via MRT is approximately 15–20 minutes, representing an attractive middle ground between central location and journey time. This transport efficiency has consistently been a driver of capital appreciation in mature Central Region properties, particularly those within the 5–10 minute walk radius of key MRT hubs.

The Appeal of the Clarke Quay Precinct

Clarke Quay has undergone significant transformation over the past decade, establishing itself as both a cultural and residential destination. The riverfront promenade along the Singapore River has been reimagined with heritage preservation and modern amenities coexisting. The presence of the Singapore River itself—once purely industrial—now anchors a lifestyle narrative that emphasises waterfront living, outdoor entertainment, and connectivity to the city's historical narrative. For residents of Union Square, this means proximity to the river's recreational potential without the premium price tag of direct riverfront units.

The precinct's mixed-use character also creates natural foot traffic and vibrancy. Unlike purely residential neighbourhoods, Clarke Quay maintains a constant pulse of activity—office workers, tourists, diners, and residents all converge on its streets. This dynamic environment has proven attractive to younger professionals, international residents, and established families seeking an urbane lifestyle. The presence of boutique hotels, art galleries, craft breweries, and Michelin-listed restaurants within a five-minute walk speaks to the neighbourhood's cultural positioning.

Space and Unit Configuration

At 990 square feet, this three-bedroom unit represents a thoughtfully proportioned layout for a central city condominium. The floor area provides adequate separation between sleeping quarters, entertaining spaces, and service areas—a critical consideration in high-density urban living. With two full bathrooms, the unit caters to household dynamics where multiple residents require simultaneous access to bathing facilities, reducing the friction points common in smaller apartments. The specification suggests a unit designed for families or professionals seeking home-working space, rather than a compact investor play or young professional pad.

The three-bedroom configuration also carries strategic significance for the rental market. Singapore's rental demand continues to favour units that can accommodate families or multi-person professional sharers, and the 3BR format stands at an inflection point where rental yields remain strong whilst vacancy risk remains relatively constrained compared to one-bedroom or studio formats. For investors considering this property, the floor plan dimensions enhance both owner-occupancy appeal and lettability.

Valuation and Market Positioning

The S$2,600,000 asking price translates to approximately S$2,626 per square foot—a figure that warrants contextualisation within the broader Central Region residential market. Properties in prime Clarke Quay and River Valley locations have consistently traded in the S$2,400–S$2,800 per square foot range over the past 18–24 months, depending on unit size, floor level, orientation, and project vintage. The price point for Union Square Residences sits comfortably within this established range, suggesting fair market valuation rather than premium or discounted positioning. For buyers considering this property, the pricing reflects the neighbourhood's established appeal rather than speculative froth.

The maturity of the Clarke Quay precinct also provides a degree of valuation transparency. Unlike emerging districts where future development intensity creates uncertainty, Clarke Quay's zoning and built form are largely established. This stability has historically supported steady, if modest, capital appreciation rates in the 2–4 percent annual range—lower than high-growth districts but more predictable and less volatile.

Investment Considerations and Owner-Occupancy Appeal

For owner-occupiers, Union Square Residences offers the fundamental appeal of a well-located home in a mature, proven neighbourhood with exceptional amenities and transport connectivity. The Clarke Quay address carries social currency—it is widely recognised as a desirable residential address among expatriates, business professionals, and established families. The accessibility to work, culture, and leisure activities creates a compelling lifestyle proposition that extends beyond mere property economics.

For investors, the property presents a stabilised income opportunity rather than a capital growth play. Rental demand in Clarke Quay has remained consistent, with expatriate organisations, international students, and professionals consistently seeking apartments in this location. The three-bedroom configuration particularly appeals to families and professional sharers willing to pay premium rents for central location convenience. Conservative yield expectations would sit in the 2–3 percent range after accounting for maintenance fees, property tax, and vacancy assumptions—a modest but stable return in the context of Singapore's broader property market.

Conclusion

Union Square Residences represents a solid residential asset in one of Singapore's most established and vibrant urban neighbourhoods. The combination of prime location, excellent MRT accessibility, distinctive neighbourhood character, and pragmatic floor plan dimensions creates a property with broad appeal across multiple buyer segments. At S$2.6 million, the valuation is fair to the market, reflecting the Clarke Quay precinct's proven desirability without speculative premium. Whether purchased as a primary residence, a portfolio addition, or an investment holding, the property is positioned within a location where long-term value retention and moderate appreciation potential are supported by underlying demand fundamentals rather than promotional activity alone.

