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

Union Square Residences Preview: September / October 2024 (TBC)

Table of Contents

Acquisition of Central Square and Redevelopment Plans
Why Invest in Union Square Residences?
Design Features of Union Square Residences
Who is The Developer of Union Square Residences?
What are the Prices for Union Square Residences?
Where is Union Square Residences Located?
Transport Connectivity
Shopping Malls and Amenities Near Union Square
- Dining Options
Recreation and Leisure Options Near Union Square
Educational Institutions Nearby
Conclusion - An Investment Perspective
- Comparative Market Analysis
- Location & Investment Analysis

This is a property review of Union Square Residences, a mixed-use development by City Developments Ltd (CDL) located at the corner of Havelock Road and Keng Cheow Street, near the vibrant Clarke Quay.

It is within walking distance of Clarke Quay, Singapore River, Chinatown, Boat Quay, and the Central Business District (CBD). As Chinatown and Boat Quay are two of Singapore’s four Historical Districts, living near them offers a unique blend of rich cultural heritage, vibrant nightlife, and beautiful waterfront views.

The development will comprise the following:

Union Square Residences: A 34- and 40-storey residential tower totalling 366 units with commercial units on the 1st and 2nd floors.
Union Square Central: A 20-storey office block with commercial units on the 1st floor and rooftop.
Co-living: A 3-storey conservation building with an estimated 100 rooms on the 2nd and 3rd floor, and commercial units on the 1st floor.
Commercial: Commercial units on the 1st, 2nd and 3rd floor of conservation buildings.

Union Square Residence is within walking distance of three MRT stations – Clarke Quay (North-East Line), Chinatown (an interchange for the Downtown/North-East Lines) and Fort Canning (Downtown Line), making the locale highly accessible and attractive for home buyers and property investors.

This property review of Union Square will provide an evaluation of the following (scroll to each section by clicking on the links):

Locational attributes.
Design features.
Investment prospects.
Comparative Market Analysis.

Acquisition of Central Square and Redevelopment Plans

CDL, which owns the Central Mall, acquired Central Square next to it for S$315 million from DBS Trustee, a Far East Hospitality Real Estate Investment Trust (FEHT) trustee. Additionally, it paid $1.8 million for the reversionary leasehold interest from OPH Riverside.

Central Mall is a 7-storey office block and a cluster of conservation shophouses with retail units on the ground floor.

Central Square Retail is a 7-storey mixed-use development with serviced offices, serviced residences, retail and F&B units.

The combined site, with a potential GFA uplift of 67% to 735,500 sq ft, will incorporate modern workspaces, retail, hospitality and residences into its redevelopment plans, catering to the evolving needs of city dwellers and businesses.

In addition, the project aims to capitalise on the growing trend of mixed-use developments, which blend living, working, and leisure spaces to enhance urban living experiences.

Upon the acquisition, CDL has applied for the Urban Redevelopment Authority’s (URA) Strategic Development Incentive (SDI) Scheme, which encourages the development of strategic sites within the city that will contribute to Singapore’s long-term economic and social development.

CDL's redevelopment of Central Mall and Central Square marks another significant rejuvenation project in Singapore’s central area. This strategic acquisition, together with the development of Canninghill Piers (former Liang Court) and Newport Residences (former Xerox Tower), two other mixed-use projects, will solidify its presence in the Central Business District (CBD).

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.

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. This thoughtful approach aims to rejuvenate the area while providing residents with a luxurious living experience in the heart of Singapore.

Some of its design elements include:

Contemporary Towers: The residential component comprises two high-rise towers, 34 and 40 stories tall, providing panoramic city views.
Sustainable Architecture: An emphasis on eco-friendly design principles, including energy-efficient systems and green spaces.
Conservation Buildings: Conservation buildings integrated into the design preserve the area's heritage while creating a vibrant, pedestrian-friendly community with a mix of retail and dining options.
Community Spaces: The development incorporates communal areas that promote interaction among residents, enhancing the sense of community.
Retail Integration: Commercial units in the development offer convenient shopping and dining options for residents.

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?

The prices for Union Square Residences are not available yet.

However, based on the selling prices of Canninghill Piers nearby, which have transacted between 3,159 - 3,567 psf, Union Square Residences is likely to be launched at an average selling price of $3,200 - $3,300 psf.

Canninghill Piers is another mixed-use development by CDL. Located nearby, it was launched for sale in November 2021.

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:

Clarke Quay (North-East Line).
Chinatown (Downtown/North-East Line interchange).
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:

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

Sky Everton: +2.11%.
The Landmark: +6.83%.
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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