Union Square Residences Has Sold 213 Of 366 Units — But Its Median Psf Is Down 12.6% Since Launch

A launch that sells more than half its units usually gets read as one story, and a launch whose monthly median price drifts down usually gets read as another. Union Square Residences is both at once, and the two readings sit in the same table. We went through the caveat record month by month to see how the pace and the pricing line up.

According to URA Data Service caveat records, Union Square Residences (District 1, 99-year lease) has recorded 213 developer sales since November 2024 at an overall median of S$3,063 psf, which is 58.2% of its 366 units. Fifty-three of those caveats fall in the three months to August 2026. Over the same span, the monthly median moved -12.6% from the first month, S$3,160 psf in November 2024, to S$2,762 psf in August 2026. Everything below is drawn from recorded transactions and is indicative only; none of it is a valuation of any particular unit.

The selling pace went quiet for most of 2025 and then picked up again in mid-2026

The shape of the chart below is lopsided. November 2024 alone accounts for 94 caveats, the busiest month in the whole record. After that the monthly counts fall away sharply: 5 in December 2024, 11 in January 2025, then a run of single digits through the middle of the year, with April 2025 and May 2025 at one caveat each. Three months in the record — October 2025, November 2025 and January 2026 — have no caveats at all and do not appear.

Then the pace turns again. April 2026 has 6 caveats, May 2026 has 17, June 2026 has 10, and July 2026 has 33, the second-largest month after the launch itself. August 2026 records 10. That gives the 53 sales in the three months to August 2026 mentioned above.

What the chart does not show is why the gap in the middle happened, or what changed in the second quarter of 2026. Caveat data records transactions, not the terms attached to them, and months with one or two caveats carry so little weight that their medians should be read as individual sales rather than as a market level.

The monthly median psf in August 2026 is below where it started in November 2024

Read alongside the counts, the median psf column in the table below tells a two-part story. Through 2025 the monthly medians mostly held in the S$3,100 to S$3,375 psf range, and the thinnest months sit at the top: December 2025 at S$3,449 psf on one caveat, February 2026 at S$3,828 psf on one caveat. Those are single transactions, and a single large or high-floor unit can move a one-sale median a long way.

From April 2026 the picture shifts, and it shifts in months with more volume behind it. April 2026 records S$2,840 psf on 6 caveats, May 2026 S$2,855 psf on 17, June 2026 S$2,765 psf on 10, July 2026 S$2,793 psf on 33, and August 2026 S$2,762 psf on 10.

That is the -12.6% move from the first month to the latest. One thing the table cannot settle on its own is mix: medians here are unadjusted, so a change in which stacks and which unit sizes were transacting in a given month feeds straight into the number.

The most-sold size band is not the one with the highest median psf

Breaking the 213 caveats down by size, the 50 to 69 sqm band is the clear centre of gravity with 106 caveats, a median area of 732 sqft, a median price of S$2,243,500 and a median of S$3,082 psf. The smallest band, under 50 sqm, has 45 caveats at a median area of 506 sqft, a median price of S$1,520,000 and a median of S$3,072 psf — close to the band above it on a per-square-foot basis.

The larger units break the pattern in both directions. The 90 to 119 sqm band has 54 caveats at a median of S$2,859 psf, the lowest of the four bands, on a median price of S$2,944,000. The 120 sqm and above band has just 8 caveats, but the highest median psf of the lot at S$3,409 psf, on a median price of S$5,174,000.

Eight caveats is a small count, and the table below should be read with that in mind.

Resales within a kilometre are transacting well below the launch median

Over the 24 months to August 2026, there were 866 resales across 94 completed projects within 1,000 m of Union Square Residences, at a median of S$2,160 psf. The launch median of S$3,063 psf is +41.8% against that figure. This is a new-sale-versus-resale comparison across different buildings of different ages, so the gap covers age, tenure, layout and lease remaining as much as anything else.

The project-level table below shows where the nearby volume sits. Principal Garden, 412 m away, has the most resales at 79, with a median of S$2,167 psf. The Crest, at 664 m, records 51 resales at S$1,990 psf, and Alex Residences, at 876 m, has 47 at S$2,256 psf. Echelon adds 43 resales at S$2,200 psf.

The two 999-year projects in the list sit in the same band rather than above it: Valley Park at 233 m records 32 resales at S$2,198 psf, and Rv Residences at 260 m records 28 at S$2,323 psf, the highest median among the eight projects listed. Spring Grove and Central Green Condominium are the lowest, at S$1,809 psf and S$1,742 psf respectively.

Union Square Residences is not the biggest seller among District 1 launches this past year

Over the 12 months to August 2026, three other launches in District 1 recorded developer caveats, and they sit at very different volumes. One Marina Gardens leads with 136 caveats at a median of S$2,998 psf. W Residences Marina View - Singapore records 13 caveats at S$2,660 psf, and Skywaters Residences 4 caveats at S$5,914 psf.

The Skywaters Residences figure is the one to treat carefully: four caveats is not enough to describe a price level, and the median simply reflects whichever four units transacted. The One Marina Gardens median, on 136 caveats, is the only one in the table below with volume comparable to Union Square Residences' own record.

All three are 99-year leasehold, as Union Square Residences is, but they sit in a different part of the district, and none of them carries a recorded expected TOP year in the data. So the table describes what has been transacting in District 1 over the period rather than a like-for-like comparison of comparable products.

Two things the figures leave open. The first is mix: the medians here are unadjusted, so the softer monthly readings from April 2026 onward could reflect which unit types were selling as much as anything about pricing, and the size-band table shows the 90 to 119 sqm band carrying the lowest median psf of the four. The second is durability of pace — July 2026's 33 caveats is the second-largest month on record, but it is one month. Whether the run rate of recent months holds, and whether the monthly median steadies near the S$2,762 psf recorded in August 2026, is something only the next few months of caveat data can answer.

A project that has sold 58.2% of its units and a monthly median that has moved -12.6% since the first month are both true at the same time, and neither one is the whole picture by itself. What we find more useful is reading them against the 866 nearby resales and against what else in District 1 has been transacting — which is where a single headline number starts to sit inside a direction rather than standing on its own.

Method: URA caveats for developer sales ('new sale') at the project, dated to the month; size bands by the caveated floor area; the nearby comparison is resale caveats in completed projects within one kilometre over 24 months, unadjusted for size, age or floor. Units sold is the caveat count, which lags option exercises by weeks. Private figures are from URA Data Service caveats, HDB figures from data.gov.sg resale records, both loaded weekly by this site's ingest. Medians are of the non-excluded transactions in the period named; sales flagged by the hygiene rules (related-party transfers, bulk deals, outliers) are left out. Every figure is indicative and drawn from recorded transactions, not a formal valuation.