Union Square Residences, situated along the iconic Singapore River, is set to become a landmark mixed-use development featuring luxurious residences, co-living accommodations, a Grade A office tower with premium office spaces, retail outlets, and a rooftop restaurant.
It is strategically positioned at the edge of the Central Business District (CBD) and accessible via three MRT stations — Clarke Quay on the North East Line (NEL), Fort Canning on the Downtown Line (DTL), and Chinatown (serving both the North East and Downtown Lines). This development is a highly attractive investment option, especially for expatriate tenants. Families will also appreciate its location within 1KM of River Valley Primary School, adding to its appeal for owner-occupying families with school-going children.
Embracing a co-living concept, Union Square Residences offers vibrant communal spaces at Central Plaza and Grand Stand, designed to host a variety of events, from food truck gatherings and outdoor performances to community fitness sessions. The office tower and the residential tower at Union Square are arranged in a distinctive U-shape, thoughtfully designed to maximise natural ventilation in the residential units, offering a seamless live, work, and play experience within this world-class enclave.
In this review, we’ll delve into the standout features, location advantages, pricing, and how Union Square Residences compares with other nearby and mixed-use developments across Singapore.
*This article was written in November 2024 and does not reflect data and market conditions beyond.
Project Details
Location Analysis
Located just a stone’s throw away from Clarke Quay Central, with its vibrant mix of bars, restaurants, and a shopping mall, Union Square Residences offers residents an exciting array of dining and entertainment options, perfectly suited for luxurious city living. In addition to the premium office and retail spaces within this integrated development, future residents will only be within a 10-minute drive from major work nodes like Marina Bay Financial Centre and Raffles Place. For those drawn to arts and culture, the nearby museum belt, including the National Gallery Singapore, Asian Civilisations Museum, and National Museum of Singapore, places Union Square Residences at the heart of historic and cultural experiences.
The development is highly accessible, with Clarke Quay MRT just a 5-minute walk away. Dhoby Ghaut MRT, located just one stop from Clarke Quay, is an interchange that also connects to the Circle Line (CCL) and North-South Line (NSL), and is home to the popular Plaza Singapura mall. Chinatown and Fort Canning MRT stations are also within an 8- and 15-minute walk, offering convenient travel options throughout Singapore.
Besides being ideally positioned within a 1KM radius of River Valley Primary School and Outram Secondary School, Union Square Residences is also within close proximity to various international schools and private tertiary institutions. This makes it a prime choice for expatriate families, adding strong rental appeal for investors.
Site Plan Analysis
The main amenities at Union Square Residences are located on levels 3 and 34, with seven distinct Recreational Pods distributed across various floors, each offering unique experiences—from active zones to serene retreats. Level 3’s Social Vista is thoughtfully designed as a community hub, fostering connection and engagement. Meanwhile, the Union Vista on level 34 provides vibrant recreational spaces set against breathtaking views of the surrounding cityscape.
At the Social Vista on level 3, residents can enjoy a refreshing swim in the lap pool or relax at the Wellness Pool. For those seeking tranquillity, the yoga studio provides a peaceful space for mindfulness. The Gourmet Pavilion and Social Lounge create inviting spots to entertain guests or connect with neighbours. The co-working studio, a rarity in other developments, offers a convenient workspace for residents working from home, ensuring flexibility within the comfort of the development.
Perched high on level 34, residents can take a refreshing dip in the Sky Pool or unwind at the Aqua Lounge, all while enjoying stunning views of the city. For daily exercises, the Sky Gym provides an inspiring space for daily workouts. The Club Gourmet and Club Union also offer elegant areas to entertain guests and socialise, all with the backdrop of the breathtaking cityscape.
Unit Distribution
Most units at Union Square Residences fall within the 1- and 2-bedroom configurations, with 2-bedroom units being the most common configuration in the entire inventory. Together, the 1-Bedroom, 1-Bedroom + Study, 2-Bedroom, and 2-Bedroom + Study units make up 74% of the total, reflecting the developer’s focus on smaller families and investors.
For those seeking larger spaces, the development also offers a selection of 3-Bedroom units up to an exclusive 5-Bedroom penthouse. The 4-Bedroom Premium and larger units include the added luxury of private lift access. Overall, Union Square Residences caters to a wide range of demographics, providing attractive options for both owner-occupiers and investors owing to its prestigious address.
