It was an exciting launch for Aurea when sales began on Mar 8, making it one of the first luxury residential projects to launch in Singapore’s Core Central Region (CCR) in the first quarter of the year. With a total of 23 units sold at an average price of $3,005 psf, Aurea has already made an impressive start.The joint developers of Aurea, Far East Organization and Perennial Holdings, released 78 units for sale in phase one. This includes a mix of two- to four-bedroom apartments, ranging from levels 4 to 16. With a sales rate of 30%, based on the 78 units released in phase one, the project has seen a strong demand from buyers.Aurea, a 45-storey luxury residential development, has a total of 188 units. DP Architects has designed the project with a unique “hanging garden concept,” making it stand out as the first new private condominium that is connected to a mixed-use development sold en bloc and conserved. This development is now known as Golden Mile Singapore.The joint developers of Aurea have announced that 83% of the buyers are Singaporeans, with the remaining 17% being permanent residents (PRs) from Malaysia. Based on the total number of 188 units, the sales translate to approximately 12.2%. According to Mark Yip, CEO of Huttons Asia, “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.”PropNex CEO Ismail Gafoor considers the sales at Aurea to be “encouraging,” especially given 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 only sold 378 new CCR private homes in 2024 – a 74% decrease from 1,454 units in 2023.”Source: PropNex Research, URA dataHowever, Gafoor believes that the market will improve progressively. “We have noticed that CCR projects usually transact units steadily over multiple months, rather than achieving blockbuster sales over the launch weekend, unlike some Rest of Central Region (RCR) and Outside Central Region (OCR) projects,” he says. “CCR homes cater to a niche market, where buyers are looking for luxury homes and the finer things in life.”According to the joint developers’ release, the two- and three-bedroom apartments in the Prestige Collection accounted for 74% of the sales. These apartments offer a balance of well-designed spaces, functionality, and investment potential. The four-bedroom units in the Signature Collection were popular due to their expansive balconies that offer stunning views of both Marina Bay and Kallang Basin.”The positive response from buyers shows their appreciation for the rare and exceptional opportunity to own a luxurious home in a development that seamlessly combines heritage with modern sophistication,” says Shaw Lay See, COO of Far East Organization’s sales & leasing group. “Many have shared that they are particularly drawn to the magnificent views and recognise the value of being part of the exciting transformation of this prime Downtown Core precinct.”Aurea’s units in the Sky Villa Collection consist of 18 five-bedroom apartments that are up to 3,251 sq ft in size, and two exclusive six-bedroom penthouses that can reach up to 8,816 sq ft. These large-format homes in the downtown area are hard to come by, according to 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.”The units offer expansive balconies and views of Marina Bay and Kallang Basin (Photo: Samuel Isaac Chua/EdgeProp Singapore)Marcus Chu, CEO of ERA Singapore, believes that CCR price growth has lagged behind that of RCR and OCR in recent years due to the relatively small number of new home launches. He adds that with approximately nine CCR launches expected this year, the market dynamics are likely to drive a significant increase in CCR home prices.”Savvy investors may once again shift their focus to the CCR, since the price gap between CCR and RCR new homes has decreased from 50% in 2018 to just 10% in 2024,” says Chu. “With the expectation that this gap could widen again as more luxury homes hit the market, now could be the time to buy.”Read also: Perennial Holdings wins SLA tender for Jervois Road propertySource: EdgeProp LandlensSRI’s Low believes that Aurea will benefit from Singapore’s ongoing urban renewal efforts, including major infrastructural and lifestyle upgrades in the surrounding areas. The revitalisation of Beach Road and the Ophir-Road Corridor, the Kallang Alive master plan, and the completion of the North-South Corridor are all set to enhance accessibility, connectivity, and vibrancy in this key city district.”Aurea is also situated at the doorstep of one of the largest transformation projects in Singapore,” notes Huttons’ Yip. “With the 120-km Southern coastline redevelopment, which runs through the Greater Southern Waterfront, Marina Bay, Kallang Basin, and the future Long Island project, Aurea is perfectly placed to benefit from this significant change.”
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