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

Crowd at Union Square Residendes on the first day of launch on Nov 9 (Photo: City Developments Ltd)

Singapore-listed property group City Developments Limited (CDL) announced that it had sold 75 units (about 20%) of the 366-unit Union Square Residences at an average price of $3,200 psf as of 6pm today, Nov 9. The project was previewed on Nov 1.

According to CDL, about 83% of the buyers at Union Square Residences are Singaporeans. The remaining 17% are 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 five-bedroom Sky Suite on level 38 for $9.288 million (S$3,751 psf). The deal is said to be brokered by an agent from PropNex.

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The remaining five-bedroom Sky Suite on level 39 is priced at $9.5 million ($3,837 psf). The two Sky Suites and a 4,833 sq ft penthouse on the 40th floor will have "spectacular views of the Singapore River and Marina Bay", according to CDL.

According to CDL 83% of the buyers at Union Square are Singaporeans, with PRs from different nationalities and foreigners from Norway and the US making up the remaining 17% (Photo: City Developments Ltd)

All the unit types were well-received by homebuyers, with the one-, two- and three-bedroom premium units being the most popular. Prices of units 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 $4.62 million ($,3043 psf) for a 1,518 sq ft four-bedroom premium.

Union Square Residences comprises a 40-storey tower with 366 apartments and commercial units at levels 1 and 2. The 99-year leasehold condo on Havelock Road is the residential component of Union Square, a large-scale mixed-use development that includes offices, retail and F&B space, and a co-living component with a hotel licence.

The project is a redevelopment of the former Central Mall (a seven-storey office tower with a cluster of conservation shophouses) and the adjacent Central Square (a mixed residential and commercial building) in District 1.

"The encouraging take-up for Union Square Residences reflects the consistent interest from homebuyers who recognise the enduring value of a prime mixed-use development," said Sherman Kwek, CDL's group CEO. "We are confident that the unique attributes and convenience of Union Square Residences will continue to attract keen interest."

View of Clarke Quay and the upcoming CanningHill Piers from the swimming pool of Union Square Residences (Artist's Impression: CDL)

Situated at the gateway of the CBD and within walking distance of three MRT stations (Clarke Quay, Chinatown and Fort Canning), the project is close to Clarke Quay, the upcoming CaninngHill Square, and the Orchard Road shopping belt.

"The launch of Union Square Residences presents buyers an opportunity to invest in an iconic mixed-use development by the Singapore River and next to the bustling CBD," says Marcus Chu, CEO of ERA Singapore.

According to Ismail Gafoor, CEO of PropNex, the sales achieved at Union Square Residences are impressive despite multiple launches coming up over these two weekends. "Most of the buyers are investors at Union Square are drawn by the positive attributes of the mixed-use development and its location," he says.

Interestingly, Union Square Residences in prime District 1 is considered part of the Rest of the Central Region (RCR).

"There has not been a new launch in District 1 since Marina One Residences in 2014," says Mark Yip, CEO of Huttons Asia. "There was good interest from buyers who want to stay near the CBD and the Singapore River yet close to lifestyle options and amenities like Clarke Quay, Robertson Quay and the upcoming CanningHill Square. This is probably the last mixed-use project in the Singapore River planning precinct."

Union Square Residences is located near Clarke Quay and three MRT stations (Source: EdgeProp Landlens)

Two days earlier, joint venture partners SingHaiyi Group and Ultra Infinity sold 35 units at The Collective at One Sophia on Nov 6-7 at an average price of $2,750 psf. The project in prime District 9 is in the Core Central Region (CCR).

The Collective at One Sophia has 367 residential units. It is part of the One Sophia, a 99-year leasehold mixed-use development, which includes a 13-storey commercial tower with 127 retail units and 122 office units. About 34% of the strata office units at One Sophia have been sold since its launch last month, at an average selling price of $3,330 psf.

In the CBD, other sizeable 99-year leasehold mixed-use developments include CanningHill Piers, launched in November 2021 and 97% sold at an average price of $2,997 psf to date; the 558-unit Midtown Modern, which was launched in May 2021 and is entirely sold at an average price of $2,821 psf; the 219-unit Midtown Bay, which is 63% sold at an average price of $3,090 psf; and the 351-unit One Bernam, launched in May 2021, which is 70% sold at an average price of $2,575 psf. Sales are based on caveats lodged as at Nov 9.

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