Floor Plan Analysis
In this section, we will showcase selected floor plan options at Union Square Residences to help you find a unit that best suits your preferences and lifestyle needs.
Please note that Union Square Residences’ floor area calculations do not fall under URA’s GFA harmonisation rule, and includes non-strata and void spaces.
2-Bedroom + Study (Type B5S)
The 2-Bedroom + Study Type B5S layout is an attractive option for couples, small families, or investors. It can also work as a hybrid for part owner-occupation and part rental, with the flexibility to rent out the common bedroom or even both bedrooms for investment purposes. The study area is thoughtfully positioned near the unit’s entrance, slightly set apart from the main living areas for added privacy. The open-concept kitchen, dining, and living areas follow an efficient rectangular layout, with a balcony extending from the living room. We especially appreciate that the bedrooms are separated from the main living areas, ensuring privacy when hosting guests. From a rental investment perspective, we believe this configuration would strongly appeal to potential tenants, as units in Stack 6 offer scenic views overlooking the Singapore River.
3-Bedroom Premium (Type C2P)
We find the layout of Type C2P thoughtfully designed to suit small families perfectly. This configuration includes both wet and dry kitchens, ideal for various occasions, particularly when hosting guests. The enclosed wet kitchen effectively contains cooking odours during heavier cooking sessions. Spanning 1,066 sqft, and similar to Type B5S, the dining and living areas follow an efficient rectangular layout, with a balcony extending beyond the living space, making it highly optimised for space. The spacious balcony can also serve as an additional living area or a setting for al fresco dining. With all three bedrooms tucked away from the main living areas and an additional WC, this layout is ideal for entertaining while maintaining bedroom privacy.
4-Bedroom Premium (Type D1P)
Accessed via a private lift, residents are welcomed directly into the dining area and dry kitchen, with a spacious, elongated enclosed wet kitchen conveniently adjacent. The Junior Master Bedroom, complete with an en suite bathroom, is thoughtfully positioned on one side of the main living areas, while the Master Bedroom and two additional common bedrooms are on the opposite side. The main living and dining areas feature a generously sized, rectangular layout, offering ample room for both daily activities and entertaining. To further expand the internal living space, the large balcony provides an ideal spot for al fresco dining, with scenic views overlooking the historically significant Singapore River.
Comparative Market Analysis (CMA)
In this section, we will analyse current price trends for nearby developments and compare them with the pricing of Union Square Residences, which comes with a fresh 99-year lease.
Our analysis will focus on three neighbouring developments: UE Square, River Place, and CanningHill Piers.
UE Square, completed in 1997, is a 999-year leasehold apartment with 345 units. River Place, completed in 2000, is a 99-year leasehold development with 509 units. Finally, CanningHill Piers, an upcoming 99-year leasehold project slated for completion in 2025, will consist of 696 units.
UE Square offers a variety of unit configurations, from 1-Bedroom units to penthouses. Based on the latest real-time market data, current price benchmarks stand at an average of $2,160 PSF for 1-Bedroom units, $2,060 PSF for 2-Bedroom units, $2,150 PSF for 3-Bedroom units, and $2,030 PSF for 4-Bedroom units. Notably, the 2-Bedroom units have seen the highest average PSF growth, increasing by 7.29% from November 2022 to November 2024. In terms of rental, the average monthly rent for a 1-Bedroom unit is $4,440, while 2-Bedroom units currently command an average monthly rent of $5,360.
At River Place, real-time market data shows that 1-Bedroom units command an average price of $1,750 PSF, 2-Bedroom units $1,760 PSF, 3-Bedroom units $1,770 PSF, and 4-Bedroom units $1,780 PSF. From November 2022 to November 2024, 1-Bedroom units experienced the highest growth in average transacted sale prices, increasing by 8.7%. Currently, the average monthly rent stands at $4,390 for 1-Bedroom units and $6,140 for 2-Bedroom units.