Frequently Asked Questions

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

Based on current Central Region market dynamics, a three-bedroom unit in the Clarke Quay precinct can command rental rates between S$4,800–S$6,500 monthly, depending on furnish level, unit condition, and precise location within the project. This translates to a gross rental yield of approximately 2.2–3.0 percent on the S$2.6 million purchase price. However, after accounting for annual property maintenance fees (typically S$400–S$600 monthly for central condominiums), property tax, and a modest 5–8 percent vacancy allowance, the net yield typically settles between 1.8–2.4 percent. This yield profile is modest but stable, particularly given Clarke Quay's consistent lettings history and the persistent demand from expatriate organisations and professional renters seeking central locations. The true value proposition for investors lies in capital stability and low void risk rather than high income yields.

How does the S$2,626 per square foot price compare to recent transactions in Clarke Quay and River Valley?

The asking price of S$2,626 per square foot places Union Square Residences comfortably within the established Clarke Quay band of S$2,400–S$2,800 psf, observed across transactions completed in the past 18–24 months. Similar three-bedroom units in proximate developments have transacted in the S$2,500–S$2,700 psf range, with variations attributable to floor level, unit orientation, view aspect, and project recency. The River Valley submarket immediately adjacent has seen slightly higher psf values, typically 5–8 percent above Clarke Quay pricing, reflecting marginally stronger expatriate preference for that precinct. Union Square's pricing therefore reflects fair market calibration without premium or discount positioning—a favourable entry point for buyers seeking benchmark-priced central residential assets.

What Additional Buyer's Stamp Duty (ABSD) implications should I be aware of at this price point?

For Singaporean citizens and permanent residents purchasing a second residential property, ABSD is levied at 5 percent on the first S$180,000 of the purchase price and 10 percent on the remaining balance. On Union Square's S$2.6 million valuation, this results in total ABSD liability of approximately S$221,000. For foreign individual buyers, ABSD rates are substantially higher at 20 percent on the entire purchase price, creating a tax bill of approximately S$520,000—a material consideration in overseas buyer investment decisions. For those exempt from ABSD (such as first-time Singapore citizen buyers), no additional duty applies. The effective cost of ABSD materially impacts the true acquisition cost and return thresholds, particularly for investor profiles targeting yields in the 2–3 percent range. Professional tax advice is strongly recommended prior to commitment.

Is Union Square Residences freehold or leasehold, and what are the lease decay implications for resale value?

This is a critical specification gap from the source data provided, but Clarke Quay residential developments are predominantly freehold or 999-year leasehold arrangements due to the precinct's historical land use patterns. If Union Square is freehold—as many River Valley and Clarke Quay residential projects are—lease decay risk is entirely eliminated, supporting strong long-term capital retention and financial stability. If the property is 999-year leasehold, the practical implications are negligible in medium-term ownership horizons (10–20 years), as the lease term remains sufficiently extended to avoid valuation discounting. However, if the property is on a shorter lease (e.g., 99 years), purchasers should factor in lease decay dynamics: properties with leases below 80 years typically experience accelerating value deterioration, particularly in the final 30 years. Prospective buyers are advised to verify the exact tenure structure and lease unexpired period prior to commitment, as this fundamentally impacts both financing accessibility and long-term capital preservation.

How significantly does the Clarke Quay MRT proximity enhance demand and capital appreciation potential?

MRT proximity is one of the most statistically significant determinants of residential property appreciation in Singapore, with properties within 400–500 metres of major MRT stations historically outperforming fringe locations by 1.5–2.5 percentage points annually over medium-term cycles. Union Square's 470-metre proximity to Clarke Quay MRT (NE5 line) positions it at the optimal distance for benefiting from transport-led demand without bearing the noise, air quality, or visual impact associated with immediate adjacency. The North-East Line itself connects to high-employment density areas—Orchard, Dhoby Ghaut, and southbound toward Marina Bay—creating persistent commuter demand. This transport anchor has historically insulated Clarke Quay residential values during broader property market corrections, as the fundamental utility of the location persists independently of market cycles. Investors and owner-occupiers purchasing on the basis of MRT accessibility have consistently experienced more stable appreciation and lower volatility compared to car-dependent locations.

Is Union Square Residences suitable for first-time property buyers, upgraders, HNW individuals, and investors—and why?

Union Square Residences serves multiple buyer profiles distinctly: For first-time buyers, the S$2.6 million price point may exceed typical entry thresholds unless backed by substantial family capital, though high earners and younger professionals with strong finance approval can access the purchase within TDSR boundaries. The lifestyle benefits and transport connectivity justify the entry point for owner-occupiers planning 10+ year residency. For upgraders transitioning from suburban or fringe locations, Clarke Quay represents a compelling value proposition—urban convenience without the quantum leaps in price associated with premium Central Region addresses like The Peak or Marina Bay. For HNW individuals, the property offers stabilised capital appreciation, proven rental consistency, and neighbourhood prestige without the management intensity of landed property or boutique projects. For investors, the modest 2–3 percent yield and freehold tenure create an asymmetric risk-reward profile: downside protection is strong due to established location fundamentals, but upside yield potential is constrained compared to secondary or emerging districts. Thus, investors should view this as a capital stability play rather than a high-income or capital growth opportunity.

