Union Square Residences Review: Exclusive Mixed-Use Development by CDL

Why Invest in Union Square Residences?

Union Square Residences stands out for its strategic location in the heart of the city, offering residents a fascinating blend of urban living and historical charm. Some of its key selling points include:

• Reputable Developer: Developed by award-winning CDL, a major player in Singapore’s real estate sector known for its commitment to quality and sustainable developments.
• Prime Location: Just a stone’s throw from the Singapore River, Clarke Quay and Chinatown, and proximity to the Central Business District (CBD) and major attractions like Marina Bay and Orchard Road.
• A Mixed-Use Development: Integrating residential, commercial, and hospitality components provides a vibrant and self-sufficient environment.
• Comprehensive Facilities: A luxurious lifestyle with a comprehensive range of facilities that include a lap pool, gym, sky gardens, and more.
• Excellent Connectivity: The development is directly connected to Clarke Quay MRT station, providing seamless access to the entire city. Numerous bus stops are also nearby for further convenience.
• Cultural Heritage: The area’s rich history, with conservation shophouses and heritage sites, provides a unique blend of modern and cultural living experiences.
• Urban Revitalisation: The project contributes to the rejuvenation of the Singapore River precinct, helping to enhance the vibrancy of the area.
• Proximity to Major Attractions: A short walk to Clarke Quay and Chinatown, popular destinations for dining, shopping, and entertainment.
• Abundant Leisure Options: Convenient access to a wide variety of entertainment, recreational and leisure activities.
• Choice of Education Institutions: A wide selection of schools and education institutions within easy access.
• Investment Potential: Proximity to CBD and amenities, and the ongoing urban renewal in the surrounding neighbourhood offer promising investment prospects.

Fact Sheet

Unit Mix & Distribution

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Design Features of Union Square Residences

Union Square Residences takes design cues from Manhattan's Union Square, blending modern architecture with traditional elements to create a vibrant, pedestrian-friendly environment.

The integration of commercial, residential and entertainment spaces mirrors its namesake, fostering a sense of community and belonging. The aim is to rejuvenate the area while providing a luxurious city living experience. Some of its design elements include the following:

U-shaped Architecture Profile: The architectural facade features a unique u-shaped profile representing the union of the two distinctive areas (riverside and CBD fringe) and the collective redevelopment of the former Central Mall and Central Square sites on which Union Square is built.

Landscaped Terraces: The development comprises a 20-storey office block, a 40-storey residential block with commercial space on Levels 1 and 2, and a 3-storey block comprising co-living and commercial space, all connected by an open promenade that forms the nexus of Union Square, along with conservation buildings.

Heritage Preservation: Existing heritage buildings will be repurposed for retail and F&B use. An amphitheatre at the junction of Cumming Street and Fisher Street pays homage to the traditional wayang (Chinese street opera) performances that used to be held in the area and will serve as the heart of Union Square’s outdoor spaces.

Public Space Enhancements: The development emphasises public interaction with pedestrian-friendly streets, including partial pedestrianisation of Solomon Street and Merchant Road. These enhancements will improve the connection between the surrounding parks, like Fort Canning Park and Pearl’s Hill City Park.

Community Spaces: Featuring a central plaza for placemaking activities such as food truck events, outdoor performances, and community workouts. These initiatives will foster a lively atmosphere, encouraging community engagement and enhancing the social vibrancy of the precinct.

Concierge Services

Union Square Residences offers the following concierge services, ensuring unparalleled convenience and high-quality living. Experience luxury with exclusive amenities and top-tier assistance for a truly refined lifestyle.

Who is The Developer of Union Square Residences?

The developer for Union Square is City Developments Limited (CDL). Established in 1963 and a prominent Singapore developer, it has a proven track record across an extensive portfolio of award-winning residential, commercial, and hospitality projects.

Due to its commitment to quality, innovation, and sustainability, CDL projects are highly regarded and assure a certain level of prestige.

Some of its latest residential projects in Singapore include Newport Residences, Canninghill Piers, Irwell Hill Residences, Tembusu Grand, The Myst, and Lumina Grand.

What are the Prices for Union Square Residences?

During Union Square Residences' sales launch on 9 November 2024, 75 units (about 20%) out of a total of 366 units were sold at an average price of $3,200 psf.

About 83% of the buyers are Singaporeans while the remaining 17% are made up of Permanent Residents (PRs) from China, Malaysia, the UK and the Netherlands, and foreigners from Norway and the USA, who enjoy the same tax treatment as Singaporeans.

One of the units sold was the 2,476 sq ft 5-bedroom Sky Suite on level 38 for $9.288 million or S$3,751 psf.

During its launch, prices start from the following:

• 1-Bedroom (463 sq ft): From S$1.38 million ($2,981 psf);
• 2-Bedroom (700 sq ft): From $1.998 million ($2,854 psf);
• 3-Bedroom (990 sq ft): From $2.82 million ($2,848 psf);
• 4-Bedroom Premium (1,518 sq ft): From $4.62 million ($3,043 psf);
• Sky Suite on Level 38 & 39 (2,476 sq ft): From $9.288 million ($3,751 psf).

