Singapore-listed property giant City Developments (CDL) is set to preview the 246-unit Newport Residences on Jan 16, with sales commencing on Jan 31. The project is part of Newport Plaza, a large-scale mixed-use development in Tanjong Pagar.

“We are excited to kickstart the New Year with the eagerly awaited launch of Newport Residences,” says Sherman Kwek, group CEO of CDL. “It is the residential centrepiece of our Newport Plaza landmark.”

The 45-storey mixed-use development comprises luxury residences, serviced apartments, Grade-A office space and ground-floor retail and F&B. There are a wide range of residents’ amenities across six levels, including the roof garden that features a sky lounge, barbeque grill and four swimming pools.

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The residential units occupy the top half of the tower, from levels 23 to 45, with most offering unobstructed views of the sea, the city skyline and the future Greater Southern Waterfront precinct.

Apartments range from one-bedroom units starting from 431 sq ft, to four-bedroom premium units of 2,067 sq ft. Crowning the tower is a single five-bedroom super penthouse spanning 12,960 sq ft, served by a dedicated private lift and offering panoramic city views.

One- and two-bedroom units make up about 79% of the development. Prices start from $1.298 million ($3,012 psf) for a 431 sq ft one-bedroom unit, while two-bedroom units from 646 sq ft are priced from $1.968 million ($3,046 psf). Three-bedroom units start from 980 sq ft, with prices from $3.238 million ($3,304 psf). Meanwhile, four-bedroom premium layouts, which comprise 18 units, are priced from $8.28 million ($4,006 psf).

The project is designed by Japanese architectural firm Nikken Sekkei in collaboration with Singapore-based ADDP Architects. The duo also designed Zyon Grand, a joint venture between CDL and Mitsui Fudosan located along Kim Seng Road in District 3.

Zyon Grand is a 99-year leasehold mixed-use development with 706 residences across twin 62-storey towers. Launched last October, Zyon Grand was 84% sold during its first weekend. As at Jan 13, the project is 86% sold at an average price of $3,054 psf.

“With strong and resilient demand for recent new launches in prime areas, such as our Zyon Grand project, the time is right to unveil this rare freehold offering with commanding views of the CBD and the future Greater Southern Waterfront,” notes Kwek.

Read also: January new home sales rebound 2.4 times m-o-m to 466 units as launches revive market

Kelvin Fong, CEO of PropNex is of the opinion that Newport Residences could set the tone for the Core Central Region (CCR) in 2026, being the first new launch in the segment. “It may potentially be a bellwether for how the CCR is likely to perform this year,” he says.

First freehold mixed-use under CBD Incentive Scheme

Chia Ngiang Hong, group general manager of CDL, adds that Newport Residences stands out for its freehold tenure, “which is exceptionally rare in the CBD”.

The project is a redevelopment of the former Fuji Xerox Towers office complex. When the building was completed in 1987 by CDL, it was known as the IBM Building and was a landmark in the CBD.

According to Chia, Newport Plaza is also the first freehold mixed-use project developed under URA’s CBD Incentive (CBDI) Scheme, which encourages the conversion of older office buildings into mixed-use developments within the CBD.

Through the CBDI, CDL secured a 25% uplift in plot ratio and gross floor area, amounting to an additional 655,000 sq ft. “It facilitated the complete redevelopment of the site, allowing us to reposition the asset into a vibrant, future-ready mixed-use development that enhances operational efficiency and unlocks the site’s full potential to better meet the evolving needs of our city,” adds Chia.

Located in Tanjong Pagar (District 2) in the Core Central Region (CCR), Newport Plaza is bounded by Anson Road, Bernam Street and Tanjong Pagar Road. It is within walking distance of Tanjong Pagar MRT Station on the East-West Line, as well as the upcoming Prince Edward and Cantonment stations on the Circle Line.