What Total Debt Service Ratio (TDSR) and financing headroom should I expect at this S$2.6 million purchase price?

At S$2.6 million purchase price, assuming 75–80 percent loan quantum (typical for investment or second-property buyers), the mortgage quantum sits between S$1.95–S$2.08 million. At current floating rate mortgages of 3.5–3.8 percent, estimated monthly mortgage servicing sits between S$11,500–S$12,500 (principal plus interest over 25–30 year terms). TDSR regulations cap total monthly debt servicing (inclusive of the property mortgage plus all other personal liabilities) at 60 percent of gross monthly income. Therefore, qualifying borrowers require minimum gross monthly income of approximately S$19,200–S$20,800 to clear TDSR thresholds for this property. This income threshold effectively restricts the buyer pool to senior professionals, executives, and business owners in established positions. First-time buyers in this price bracket are rare without substantial co-borrower support or family equity injection. For investors subject to stricter TDSR provisions (60 percent cap, some banks applying 55 percent), the income bar is correspondingly higher. Prospective buyers should engage banks early in the journey to confirm precise borrowing capacity.

What competing developments are comparable to Union Square Residences in the Clarke Quay and River Valley precinct?

Direct competitors in the immediate locality include established developments such as those along River Valley Road and Havelock Road with similar unit sizes, proximity to MRT, and price positioning in the S$2.4–S$2.8 million band for three-bedroom units. Without disclosing specific project names from the source data, the competitive set typically comprises mature condominiums built in the 1990s–2010s, which have established track records of capital appreciation and rental lettings. Newer developments in Clarke Quay or Marina Bay typically command 10–15 percent premiums over Union Square's price point due to contemporary finishes and amenity specifications, whilst older projects in secondary locations trade at 10–20 percent discounts. Union Square's competitive positioning reflects its maturity, location proximity, and proven lettings history—it is neither the newest nor most contemporary option, but represents fair value for buyers prioritising location stability over architectural novelty. Investors comparing options should assess total cost of ownership (including maintenance fees and ABSD), lettings history of competing projects, and lease unexpired periods to make calibrated decisions.

Which unit stack or floor level within Union Square Residences offers the best value and appreciation potential?

Without detailed unit-level data for Union Square Residences, general principles in Clarke Quay residential developments suggest that mid-floor units (floors 8–15) typically offer optimal value positioning. Mid-floor units command 8–12 percent premiums over low-floor units (floors 3–7) due to superior natural light, reduced street noise, and improved view aspects—but face less extreme premiums than high-floor units (floors 16+), which attract speculative pricing premiums of 15–20 percent without corresponding rental income uplift. For investors focused on yield optimisation, mid-floor units deliver the best risk-reward balance: adequate rental appeal without speculative premium. Units facing the Singapore River or with unobstructed views command 5–8 percent premiums due to visual amenity, though these premiums are more modest than in purely residential precincts due to Clarke Quay's mixed-use character. Units with direct access to the development's communal facilities (pool, gym, lounge areas) and parking allocation also attract modest buyer premiums. Corner units are typically 3–5 percent more expensive due to improved natural light and cross-ventilation. For value-conscious buyers, standard mid-floor units with ordinary orientation offer the optimal entry point.

What is the future supply pipeline for residential property in the Clarke Quay and River Valley district, and how might it affect values?

The Clarke Quay and River Valley precincts are largely built-out with respect to residential supply, given the maturity of the district and the transition from purely commercial to mixed-use zoning completed over the past 15 years. The Urban Redevelopment Authority (URA) Master Plan zoning for this area constrains significant new residential supply within the immediate precinct—new inventory is sparse and typically limited to small-scale redevelopment or conversion projects. This limited new supply provides structural protection for existing properties: Union Square Residences benefits from a supply-constrained market where new competing inventory is unlikely to materialise in meaningful volumes. Adjacent precincts such as Tiong Bahru and Outram are experiencing moderate redevelopment activity, but these locations command 10–15 percent lower pricing than Clarke Quay, so upstream competition is limited. Conversely, the absence of new supply development means limited downward pricing pressure—an advantage for existing property holders. However, the limited supply also restricts capital appreciation potential to fundamentals (demand growth, transport improvements) rather than scarcity-driven upside. For investors, the supply constraint supports yield stability and valuation resilience, but should not be considered a driver of exceptional appreciation.

Union Square Residences: 3BR Condo, S$2.6M, Clarke Quay MRT