The Plan To Revive Clarke Quay Starts With 1,062 New Homes

The stretch of the Singapore River from Clarke Quay to River Valley is in the middle of its most exciting transformational phase in recent memory. New mixed-use developments are set to reshape the skyline of this riverside precinct, and they bring the promise of rejuvenating the area.

On the Havelock Road side, the most significant new project that is anchoring the transformation of the precinct is Union Square by City Developments Ltd (CDL). It is one of the largest new mixed-use developments coming up in this area.

While CDL has been behind numerous landmark projects that have shaped Singapore’s skyline, its ambition with Union Square is the latest opportunity to showcase the depth of the property giant’s development and asset management expertise.

The new development consists of Union Square Residences – the 366-unit luxury residential component – within a 40-storey tower, a 20-storey premium Grade A office tower – Union Square Central, a co-living component with a hotel license, as well as retail and F&B spaces.

Union Square Residences was launched for sale in November 2024 and set an average selling price of about $3,200 psf. One of the units sold during the sales launch was a 2,476 sq ft five-bedroom Sky Suite on the 38^th floor that transacted for $9.288 million ($3,751 psf).

Today, Union Square Residences has sold more than 40% of its units. The available unit types range from 463 sq ft one-bedroom to 1,518 sq ft four-bedroom premium unit, as well as a Sky Suite unit on the 39^th floor.

In this article, we’ll examine the upcoming developments at Clarke Quay, namely Union Square and CanningHill Piers, as well as the flurry of buying activity taking place slightly further down in the River Valley area.

Will Union Square and CanningHill Piers breathe new life into Clarke Quay?

For several years, editorials and news headlines have painted a dire picture of the nightlife at Clarke Quay. Prominent and familiar F&B operators have exited the market, and most tenants point to rising rents, stiff alcohol duties, and high labour costs that make it challenging for businesses to stay in the game.

These are challenges that F&B businesses in the area must navigate in the coming years. But how can we approach the revitalisation of the area from a real estate perspective?

The way forward seems to be repositioning older assets and redeveloping them into more dynamic mixed-use developments that have a wider placemaking effect on the riverside precinct.

We saw CDL and its partner, CapitaLand Development, take the first step in this direction with the redevelopment of the former Liang Court, now CanningHill Piers. Sitting across from Fort Canning Hill, this integrated development is another project that is anchoring the transformation of Clarke Quay.

But after 36 years as a landmark development along the Singapore River, the end of Liang Court in 2020 was the most significant opportunity to intensify the riverfront site that would play a more central role in placemaking efforts.

Four years later, CDL would take a similar approach on the opposite side of the river, when it redeveloped the sites of the former Central Mall (offices and conserved buildings) and Central Square. This is where Union Square is taking shape, and the development is expected to be completed in 2029.

We expect that Union Square and CanningHill Piers will play a significant role in the overall rejuvenation plans for this area, especially with the addition of new residences and offices that would contribute to an increase in the area’s footfall. Proposed placemaking initiatives by the developers should also add to the vibrancy of the area.

Turning overlooked spaces into vibrant public spaces

There are many components to this upcoming landmark development, and we’ll examine the possible influence that new F&B spaces, a co-living offering, and new Grade A offices and luxury residences might bring to the landscape there.

Significantly, CDL was able to realise a significant gross floor area uplift of 67% for the new development by utilising URA’s Strategic Development Initiative Scheme. This scheme encourages the rejuvenation of older buildings in strategic precincts like the Singapore River to kickstart urban transformation.

The enhancement of public spaces is a cornerstone of the site’s redevelopment. The former buildings were much less porous in terms of public pedestrian access and did not do much to link Merchant Road and Havelock Road.

This will change with Union Square, which will see the partial pedestrianisation of nearby streets like Solomon Street. Depending on the street-level design, this will open a much-needed public access corridor from neighbouring Pearl’s Hill City Park, through Union Square and Clarke Quay, all the way to CanningHill Piers and Fort Canning Park.

Meanwhile, heritage and conservation buildings will house some of the retail and F&B establishments, while a public amphitheatre at the junction of Cumming Street and Fisher Street anchors the outdoor public space.

The transformation of Tanjong Pagar in the Central Business District (CDB) gives us an example of how a successfully executed landmark development – supported by a robust and long-term placemaking strategy – can turn spaces into places that people want to gravitate towards.

Since the completion of Guoco Tower, an integrated development linked to Tanjong Pagar MRT station, that part of the CBD is visibly more active on weekends and in the evening. We’ve also seen how the completion of South Beach, another integrated development by CDL in the Bugis/Beach Road precinct, and Guoco Midtown, has boosted the vibrancy of that commercial and lifestyle area.

At Union Square, the introduction of new luxury residences and Grade A offices, as well as a hotel licensed co-living concept, might be the captive crowd needed for a successful placemaking strategy to take root. Collectively, Union Square Residences and CanningHill Piers will add 1,062 new private homes in the Clarke Quay precinct.

A snapshot of a Two-Bedroom at Union Square Residences

According to caveats downloaded on May 13, slightly more than half of the units sold at Union Square Residences to date are two-bedroom configurations. Let’s take a brief look at some of the two-bedroom options available.

In general, the preference for two-bedroom unit types is broadly reflected in the take-up rates we’ve seen across most new project launches in recent months. Two-bedders usually offer the most in terms of layout flexibility, and the size of most two-bedders is a good balance between price and space.

There’s also a relatively larger catchment of resale buyers for two-bedroom units, and buyers can range from couples to investors.

Turning back to Union Square Residences, there are five different two-bedroom configurations available, and the typical two-bedder ranges from 700 sq ft to 732 sq ft, while a two-bedroom plus study unit is 743 sq ft with select views of the city or Singapore River.

Let’s first review the 700 sq ft, Two-Bedroom (Type B2) unit, since it is the only layout of this unit type that features a so-called dumbbell design.

From the entrance, the unit first opens into the kitchen, which doesn’t feature a galley-style layout.  The arrangement of the kitchen here also means that it would be easier to turn it into an enclosed space. In contrast, the other two-bedroom configurations all feature an open-concept kitchen layout.

In our original review, we noted that with so many dining options nearby, including within Union Square, most owners are unlikely to cook at home often. Hence, both kitchen layouts work, depending on the owner’s lifestyle and needs.

The unit then leads into the living and dining room and branches out to the master bedroom and bedroom 2. A highlight of the two-bedroom options at Union Square Residences is that each of the two-bedroom unit types is a two-bed two-bath layout. This is the kind of flexibility that tends to appeal to homeowners, as well as landlords.

To read a more comprehensive review of the other unit types at Union Square Residences, check out our November 2024 write-up here.

Buyers are snapping up new luxury homes in the Central Region

Since the launch of Union Square Residences in November 2024, demand for high-end homes in the Central Region has significantly picked up pace. This is evident from the strong take-up rates we’ve seen for recent new projects in the CBD and nearby River Valley precinct.

Jump-starting the new launch market in the CBD this year was Newport Residences, the luxury residential component of Newport Plaza. The mixed-use development on Anson Road is developed by CDL and is a redevelopment of the former Fuji Xerox Towers.

Since the launch of this freehold 246-unit development in January, CDL has sold more than 78% of the total units – a significant feat for a new luxury residential development in the CBD. With no other upcoming developments along the Singapore River in the pipeline, and a wide range of unit types available, Union Square Residences will remain on buyers’ radar.