Read also: CDL-Woh Hup JV submits top bid of $1,455 psf ppr for Tanjong Rhu Road GLS site

“The completion of the Circle Line loop by the end of 2026 will further enhance connectivity, making the area even more accessible and reinforcing its appeal as a place to live, work and socialise,” says Marcus Chu, CEO of ERA Singapore.

First freehold launch since 2019

“In a district where most residential launches are leasehold and limited in scale, Newport Residences stands out as a freehold offering that presents a rare chance to own a unit within the CBD without compromising on space, privacy or long-term relevance,” notes CDL’s Chia.

By way of comparison, just across the road is One Bernam, a 35-storey mixed-use development located on a 41,400 sq ft, 99-year leasehold former GLS site. Jointly developed by MCC Land and Hao Yuan Investment, the project was launched in May 2021. To date, all 351 residential units are fully sold. Based on caveats lodged, 105 units were transacted in 2025 at an average price of $2,549 psf.

In addition to residential units, One Bernam has a two-storey retail podium and a 13-key boutique serviced apartment.

Meanwhile, Skywaters Residences, which forms part of the new 63-storey mixed-use development, The Skywaters, occupies the top half of the tower. It includes residences branded by Aman Singapore, which occupy the 28th to 30th floors. In total, there are 190 residential units, including the Aman-branded residences.

Two of three transactions recorded at Skywaters Residences so far have crossed $6,000 psf. The first was for a 7,761 sq ft penthouse on the 57th floor that fetched $47.34 million ($6,100 psf) in May 2024. The other, transacted just last October, was for a 1,798 sq ft, three-bedroom unit that also marked the sale of the first Aman-branded residence. It fetched $11.69 million or $6,501 psf. It’s also the highest psf price recorded for a 99-year leasehold condo to date.

In June last year, a 5,285 sq ft, five-bedroom unit on the 55th floor of Skywaters Residences changed hands for $30.87 million or $5,841 psf.

According to PropNex, the last freehold launch in District 2 was Sky Everton in 2019. The 262-unit freehold private residential project located on Everton Road in Tanjong Pagar was completed in 2023.

Prior to that, there were two other freehold project launches in 2013: Onze @ Tanjong Pagar, an 18-storey block, with 53 apartments and 13 commercial units; and the 183-unit Spottiswoode Suites at Spottiswoode Park. Both projects were completed in 2017.

“There aren’t many new freehold options, and Newport Residences can fill this supply gap for those looking to purchase a new freehold home in the CBD,” says PropNex’s Fong.

Newport Residences’ indicative prices of around $3,000 psf are also “not far from” One Marina Gardens, where one-bedders ranging from 420 to 452 sq ft are sold out, at prices ranging from $2,780 to $3,092 psf. Buyers seeking such units can turn to Newport Residences for options, adds Fong.   The last new launch in District 2 was TMW Maxwell, a redevelopment of the former Maxwell House. The 99-year leasehold mixed-use development has 324 residential units and 11 commercial units. The project, located on Tras Street off Maxwell Road, debuted in August 2023.

“With fewer launches in the CCR expected this year – both in number and total units – buyers may increasingly turn their attention to the CBD, supporting a rebound in demand there,” says ERA’s Chu.

Potential buyers

Newport Residences’ location, surrounding amenities, unit types and configuration will likely to attract investors, given its “high rentability”, says Mark Yip, CEO of Huttons Asia.

This is because the property is likely to appeal to expatriates, especially professionals working in the Downtown Core, adds Mohan Sandrasegeran, head of research and data analytics, SRI.

The serviced apartments at Newport Plaza are also expected to complement the residential component, “by anchoring rental expectations”, says Justin Quek, deputy group CEO of Realion (OrangeTee & ETC) Group. “Tenants seeking longer-term stays typically gravitate towards residential units, which offer better value over time, thereby supporting sustained rental demand.”

With Cantonment Primary School within 1km of Newport Residences, the project may also appeal to buyers with young children. “The freehold tenure may also pull in buyers who wish to own a unit for legacy reasons,” adds Huttons’ Yip.

