Union Square plans are laid out by CDL; a preview of the apartment launch is schedule

Union Square plans are laid out by CDL; a preview of the apartment launch is scheduled on November 1

The incentive programme for the Havelock Road renovation results in a 67% increase in gross floor space.

October 11, 2024

CONDOsingapore.com

On Friday, October 11, CITY Developments Limited (CDL) presented plans for its expansive mixed-use building Union Square. The Havelock Road project got 67% extra gross floor area (GFA) thanks to a government incentive programme.

According to CDL, approval was received in March for the expansion of GFA to around 735,500 square feet (sq ft). According to CDL, the Urban renovation Authority's (URA) Strategic Development Incentive (SDI) programme will make the renovation of the old Central Mall and Central Square sites "one of the largest for the precinct."

Union Square, a 148,800-square-foot complex in District 1 next to the Singapore River, would have a 20-story Grade A office tower named Union Square Central, a three-story block containing retail and food and beverage (F&B) space, and a co-living area with a hotel licence.

Union Square Residences, the project's residential component, is a 40-story block with 366 apartments, ranging in size from 463 square feet, one-bedroom flats, to 1,518 square feet, four-bedroom luxury condos. Additionally, there are two Sky Suites, a penthouse, and first and second floor commercial space.

According to CDL, Union Square Residences will have a preview on November 1 and price and sales information will be revealed later. It is anticipated that the mixed development will be finished in 2029.

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Sherman Kwek, CDL's group chief executive officer, stated: "We can use our property development and asset-management experience to turn existing assets into large-scale mixed-use landmarks, revitalising the neighbourhood and creating significant value, thanks to the URA's incentive schemes that encourage the rejuvenation of older precincts."

Owners of commercial buildings in key locations, such Orchard Road, the Central Business District, and Marina Centre, are encouraged by the SDI plan to collaborate with their neighbours and carry out a thorough renovation that would completely change the street or precinct.

Three pieces of land are included in the Union Square reconstruction project: two 99-year leasehold properties containing a collection of heritage buildings and the former Central Square, and a freehold property that had held an office complex at Central Mall.

The 99-year leased land's protected buildings and freehold lot are owned by CDL.

In 2021, as part of its plans to renovate its Central Mall buildings, it paid S$315 million to the Far East company for the Central Square land.

For S$1.8 million, CDL purchased the reversionary leasehold interest from OPH Riverside, a division of Far East Orchard, and Central Square from Far East Hospitality Trust for S$313.2 million.

A possible incentive payment of up to S$18 million above the purchase price consideration was part of the deal, if certain requirements were fulfilled, such as obtaining residential use planning clearance.

Union Square Residences and the other commercial components will have 99-year leasehold titles, while Union Square Central, the new office skyscraper, will be constructed on the freehold property.

An amphitheatre at the intersection of Cumming Street and Fisher Street will be the focal point of the development's outdoor areas, while the site's existing historical and conservation buildings will be renovated to accommodate retail and food and beverage operations.

The Central Area's third significant CDL improvement project is Union Square.

Canninghill Piers and Canninghill Square, a joint venture project with CapitaLand being constructed on the site of what was formerly Liang Court, and Newport Plaza (previously Fuji Xerox Towers) are among the group's continuing redevelopments in the Central Area.

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