Newport Residences Sells 57% at Launch Weekend — But the Real Surprise Came From the Large Units

The sales launch of the 246-unit Newport Residences saw 140 units sold over the Jan 31-Feb 1 weekend. The take-up rate translates to about 57% of the total number of units in the project, and the project has set an average price of $3,370 psf.

In general, one-, two-, and three-bedroom units were the most popular, including two-bedroom premium units and standard two-bedders. But it is also noteworthy that several of four-bedroom units also moved.

Pricing for the various unit types sold to date is:
– $1.298 million for a 431 sq ft, one-bedroom unit
– $1.968 million for a 646 sq ft, two-bedroom unit
– $3.238 million for a 980 sq ft, three-bedroom unit
– $8.28 million for a 2,067 sq ft, four-bedroom premium unit

Singaporean buyers accounted for 82% of purchasers, while 15% are permanent residents from Indonesia, China, Malaysia, Canada, Germany, the United Kingdom, and others.

The pattern in buying interest is largely attributed to the pricing structure of units at Newport Residences. Despite relatively high per-square-foot pricing compared to nearby CBD projects, entry quantums were kept relatively palatable for smaller units.

In effect, Newport Residences was priced to appeal to a wide pool of buyers who were keen to secure a freehold property in the CBD, and unit sizes were relatively compact to balance affordability.

In general, the pricing and sales outcome at Newport Residences today reflect an increasingly familiar pattern among new central area projects. Since 2025, developers have launched projects there that – despite having a higher $PSF – are built to be more compact and efficient, thus keeping the overall quantum low. 

Why the launch of Newport Residences is significant

Newport Residences is the first freehold mixed-use development approved under the Urban Redevelopment Authority’s (URA) CBD Incentive Scheme 2.0.

Under this scheme, URA hopes to pivot the tone and nature of the business district. Instead of being just a zone for offices as well as compact residential spaces, URA aims to reform the CBD into a more holistic live-work-play district, with appeal to home buyers and families. As such, future residents – in projects like Newport Residences – are buying into an area that’s expected to see a gradual increase in owner-occupier demand, lifestyle amenities, and week-round activity.

To support this, the CBD incentive scheme encourages owners of older office buildings in the CBD to redevelop their sites into mixed-use projects, under higher plot ratios and added gross floor area. In return, developers are required to introduce residential, hotel, or other complementary uses that support a more liveable, round-the-clock city centre.

Newport Residences is the spearhead of this initiative. It forms the residential component of Newport Plaza, a 45-storey, 215-metre-tall mixed-use project. Newport Plaza, the commercial component below, will include offices, food and beverage outlets, serviced apartments, and private residences all within the same project. 

Newport Residences found buyers despite a high $PSF

Despite the high $PSF, Newport’s compact but efficient layouts kept the overall quantum closer to that of some older leasehold CBD condos, despite being freehold. For full details, see our pricing comparison on Stacked Pro. For many Singaporeans, this is the first affordable new launch option within the CBD in many years, although it comes with a trade-off in size. 

According to ERA Singapore, demand at Newport Residences has been driven primarily by local buyers with longer holding horizons. Marcus Chu, chief executive officer of ERA Singapore, said interest has come from a mix of owner-occupiers and local investors, reflecting sustained demand for well-located freehold homes amid structurally tight supply in the CBD and city-fringe markets.

Chu added that freehold residential supply in the CBD has become increasingly scarce, with Newport Residences standing out as the only new freehold condominium currently available in District 2, a factor that continues to draw buyers focused on long-term ownership and capital preservation.

Besides this, a notable contributing factor is the mixed-use nature of the project. While freehold status alone is not exceptional in the CBD, it is differentiated from surrounding projects due to integrated offices, dining options, and lifestyle amenities. The combination of accessibility, the CBD location, and attached commercial elements means Newport Residences is viable as both a residential and investment asset.

An expected sales result given the CBD location

Although Newport’s location in the CBD is a strong one, it remains a less established area for owner-occupancy. As the first development to spearhead the CBD’s transformation scheme, Newport Residences is thus entering untested waters.

Within this context, the launch has garnered a predictable split of buyer behaviours. Some buyers are moving to secure a rare freehold CBD project at a palatable quantum; the others may be watching how CBD evolves before committing. 

This market response is typical of projects that are at the forefront of an urban development shift, versus those within already established enclaves.

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