As part of an integrated development on the former Liang Court site, CanningHill Piers saw strong demand at its launch in November 2021, with 77% of its 696 units sold during the launch weekend. Currently, based on real-time market data, 1-Bedroom units are priced at an average of $3,470 PSF, 2-Bedroom units at $3,320 PSF, 3-Bedroom units at $3,340 PSF, and 4-Bedroom units at $2,940 PSF.
How do they compare to Union Square Residences?
According to the latest information from the developer, 1-Bedroom units at Union Square Residences will start at $1.38 million ($2,981 PSF). Prices for 2-Bedroom units will begin at $2 million ($2,854 PSF), while 3-Bedroom units start at $2.82 million ($2,848 PSF). The premium 4-Bedroom units will be available from $4.62 million ($3,043 PSF).
In terms of PSF pricing, Union Square Residences appears to offer a more attractive option compared to CanningHill Piers. While River Place also holds a 99-year lease, Union Square Residences stands out with a fresh 99-year lease, potentially enhancing its long-term capital appreciation. Additionally, it offers a more modern design and aesthetic appeal. Although UE Square has a 999-year lease, often perceived as similar to freehold, Union Square Residences’ prime location within Clarke Quay Central gives future buyers a first-mover advantage, along with the appeal of a contemporary design and lifestyle experience.
Growth Potential Of Union Square Residences
To assess the growth potential of Union Square Residences, we will begin by comparing its MOAT Analysis scores with those of the selected developments discussed above. However, please note that since Union Square Residences has not yet been launched at the time of writing, limited data is available, which may impact the accuracy of the projections.
According to our MOAT Analysis, UE Square achieved the highest overall score at 62%, followed by River Place at 60%, CanningHill Piers at 52%, and Union Square Residences at 50%. Due to limited data, we cannot accurately assess the Region and District Disparity scores for Union Square Residences, but it is reasonable to project a score of 3 out of 5 for both metrics. Additionally, while Union Square Residences currently holds a Rental score of 3 out of 5, we expect it to attract strong tenant interest due to its vibrant, convenient location. The recent rejuvenation of Clarke Quay, transforming it into a lively day-and-night destination, further enhances its appeal for families.
As seen in our analysis of three nearby developments, units ranging from 1-Bedroom to 4-Bedroom configurations have shown capital appreciation over the short period from November 2022 to November 2024. With a fresh 99-year lease, Union Square Residences offers a longer runway for future capital growth. From an investment perspective, the 1- and 2-Bedroom units at Union Square Residences appear particularly attractive for rental purposes within a holding period of 3 to 5 years.
Looking at DUO Residences, a comparable mixed-use development in Singapore with a 99-year leasehold along Fraser Street completed in 2017, there is notable potential for capital appreciation. Between November 2021 and November 2024, 1-Bedroom units at DUO saw an average PSF price increase of approximately 5.9%, 2-Bedroom units grew by around 12.4%, 3-Bedroom units by 8.8%, and 4-Bedroom units by about 10.1%.
To deepen our analysis, we’ll examine Midtown Bay, a similar mixed-use development completed in 2022 along Beach Road. From its completion in January 2022 to November 2024, the real-time market value of its 1-Bedroom units has seen a slight decline of approximately 1.6% in PSF pricing. Despite this minor dip, there remains potential for growth before these units become eligible for resale without incurring Seller’s Stamp Duty. Over the same period, the 2-Bedroom units have shown a PSF price increase of about 10.4%, while the 3-Bedroom units saw a significant growth of around 27.9%.
Overall, our analysis shows that similar mixed-use developments hold strong potential for capital appreciation. Specifically for Union Square Residences, its strategic and lively location being part of a mixed-use integrated development positions it well for future growth and rental investment, making it appealing to both investors and families looking for a residence.
The Verdict
Union Square Residences stands out as a prime mixed-use development in a vibrant riverside location, offering both luxurious living and attractive investment potential. With its strategic placement near the Central Business District, proximity to renowned schools, and rejuvenated Clarke Quay setting, it appeals to a diverse range of buyers—from investors seeking rental returns to families looking for a lively, well-connected home. The fresh 99-year lease and modern design give it a unique edge, positioning it as a forward-thinking choice in the heart of Singapore.
Interested in exploring Union Square Residences as your dream home or investment property? Feel free to reach out to us here. We’re here to guide you through the process and provide a personalised consultation to help you make an informed decision.
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