Where is Union Square Residences Located?

Union Square Residences is located at the intersection of Havelock Road and Keng Cheow Street in Singapore’s vibrant District 2. Being at the heart of the city, it offers unparalleled convenience and accessibility, especially with three MRT stations within walking distance - Clarke Quay, Chinatown, and Fort Canning.

This central location makes Union Square Residences an ideal place to live, work, play, and study, catering to those who seek a sophisticated urban lifestyle.

To the north, residents can explore the lively Clarke Quay and the picturesque Singapore River, while the State Courts and Chinatown lie to the south. The proximity to these areas allows residents to immerse themselves in a dynamic cultural scene, enjoy diverse dining options, and experience a vibrant nightlife - all within easy reach.

The area's rich history, characterised by conserved shophouses and heritage sites, adds a distinctive charm, creating a unique living experience that seamlessly blends modernity with cultural heritage.

Additionally, the Central Business District (CBD) and Marina Bay Financial Centre are just a few bus stops away, making Union Square Residences an attractive choice for investors seeking rental demand.

Transport Connectivity

Union Square Residences offers exceptional transportation access, enhancing its appeal for urban dwellers and families seeking convenience. The development benefits from proximity to three MRT stations:

1. Clarke Quay (North-East Line).
2. Chinatown (Downtown/North-East Line interchange).
3. Fort Canning (Downtown Line).

These MRT stations, all within walking distance, facilitate efficient commutes across Singapore for work, education, or leisure activities. In addition, the area is well-served by numerous public bus routes, providing residents with diverse commuting options.

For private vehicle owners, major expressways such as the Central Expressway (CTE) and Marina Coastal Expressway (MCE) are just a 3- to 8-minute drive from the development.

This excellent transportation infrastructure not only enhances the standard of living but also contributes to the long-term investment value and appeal of Union Square Residences.

Shopping Malls and Amenities Near Union Square

Residents of Union Square will enjoy convenient access to a variety of shopping and lifestyle amenities. These include the following:

• Union Square Central: As a mixed-use development with a retail mall, residents can enjoy the ease of having essential amenities and eateries right at their doorstep.
• Nearby Malls: Within walking distance are popular shopping destinations like People’s Park Complex, People’s Park Centre, Chinatown Point, Central Mall, Riverside Point, and the upcoming Canninghill Square, to name a few. Together, they offer a diverse retail mix without residents having to travel far.
• Chinatown: A vibrant locale that offers a unique blend of local markets and traditional shops, providing residents and visitors with exceptional shopping experiences and rich cultural encounters. It is also a renowned food haven, boasting a diverse culinary mix that ranges from affordable hawker fare to upscale restaurants, making it a must-visit destination for food enthusiasts. Residents will have no shortage of options that cater to their daily needs.
• Clarke Quay: A vibrant shopping destination that offers a diverse range of shops, from international brands to charming local boutiques, alongside supermarkets and convenience stores for everyday essentials. Beyond shopping, Clarke Quay is renowned for its vibrant nightlife, featuring an array of bars and restaurants that cater to all tastes. The riverside locale transforms after dark into a lively hub, where visitors can enjoy craft cocktails, local brews, and an eclectic mix of cuisines.
• Proximity to Orchard Road: As Singapore’s premier shopping destination, it offers a plethora of luxury retail outlets, dining options, and vibrant nightlife, catering to residents’ leisure and daily needs. Additionally, the ongoing developments along Orchard Road promise to enhance the area's appeal, providing a dynamic urban lifestyle just minutes away.

Dining Options

Union Square Residences is surrounded by a diverse array of dining options. From upscale restaurants to affordable hawker fare, there is something to satisfy every palate. Some of the popular places are:

• Chinatown: Experience authentic Singaporean hawker culture at the famous Maxwell Food Centre and Chinatown Complex Food Centre.
• People's Park Complex: Enjoy a variety of affordable and delicious food options at the hawker centre.
• Chinatown Food Street: Renowned for its street food and traditional dining options, offering a taste of local and international cuisines.
• Heritage Shophouses: Many conservation shophouses around Union Square house various dining establishments, enhancing the vibrancy of local food culture.
• Clarke Quay: A haven for foodies with its diverse range of restaurants, bars, cafes, and pubs. Choose from international cuisine, local delicacies, and trendy eateries.

Recreation and Leisure Options Near Union Square

The surrounding areas of Union Square offer abundant recreational and leisure activities. These include the following:

• Singapore River: The nearby Singapore River offers scenic walking and cycling paths, perfect for leisure strolls or active pursuits. Or hop onto relaxing river cruises that pass by historical landmarks and iconic buildings.
• Clarke Quay/Boat Quay/Robertson Quay: A vibrant night scene with bars, clubs, and live music venues all within a short walk. A perfect place to unwind after a hard day's work.
• Fort Canning Park: Escape the city's hustle and bustle and enjoy nature at this historic park by exploring its hiking trails, lush gardens, and breathtaking panoramic views. For the little ones, Jubilee Park provides a delightful playground with slides, swings, and many other outdoor play equipment for a fun day out.
• Cultural Attractions: Proximity to museums, art galleries, and cultural festivals that enriches living

Educational Institutions Nearby

As Union Square Residences is located near many educational institutions, it is an ideal choice for families with school-going children, which will ultimately enhance its investment appeal.

