Newport Residences sells 57% of units at launch weekend, priced at an average of $3,370 psf
Potential buyers at Newport Residences sales gallery (Photo: City Developments Ltd)
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Buyers snapped up 57% of units at Newport Residences over the weekend of Jan 31 to Feb 1, according to listed developer City Developments Ltd (CDL). Units are priced at an average price of $3,370 psf.
About 82% of buyers are Singaporeans, while 15% are Permanent Residents (PRs) from Indonesia, China, Malaysia, Canada, Germany, the United Kingdom and other countries. All unit types were reported to be well received, with one-, two- and three-bedroom units seeing the strongest demand.
The project was previewed on Jan 16, with prices starting at $1.298 million, or about $3,012 psf.
The strong launch response “affirms the exceptional value and appeal of owning a well-designed and rare freehold asset in a prime district in Singapore,” says Sherman Kwek, CDL’s group CEO. “Newport Residences offers lasting ownership value as a forerunner within a precinct undergoing significant transformation.”
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A redevelopment of the former Fuji Xerox Towers on Anson Road, Newport Residences is located within the Tanjong Pagar precinct of the CBD. It forms part of Newport Plaza, a mixed-use development designed as a “vertical town”, with Newport Residences occupying the upper half of the tower — from the 23rd to 45th storeys — and serviced apartments, offices and retail spaces on the lower floors.
With 57% take-up rate over the launch weekend, Newport Residences is the best-performing District 2 new project launch in at least the last seven years, notes Kelvin Fong, CEO of PropNex. Nearby, the 351-unit One Bernam garnered a 23% take-up rate when it was launched in May 2021, while the 262-unit Sky Everton sold 40% of its units during its launch weekend. Both One Bernam and Sky Everton are fully sold and completed.
A redevelopment of the former Fuji Xerox Towers on Anson Road, Newport Residences is located within the Tanjong Pagar precinct of the CBD (Source: EdgeProp Landlens)
Within the CBD, most mixed-use developments are typically on 99-year leases, notes Mark Yip, CEO of Huttons Asia. “Buyers recognise that this is likely a once-in-a-lifetime opportunity to own a freehold, iconic mixed-use development in the CBD,” he says. “Newport Residences is a rare, landmark freehold project at a prominent CBD location.”
Yip adds that the timing of the launch was “opportune”, given the growing acceptance of city living and the government’s broader push to inject residential vibrancy into the CBD. “The Tanjong Pagar area has undergone significant change over the past few years, with mixed-use developments such as Guoco Tower and One Bernam, as well as office projects like Keppel South Central,” he says.
These developments have reshaped the area and injected greater vibrancy, which could, in turn, support stronger tenant demand in the years ahead.
The two-bedroom units facing the sea are fully taken up, and the one-bedroom seafronting units are almost sold out (Artist's impression: CDL)
Sea-facing one- and two-bedders drive take-up
This was reflected in the take-up rate, which was driven largely by one- and two-bedroom units, with demand coming mainly from local investors, says Justin Quek, deputy group CEO of Realion Group (OrangeTee & ETC). At Newport Residences, one- and two-bedroom units make up 79% of the total.
Sea-facing units drew the strongest interest. All sea-facing two-bedroom units were sold out, while almost all sea-facing one-bedroom units were taken up.
The strong demand for one- and two-bedroom units was fuelled by investors seeking to tap rental demand in the CBD, notes Huttons’ Yip. Newport Residences is within walking distance of three MRT stations — the upcoming Cantonment and Prince Edward Road stations on the Circle Line, as well as Tanjong Pagar MRT Station on the East-West Line — offering strong connectivity across the Downtown Core.
Meanwhile, three-bedroom units saw healthy demand from families, particularly those with young children, Yip adds. Cantonment Primary School is located less than a 10-minute walk away, while nearby amenities include 100AM, Guoco Tower and Tanjong Pagar Plaza.
Only six freehold CBD projects in 26 years
“As most new launches today are on 99-year leases, freehold projects continue to appeal to buyers with long-term holding horizons,” says Marcus Chu, CEO of ERA Singapore. “Against this backdrop, Newport Residences stands out as the only remaining new freehold residential opportunity in District 2.”
By ERA’s count, only six freehold residential projects have been launched in the Tanjong Pagar area since 2000. The most recent was the 262-unit Sky Everton, launched in June 2019 and completed in 2023. “This underscores the limited availability of newer freehold stock in the area,” Chu adds.
Chu also notes that purchasing decisions in both prime and city-fringe locations are increasingly driven less by headline per-square-foot prices and more by absolute price, tenure and long-term value. “Buyers in this segment are more discerning, factoring in replacement costs, land scarcity and future supply when making decisions,” he says.
One and two-bedroom apartments make up 79% of the units at Newport Residences and were among the most popular with investors (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Mohan Sandrasegeran observes that interest in Newport Residences aligns with the broader direction of the CBD Incentive Scheme, which seeks to transform parts of the CBD into a more balanced environment where residential, lifestyle, and commercial uses coexist.
The weekend sales at Newport Residences also reinforce the view that CBD-based CCR residential developments are entering a phase of steady recovery, he adds.
“Well-positioned projects that align pricing, product design and location continue to attract demand, even as buyers remain disciplined,” says Sandrasegeran. “With ongoing redevelopment and urban rejuvenation, the CBD’s streetscape, amenity mix and after-work vibrancy are expected to improve progressively. In this context, projects such as Newport Residences are not merely offering homes, but tapping into a longer runway of precinct transformation that could gradually broaden the resident profile in District 2.”
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