Developed by Far East Organization and Perennial Holdings, Aurea is a luxury residential project situated in the Core Central Region (CCR). Its sales launch on Mar 8 saw 23 units sold at an average price of $3,005 psf. This translates to a sales rate of 30% based on the 78 units released in phase one. With 188 units across 45 storeys, Aurea boasts a unique “hanging garden concept” designed by DP Architects. It is the first new private condominium to be connected to a mixed-use development that was sold en bloc and conserved, which is now known collectively as Golden Mile Singapore.A majority of the buyers are Singaporeans, making up 83% of the buyers, while the remaining 17% are permanent residents (PRs) from Malaysia. The sales rate, based on the total of 188 units, is around 12.2%. Huttons Asia CEO Mark Yip notes that CCR projects typically sell around 10% to 30% of their units during the launch weekend, as they lack the large pool of HDB upgraders that suburban projects attract. On the other hand, PropNex CEO Ismail Gafoor considers the sales rate “encouraging” given the subdued sales of CCR projects since the implementation of the additional buyer’s stamp duty (ABSD) in April 2023. In fact, developers sold the fewest new CCR private homes on record in 2024, at just 378 units – down by 74% from 1,454 units in 2023. However, Gafoor believes that the take-up in the CCR segment will improve progressively, as CCR projects typically transact units steadily over many months, rather than achieving blockbuster sales over the launch weekend. He also notes that CCR homes have a more niche market, where buyers seek a luxury home and enjoy the finer things in life.Aurea’s joint developers report that the two- and three-bedroom apartments in the Prestige Collection have accounted for 74% of the sales. These apartments are popular among buyers for their well-designed spaces, functionality, and investment potential. The four-bedroom units in the Signature Collection have also attracted buyers due to their “expansive balconies that open out to sweeping views of both the Marina Bay and Kallang Basin”. The Sky Villa Collection comprises just 18 five-bedroom apartments and two six-bedroom penthouses, making them highly sought-after among buyers. “Such large-format homes in the downtown area are hard to find,” comments Shaw Lay See, COO of Far East Organization’s sales & leasing group.Despite the narrowing price gap between private residential properties in the CCR and the RCR in recent years, private residential properties in the CCR still command a premium of around 20% across all properties regardless of tenure. SRI’s managing partner Ken Low believes that Aurea will continue to benefit from Singapore’s ongoing urban renewal efforts, with major infrastructural and lifestyle upgrades in the surrounding precincts. He notes that Aurea is situated at the doorstep of the Southern coastline redevelopment, which stretches from the Greater Southern Waterfront, Marina Bay, Kallang Basin, to the future Long Island project. With the revitalisation of Beach Road and the Ophir-Road Corridor, the Kallang Alive master plan, and the completion of the North-South Corridor, Aurea is set to benefit from enhanced accessibility, connectivity, and vibrancy in the district. As such, Low expects a rise in CCR home prices this year, driven by increased luxury project launches, and the expectation that the gap between CCR and RCR home prices will widen once again. Overall, Aurea’s unique hanging garden concept, coupled with its prime location and surging demand for luxury homes in the CCR, makes it an attractive investment opportunity for discerning buyers.
Aurea, a new luxury residential project in the Core Central Region (CCR), was launched for sale on March 8. Developed by Far East Organization and Perennial Holdings, Aurea is one of the first projects to be launched in the CCR in the first quarter of 2025. The joint developers released 78 units in phase one, which includes a mix of two- to four-bedroom apartments from levels 4 to 16. The project has a total of 188 units spread across 45 storeys.
The Singapore government has implemented several measures to regulate the property market and prevent speculative purchases, making condo investment in Singapore a significant consideration. These measures, known as property cooling measures, are aimed at maintaining a stable real estate market. One of these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign purchasers and those buying multiple properties. While these measures may have an impact on the immediate profitability of condo investments, they also contribute to the long-term sustainability of the market, creating a secure investment environment. These factors make Singapore a desirable location for condo investments, with various projects available such as those listed on Singapore Projects.
The sales rate for Aurea stands at 30%, with a total of 23 units sold at an average price of $3,005 psf. According to Mark Yip, CEO of Huttons Asia, the sales rate is in line with typical CCR projects, as they generally lack the large pool of HDB upgraders that suburban projects attract. However, with 83% of the buyers being Singaporeans and the remaining 17% being permanent residents (PRs) from Malaysia, the sales rate translates to about 12.2% based on the 188 units in total.
Aurea stands out as the first new private condominium connected to a mixed-use development that was sold en bloc and conserved, now known as Golden Mile Singapore. Designed by DP Architects, the project boasts a unique “hanging garden concept”, making it a desirable option for luxury living in the CCR.
The joint venture behind Aurea reports that 74% of the sales come from the Prestige Collection, with two- and three-bedroom apartments being the top choice for buyers. These apartments offer a balance of well-designed spaces, functionality, and investment potential. The remaining 26% of the sales come from the Signature Collection, with buyers drawn to the four-bedroom units’ expansive balconies and views of Marina Bay and Kallang Basin.
The project also features the Sky Villa Collection, offering 18 five-bedroom apartments and two six-bedroom penthouses that are highly sought-after due to their rare location in the downtown area. According to Shaw Lay See, COO of Far East Organization’s sales & leasing group, buyers were captivated by the magnificent views and value of being part of the ongoing evolution of the prime Downtown Core precinct.
In recent years, the price gap between private residential properties in the CCR and the Rest of Central Region (RCR) has narrowed significantly, averaging around 40% in the last 10 years and now sitting at around 20% regardless of tenure. Ken Low, managing partner of SRI, believes that this trend will continue with Aurea, as it benefits from Singapore’s ongoing urban renewal efforts. These include major infrastructural and lifestyle upgrades in the surrounding precincts, such as the revitalisation of Beach Road and the Ophir-Road Corridor, the Kallang Alive master plan, and the completion of the North-South Corridor.
Despite the subdued sales in the CCR segment since the implementation of additional buyer’s stamp duty (ABSD) in April 2023, PropNex CEO Ismail Gafoor considers Aurea’s sales rate “encouraging”. He believes that the take-up in the CCR market will improve over time, as CCR homes tend to transact units steadily over many months, unlike some RCR and Outside Central Region (OCR) projects that achieve blockbuster sales over the launch weekend.
Overall, Aurea’s unique hanging garden concept, combined with its prime location and surging demand for luxury homes in the CCR, make it an attractive investment opportunity for discerning buyers. As the market dynamics drive a rise in CCR home prices, Aurea is expected to benefit from the ongoing transformation of the Southern coastline, which stretches from the Greater Southern Waterfront, Marina Bay, Kallang Basin, to the future Long Island project.