CDL Unveils Union Square Redevelopment with 67% GFA Boost; Condo Preview Set for Nov 1

October 11, 2024

CONDOsingapore.com



City Developments Limited (CDL) has announced ambitious plans for Union Square, a transformative mixed-use project on Havelock Road, following a 67% increase in gross floor area (GFA) under Singapore’s Strategic Development Incentive (SDI) scheme. The development, set to revitalize the Singapore River precinct, will feature residential, commercial, and co-living spaces, with a preview of its condo component, Union Square Residences, launching on November 1.



Project Overview

Approved in March 2024, the SDI scheme grants Union Square a GFA of approximately 735,500 sq ft, enhancing its scope as one of the largest redevelopments in the area. Spanning 148,800 sq ft in District 1, the project integrates:

Union Square Central: A 20-storey Grade A office tower (freehold).

Retail and F&B Hub: A three-storey block with dining, shopping, and co-living spaces under a hotel license.

Union Square Residences: A 40-storey condominium (99-year leasehold) offering 366 units, from 463 sq ft one-bedders to 1,518 sq ft four-bedroom units, plus two Sky Suites and a penthouse. Commercial spaces occupy the first two levels.

Strategic Vision and Incentives

CDL Group CEO Sherman Kwek highlighted the URA’s SDI scheme as pivotal, enabling the rejuvenation of older precincts through large-scale, integrated developments. The SDI encourages collaborative redevelopment in strategic zones like the CBD, Orchard Road, and Marina Centre.

Land Acquisition and Funding

The project combines three parcels:

A freehold site (former Central Mall office block).

Two 99-year leasehold plots with conserved buildings and the former Central Square.

CDL acquired the Central Square plot from Far East Group in 2021 for S$315 million including a S$18 million incentive contingent on securing residential planning approval. The freehold parcel and conserved buildings are fully owned by CDL.

Heritage Integration and Design

Historic structures on-site will be repurposed into retail and F&B outlets, anchored by a new amphitheatre at the Cumming-Fisher Street junction. The design emphasizes seamless indoor-outdoor connectivity.

Timeline and Broader Portfolio

Slated for completion in 2029, Union Square marks CDL’s third major Central Area project, alongside Canninghill Piers (a CapitaLand joint venture) and Newport Plaza (ex-Fuji Xerox Towers).

Sales details for Union Square Residences will be released during the November preview, positioning the development as a cornerstone of Singapore’s urban renewal efforts.