According to a study by the NUS Institute of Real Estate Studies, properties near schools are highly valued and command a price premium over those situated further away.

Primary Schools:  Residents will benefit from proximity to several primary schools within a 1-2 km radius of the development as their children will enjoy priority Primary 1 admission under the Ministry of Education’s distance-based allocation system.

River Valley Primary School is within a 1 km radius, while Alexandra Primary School, Cantonment Primary School, St. Margaret’s School (Primary), and Zhangde Primary School are within a 1-2 km radius.

Secondary Schools: For families with older children, secondary schools in the vicinity include the School of the Arts (SOTA), Crescent Girls’ School, Gan Eng Seng Secondary School, and Outram Secondary School.

Tertiary Institutions: Additionally, tertiary institutions such as the Singapore Management University (SMU), Nanyang Academy of Fine Arts (NAFA), and LaSalle College of the Arts are just a short train ride away, providing convenient access to higher education.

Besides the above, many highly sought-after schools along the Bukit Timah/Dunearn Road belt can be easily reached via the Downtown MRT Line. These include Hwa Chong Institution, National Junior College, Raffles Girls’ School, Nanyang Girls’ School, Methodist Girls’ School, and Chinese Girls’ School.

Conclusion - An Investment Perspective

Union Square Residences presents a promising investment prospect due to several factors:

• Prime Location: Being centrally located, its proximity to amenities and top educational institutions is highly favoured by homeowners and tenants.
• Rich Culture: Location near the historic districts of Chinatown and Boat Quay offers an opportunity to immerse in Singapore’s rich cultural heritage and a unique living experience.
• Accessibility: Highly accessible by public transportation, with three MRT stations within walking distance.
• Scarcity: The scarcity of mixed-use developments in Singapore will ensure sustained demand and long-term investment value.
• Capital Appreciation: Its unique location in the Core Central Region (CCR) and close to the Central Business District and Marina Bay Financial Centre, will ensure strong interests from both locals and foreign investors.
• Rental Demand: The development's central location makes it attractive to local and expatriate tenants, providing good rental yields.
• Urban Revitalisation: The urban renewal in the area can be expected to enhance its property values and investment potential.
• Reputable Developer: CDL is a highly regarded property developer in Singapore with a proven track record of delivering high-quality projects and transforming neighbourhoods.
• Sustainable Features: A sustainable and green development, Union Square Residences will appeal to eco-conscious buyers and tenants, adding to its long-term investment value.

Comparative Market Analysis

Although Union Square Residences is undeniably an attractive development, a comparison with nearby projects launched in recent years will provide valuable insights into its investment potential. Although these developments are situated in different districts, they share close proximity to each other. They are Sky Everton, The Landmark and Canninghill Piers.

Comparative Market Analysis

Based on the above chart, here's a breakdown of average price gains for the three developments:

1. Sky Everton (District 2): +11.61% (Freehold launched in June 2019).
2. The Landmark (District 3): +28.06% (99-year leasehold launched in November 2020).
3. Canninghill Piers (District 6): +21.49% (99-year leasehold launched November 2021).

To facilitate a more accurate and insightful analysis, the aforementioned data has been converted into annualised average price gains.

1. Sky Everton: +2.11%.
2. The Landmark: +6.83%.
3. Canninghill Piers: +7.11%.

Among these developments, Canninghill Piers demonstrates the highest price appreciation, followed closely by The Landmark. Sky Everton, despite being a freehold property, has shown the weakest performance.

Location & Investment Analysis

Despite being a freehold development, Sky Everton faces challenges due to its location on Everton Road, surrounded by ageing HDB flats and a less convenient 14-minute walk to Outram Park MRT station.

In contrast, The Landmark located on Chin Swee Road and adjacent to Pearl’s Hill City Park, benefits from unobstructed views and more appealing surroundings compared to Sky Everton.

While there are some HDB flats nearby, they are less prominent. Additionally, The Landmark is closer to Orchard Road, with Chinatown MRT station just a 9-minute walk away.

Canninghill Piers enjoys the best location among the three. It is situated closest to Orchard Road, Clarke Quay and the Singapore River, and offers unparalleled access to amenities and public transportation. In fact, the Fort Canning MRT station is just steps away.

In addition, its surrounding areas are predominantly private residences and commercial buildings, which further enhances its appeal.

Although all three developments are situated on the fringe of the Central Business District (CBD), Canninghill Piers stands out for its prime location near key amenities and public transportation.

With Union Square Residences being closest to Canninghill Piers, it can be expected to share an equally promising investment outlook. Furthermore, both are mixed-used developments, which are rare and highly sought after by homeowners and property investors in Singapore.

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