[New Launch] Newport Residences Sees Strong Sales: Why Buyers Are Paying for Freehold in the CBD

Newport Residences Sells 57% on Launch Weekend at an Average of ~$3,370 psf, Setting a 7-Year Launch Record in Tanjong Pagar

Newport Residences, a brand-new luxury development in Singapore's Core Central Region (CCR), moved approximately 57% of its units over its launch weekend on 31 January and 1 February, marking the strongest new launch performance in District 2 (Tanjong Pagar) in nearly seven years.

According to figures released by developer City Developments Ltd (CDL), the project achieved an average selling price of around $3,370 psf. The buyer profile was predominantly local, with Singapore Citizens accounting for 82% and Permanent Residents making up about 15%, alongside buyers from Indonesia, China, Malaysia, Canada, Germany, the UK, and other nations.

Strong Demand Across One-, Two-, and Three-Bedroom Units; Compact Layouts Drive Sales

The developer noted keen interest across all unit types, with one-, two-, and three-bedroom units seeing the strongest demand. The project opened for preview on 16 January with prices starting from $1.298 million (around $3,012 psf), successfully capturing market attention.

CDL highlighted that the robust sales results reaffirm strong market appetite for rare, freehold assets in prime central locations.

More than just a residential development, Newport Residences stands as an iconic asset of enduring value situated within the rapidly transforming Central Business District (CBD).

Redevelopment of Former Fuji Xerox Towers: A Rare Freehold "Vertical Community" in the CBD

Located along Anson Road in Tanjong Pagar, the project forms part of Newport Plaza, a major mixed-use redevelopment of the former Fuji Xerox Towers.

Conceived as a "Vertical Town", the integrated development features:

Residential component (Newport Residences): Levels 23 to 45

Lower levels: Serviced apartments, premium office space, and retail amenities

While most integrated developments in the CBD sit on 99-year leasehold sites, Newport Residences boasts a rare freehold tenure—a key differentiator cited by industry watchers as its core appeal.

57% Launch Weekend Take-Up Sets a 7-Year High for Tanjong Pagar

The 57% take-up rate achieved by Newport Residences marks the most stellar opening weekend performance for any new launch in District 2 in at least seven years.

For comparison:

One Bernam (launched May 2021): ~23% launch take-up

Sky Everton (launched 2019): ~40% launch take-up

Both projects have since been fully sold and completed.

Why Buyers Stepped In: A Freehold CBD Opportunity That Is Virtually Unrepeatable

With the vast majority of integrated CBD developments being 99-year leasehold, freehold residential properties in the district are exceptionally hard to come by. Many buyers viewed Newport Residences as a rare, generational wealth-preservation opportunity.

Furthermore, backed by the government's CBD Incentive Scheme to inject residential homes and lifestyle amenities into the downtown core, market appetite for inner-city living has risen significantly.

Sea-Facing 1- and 2-Bedrooms Snap Up First, Blending Investor and Owner-Occupier Demand

Sales were primarily anchored by local investors eyeing robust CBD rental demand.

At Newport Residences, one- and two-bedroom units account for 79% of the total inventory. Notably, all sea-facing two-bedroom units were completely sold out, with the vast majority of sea-facing one-bedroom units snapped up as well.

The development is in close proximity to three MRT stations: Cantonment, Prince Edward Road, and Tanjong Pagar.

Exceptional transit connectivity further bolsters its strong rental potential.

Steady Demand for 3-Bedroom Units Draws Young Families into the CBD

Three-bedroom units also drew healthy interest from families, particularly those with young children.

The development is within a 10-minute walk to Cantonment Primary School, surrounded by mature amenities such as Guoco Tower, 100 AM, and Tanjong Pagar Plaza.

Only 6 Freehold Projects in 26 Years: Supply Scarcity Amplifies Long-Term Value

Since 2000, only six freehold residential projects have been launched in the Tanjong Pagar vicinity, the most recent being Sky Everton in 2019.

In the current market landscape, buyers evaluating CCR properties are looking beyond per-square-foot prices, placing greater weight on absolute quantum, tenure, long-term holding value, and future replacement costs.

CBD Residential Market Enters a Steady Upward Phase

The project's strong sales trajectory aligns closely with the overarching rejuvenation of the CBD.

As office, residential, and lifestyle components progressively converge, the CBD's resident demographic is poised to expand, continuing to inject vibrant 24/7 energy into the precinct.

Investing in Newport Residences is not merely securing a home, but participating in a long-term journey of urban renewal and value appreciation.