CDL sells 20% of Union Square Residences at $3,200 psf average price

Union Square Residences, a 366-unit development by City Developments Limited (CDL), has sold 75 units, or about 20% of the total, at an average price of $3,200 per square foot (psf) as of November 9, 2024. The project was first previewed on November 1. CDL reported that 83% of the buyers are Singaporeans, while the remaining 17% are Permanent Residents (PRs) and foreigners from countries including China, Malaysia, the UK, the Netherlands, Norway, and the USA, all benefiting from the same tax treatment as Singaporeans.

A notable sale included a 2,476 sq ft five-bedroom Sky Suite on level 38, which was sold for $9.288 million ($3,751 psf), brokered by a PropNex agent. The remaining five-bedroom Sky Suite on level 39 is priced at $9.5 million ($3,837 psf). The two Sky Suites, along with a 4,833 sq ft penthouse on the 40th floor, are set to offer breathtaking views of the Singapore River and Marina Bay.

The development offers a range of unit types, with one-, two-, and three-bedroom premium units proving the most popular. Prices start from $1.38 million ($2,981 psf) for a 463 sq ft one-bedroom, $1.998 million ($2,854 psf) for a 700 sq ft two-bedroom, $2.82 million ($2,848 psf) for a 990 sq ft three-bedroom, and $4.62 million ($3,043 psf) for a 1,518 sq ft four-bedroom premium unit.

Union Square Residences is part of a 40-storey mixed-use tower that combines residential apartments with commercial spaces on the first two levels. Located on Havelock Road, this 99-year leasehold condo is the residential component of the larger Union Square development, which also includes office, retail, F&B, and co-living spaces with a hotel license. The development is a redevelopment of the former Central Mall and Central Square in District 1.

CDL’s group CEO, Sherman Kwek, attributed the strong sales to the enduring value of the prime mixed-use development, which offers a combination of residential units and a convenient location. The development is situated at the gateway of Singapore’s CBD, with easy access to three MRT stations (Clarke Quay, Chinatown, and Fort Canning) and is near lifestyle hubs such as Clarke Quay and Orchard Road.

The project has drawn significant interest from investors, with many buyers attracted by its prime location and mixed-use features. PropNex CEO Ismail Gafoor noted that despite numerous launches over the weekend, Union Square Residences achieved strong sales. In addition, Mark Yip, CEO of Huttons Asia, pointed out that District 1 hasn’t seen a new launch since 2014, and Union Square Residences is likely the last mixed-use project in the Singapore River planning precinct.

Union Square Residences is part of a wave of successful mixed-use developments in the CBD, including projects such as CanningHill Piers, Midtown Modern, Midtown Bay, and One Bernam, all of which have seen strong sales.