Far East Organization-Perennial Holdings JV sells 23 units at Aurea in Golden Mile at an average price of $3,005 psf

Launched for sale on Mar 8, Aurea is one of the first luxury residential projects launched in the Core Central Region (CCR) in 1Q2025. A total of 23 units were sold at an average price of $3,005 psf. The joint developers, Far East Organization and Perennial Holdings released 78 units for sale in phase one, which comprises a mix of two- to four-bedroom apartments from levels 4 to 16. The sales rate, therefore, translates to 30% based on the 78 units released in phase one. Aurea has 188 units across 45 storeys. DP Architects designed the project with a "hanging garden concept." It stands out as the first new private condominium connected to a mixed-use development that was sold en bloc and conserved, which is now known collectively as Golden Mile Singapore.

According to the joint venture, 83% of the buyers at Aurea are Singaporeans, with permanent residents (PRs) from Malaysia making up the remaining 17%. Based on the total of 188 units, the sales translate to about 12.2%. According to Mark Yip, CEO of Huttons Asia, "CCR projects usually 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". PropNex CEO Ismail Gafoor considers Aurea's sales "encouraging" in light of the "mostly lacklustre sales" of CCR projects since the tightening of the additional buyer’s stamp duty (ABSD) measure in April 2023. "The doubling of the ABSD rate for foreigners to 60% has significantly cooled interest for CCR homes," he says. "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 the take-up in the CCR segment will improve progressively. "We have observed that CCR projects tend to transact units steadily over many months rather than achieve blockbuster sales over the launch weekend, unlike some Rest of Central Region (RCR) and Outside Central Region (OCR) projects," he says. "CCR homes being more high-end and targeted at a niche market, where buyers seek a luxury home and enjoy the finer things in life." The two- and three-bedroom apartments in the Prestige Collection accounted for 74% of the sales, says Aurea's joint developers in its release. The buyers were said to be drawn to these apartments' balance of well-designed spaces, functionality and investment potential. The four-bedroom units from the Signature Collection attracted buyers mainly for their "expansive balconies that open out to sweeping views of both the Marina Bay and Kallang Basin", comments the joint venture.

"The encouraging response from buyers reflects their appreciation for the rare and exceptional opportunity to own a home in a luxurious development that beautifully blends heritage with modern sophistication," comments Shaw Lay See, COO of Far East Organization's sales & leasing group. "Many have shared that they are especially captivated by the magnificent views and recognise the value of being part of the exciting ongoing evolution of this prime Downtown Core precinct," adds Shaw. Units in the Sky Villa Collection comprise just 18 five-bedroom apartments of up to 3,251 sq ft and two exclusive six-bedroom penthouses of up to 8,816 sq ft. "Such large-format homes in the downtown area are hard to find," says Shaw. "In recent years, we have seen the price gap between private residential properties in the CCR and the RCR narrowing significantly," says Ken Low, managing partner of SRI. "Historically, the difference averaged around 40% in the last 10 years, but it has now closed to about 20% across all properties regardless of tenure."

According to Marcus Chu, CEO of ERA Singapore, CCR price growth has lagged behind RCR and OCR in recent years due to comparatively fewer new home launches. "In 2025, we expect to see some nine CCR launches, and we can expect the market dynamics to drive a notable rise in CCR home prices this year, driven by increased luxury project launches," he says. "Savy investors may shift their focus back to CCR once again since the non-landed new homes price gap between CCR and RCR narrowed from 50% in 2018 to 10% in 2024, with the expectation that the gap could widen once again as more new luxury homes debut," adds Chu.

SRI's Low believes Aurea will benefit from Singapore's ongoing urban renewal efforts, with major infrastructural and lifestyle upgrades in the surrounding precincts. The revitalisation of Beach Road and the Ophir-Road Corridor, the Kallang Alive master plan and the completion of the North-South Corridor are set to enhance accessibility, connectivity, and vibrancy in this key city district, he observes. "Aurea is also situated at the doorstep of probably the largest transformation in Singapore," notes Huttons' Yip. He sees Aurea benefitting from the 120-km Southern coastline redevelopment, which stretches from the Greater Southern Waterfront, Marina Bay, Kallang Basin and the future Long Island project.