The three- and four-bedroom premium units, which are relatively large, are also likely to appeal to owner-occupiers, reckons Yip.

Another group of potential buyers are HDB upgraders, adds PropNex’s Fong. “They may have unlocked equity from their HDB flat and want to channel the proceeds to buying a private home – perhaps a freehold property that could be handed down to future generations.”

According to PropNex’s findings based on caveats lodged, the proportion of private home buyers (both new and resale) in Districts 1 and 2 with an HDB address remains fairly constant at 22.7% in 2025, on a par with 2024.

Shift in nationality trends in CCR

With the 60% additional buyer’s stamp duty (ABSD) on foreigners in place, Yip reckons the buyer profile will largely be Singaporeans and permanent residents (PRs).

However, given its freehold tenure and CBD location, SRI’s Sandrasegeran still expects the project to have “some visibility among overseas buyers”.

This shift is reflected in CCR buyer nationality trends in the table below:

Local demand, however, will continue to dominate. Based on 2025 transaction data, local buyers accounted for about 82.3% of new home purchases in the CCR, up from 67.4% in 2024, says Sandrasegeran.

“It reflects the return of confidence among Singaporean buyers at the prime end of the market,” adds Sandrasegeran. “As such, while overseas buyers and expatriates form an important supporting segment, the core demand for Newport Residences is still likely to come from local buyers.”

Sales momentum to continue?

Huttons’ Yip also expects sales momentum in the last few CCR project launches in 2H2025, such as UpperHouse at Orchard Boulevard, Skye at Holland and River Green, to continue into 2026.

The CCR launches that took place in 2025 were predominantly in the traditional prime districts of 9, 10 and 11, such as Orchard, Holland and River Valley, says ERA’s Chu. “There were no new launches in the CBD Core,” he says. “With One Bernam fully sold out earlier, this could create some pent-up demand for new homes in the city core.”

One of the key sales drivers in the prime districts last year was the narrowing price gap between new CCR and Rest of Central Region (RCR) private homes, says PropNex’s Fong. “This year, we expect that it could continue to be a key consideration for prospective buyers,” he adds.

Based on caveats lodged, the median unit price gap between new non-landed private homes sold in the CCR and RCR in 2025 was 10% – the narrowest on record since 1995, according to PropNex.

“Following the improvement in sentiment across the CCR in 2025, it is reasonable to expect a positive interest for CCR projects in the CBD area,” Sandrasegeran agrees. “As more high-quality residential developments are introduced, the CBD is gradually evolving into a place to live as well as work, which supports underlying housing demand.”

‘Significant transformation’ in Tanjong Pagar

Tanjong Pagar has undergone a significant transformation in recent years. The redevelopment of older office towers under URA’s CBDI and the introduction of new residential projects have also injected fresh energy, making the area more dynamic, liveable and attractive to both residents and businesses.

“It has evolved from a traditional office-centric district into a vibrant mixed-use precinct that is globally attractive and locally relevant,” says CDL’s Chia. The addition of new workplaces and co-working spaces has also rejuvenated the CBD. The whole district has also seen growth in new F&B concepts. Hotels that opened over the last two years, such as the 302-room Mondrian Singapore Duxton and the 989-room Mercure Icon Singapore City Centre on Club Street, have also transformed the cityscape and brought new life to the area.

Realion’s Quek has seen a steady growth in upgrader demand in District 2. “Tanjong Pagar’s increasing residential appeal, coupled with accessibility to amenities and schools such as Cantonment Primary, makes it increasingly relevant to this buyer segment,” he says.

“With more redevelopment activity, the area’s streetscape, amenities mix and after- work vibrancy can improve over time, which supports the long-term liveability narrative for CBD homes,” according to Sandrasegran.

“In that sense, projects like Newport Residences are not just selling a unit, they are also selling into a longer runway of precinct change that could gradually broaden the resident profile in District 2,” he adds.

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