City fringe homes likely to attract interest after Union Square launch

The development sold 20% of its units on the launch date.

City fringe homes are likely to attract interest from astute buyers, given the wider selection of new homes in the Rest of Central Region (RCR) and its narrowing median unit price gap with the Outside Central Region (OCR)

According to PropNex, the median price gap between RCR and OCR new non-landed homes fell to 12% in 2022 and 19% in 2023, from 26% to 27% in 2017-2019. It stands at about 20% in the first nine months of 2024.

The RCR also marked its third new launch in recent months with Union Square Residences.

PropNex said the performance of the development on its launch day was "good" despite its high price point.

"Buyers are willing to enter owing to the strong project attributes, being a mixed-use development, and its location near three MRT stations, as well as a range of amenities," PropNex said.

Huttons said the development's take-up rate was also "within expectations."

"It attracted a good mix of investors and owner-occupiers. Investors were drawn to the prospects of renting to tenants working in Union Square Central and the CBD," Huttons said.

"Owner-occupiers like the convenience of being near amenities, Orchard Road shopping belt and within 1km to River Valley Primary School," Huttons added.